81 FR 71123 - Sunshine Act Meeting; Additional Item

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 199 (October 14, 2016)

Page Range		71123-71123
FR Document		2016-24988

Federal Register, Volume 81 Issue 199 (Friday, October 14, 2016)

[Federal Register Volume 81, Number 199 (Friday, October 14, 2016)]
[Notices]
[Page 71123]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-24988]


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SECURITIES AND EXCHANGE COMMISSION


Sunshine Act Meeting; Additional Item

Federal Register CITATION OF PREVIOUS ANNOUNCEMENT: To Be Published.

PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Thursday, October 
13, 2016.

CHANGES IN THE MEETING: The following matter will also be considered 
during the 10:00 a.m. Open Meeting scheduled for Thursday, October 13, 
2016, in the Auditorium, Room L-002:
     The Commission will consider whether to adopt rule and 
form amendments that would permit open-end management investment 
companies to use ``swing pricing'' under certain circumstances.
    This item is now being separately listed for the Open Meeting in 
open session as a procedural matter, and the duty officer determined 
that Commission business required such earlier than one week from 
today. No earlier notice of this action was practicable.

CONTACT PERSON FOR MORE INFORMATION: For further information and to 
ascertain what, if any, matters have been added, deleted, or postponed, 
please contact Brent J. Fields in the Office of the Secretary at (202) 
551-5400.

    Dated: October 11, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-24988 Filed 10-12-16; 11:15 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 81, No. 199 / Friday, October 14, 2016 / Notices 71123

Funds’’) to acquire shares of Underlying order to invest in commodity-related SECURITIES AND EXCHANGE
Funds 2 in excess of the limits in instruments and certain other COMMISSION
sections 12(d)(1)(A) and (C) of the Act instruments. Applicants state that these
and (b) the Underlying Funds that are Cayman Subs are created for tax Sunshine Act Meeting; Additional Item
registered open-end investment purposes in order to ensure that the
companies or series thereof, their FEDERAL REGISTER CITATION OF PREVIOUS
Underlying Fund would remain
principal underwriters and any broker ANNOUNCEMENT: To Be Published.
qualified as a regulated investment
or dealer registered under the Exchange company for U.S. federal income tax PREVIOUSLY ANNOUNCED TIME AND DATE OF
Act to sell shares of the Underlying THE MEETING: Thursday, October 13,
purposes.
Fund to the Fund of Funds in excess of 2016.
the limits in section 12(d)(1)(B) of the 3. Applicants agree that any order
CHANGES IN THE MEETING: The following
Act.3 Applicants also request an order of granting the requested relief will be matter will also be considered during
exemption under sections 6(c) and 17(b) subject to the terms and conditions the 10:00 a.m. Open Meeting scheduled
of the Act from the prohibition on stated in the application. Such terms for Thursday, October 13, 2016, in the
certain affiliated transactions in section and conditions are designed to, among Auditorium, Room L–002:
17(a) of the Act to the extent necessary other things, help prevent any potential • The Commission will consider
to permit the Underlying Funds to sell (i) undue influence over an Underlying whether to adopt rule and form
their shares to, and redeem their shares Fund that is not in the same ‘‘group of amendments that would permit open-
from, the Funds of Funds.4 Applicants investment companies’’ as the Fund of end management investment companies
state that such transactions will be Funds through control or voting power, to use ‘‘swing pricing’’ under certain
consistent with the policies of each or in connection with certain services, circumstances.
Fund of Funds and each Underlying transactions, and underwritings, (ii) This item is now being separately
Fund and with the general purposes of excessive layering of fees, and (iii) listed for the Open Meeting in open
the Act and will be based on the net overly complex fund structures, which session as a procedural matter, and the
asset values of the Underlying Funds. are the concerns underlying the limits duty officer determined that
2. Certain Underlying Funds may Commission business required such
invest up to 25% of their assets in a in sections 12(d)(1)(A), (B), and (C) of
the Act. earlier than one week from today. No
wholly-owned and controlled earlier notice of this action was
subsidiary of the Underlying Fund 4. Section 12(d)(1)(J) of the Act
practicable.
organized under the laws of the Cayman provides that the Commission may
Islands as an exempted company or CONTACT PERSON FOR MORE INFORMATION:
exempt any person, security, or
under the laws of another non-U.S. transaction, or any class or classes of For further information and to ascertain
jurisdiction (each, a ‘‘Cayman Sub’’), in what, if any, matters have been added,
persons, securities, or transactions, from
deleted, or postponed, please contact
any provision of section 12(d)(1) if the
limited to an entity that results from a Brent J. Fields in the Office of the
exemption is consistent with the public
reorganization into another jurisdiction or a change Secretary at (202) 551–5400.
in the type of business organization. For purposes interest and the protection of investors.
of the request for relief, the term ‘‘group of Section 17(b) of the Act authorizes the Dated: October 11, 2016.
investment companies’’ means any two or more Commission to grant an order Brent J. Fields,
registered investment companies, including closed- Secretary.
end investment companies and BDCs, that hold permitting a transaction otherwise
themselves out to investors as related companies for prohibited by section 17(a) if it finds [FR Doc. 2016–24988 Filed 10–12–16; 11:15 am]
purposes of investment and investor services. that (a) the terms of the proposed BILLING CODE 8011–01–P
2 Certain of the Underlying Funds have obtained

exemptions from the Commission necessary to
transaction are fair and reasonable and
permit their shares to be listed and traded on a do not involve overreaching on the part
national securities exchange at negotiated prices of any person concerned; (b) the SECURITIES AND EXCHANGE
and, accordingly, to operate as an exchange-traded proposed transaction is consistent with COMMISSION
fund (‘‘ETF’’).
3 Applicants do not request relief for the Fund of the policies of each registered
[Release No. 34–79074; File No. SR–Phlx–
Funds to invest in reliance on the order in BDCs investment company involved; and (c) 2016–92]
or closed-end investment companies that are not the proposed transaction is consistent
listed and traded on a national securities exchange.
4 Applicants note that a Fund of Funds generally
with the general purposes of the Act. Self-Regulatory Organizations;
would purchase and sell shares of an Underlying Section 6(c) of the Act permits the NASDAQ PHLX LLC; Notice of Filing of
Fund that operates as an ETF or a closed-end fund Commission to exempt any persons or Partial Amendment Nos. 1, 2 and 3,
through secondary market transactions rather than transactions from any provision of the and Order Granting Accelerated
through principal transactions with the Underlying
Fund. Applicants nevertheless request relief from Act if such exemption is necessary or Approval of a Proposed Rule Change,
sections 17(a)(1) and (2) to permit each ETF or appropriate in the public interest and as Modified by Partial Amendment
closed-end fund that is an affiliated person, or an consistent with the protection of Nos. 1, 2 and 3, to System
affiliated person of an affiliated person, as defined Functionality Necessary to Implement
in section 2(a)(3) of the Act, of a Fund of Funds to investors and the purposes fairly
sell shares to or redeem shares from the Fund of intended by the policy and provisions of the Regulation NMS Plan To Implement
Funds. This includes, in the case of sales and the Act. a Tick Size Pilot Program
redemptions of shares of ETFs, in-kind transactions
that accompany such sales and redemptions. For the Commission, by the Division of October 7, 2016.
Applicants are not seeking relief from section 17(a) Investment Management, pursuant to
I. Introduction
rmajette on DSK2TPTVN1PROD with NOTICES

for, and the requested relief will not apply to, delegated authority.
transactions where an ETF or closed-end fund
could be deemed an affiliated person, or an Brent J. Fields, On September 7, 2016, NASDAQ
affiliated person of an affiliated person, of a Fund PHLX LLC (‘‘Exchange’’ or ‘‘Phlx’’) filed
Secretary.
of Funds because an investment adviser to the ETF with the Securities and Exchange
or closed-end fund or an entity controlling, [FR Doc. 2016–24841 Filed 10–13–16; 8:45 am]
Commission (‘‘SEC’’ or ‘‘Commission’’)
controlled by or under common control with the BILLING CODE 8011–01–P
investment adviser to the ETF or closed-end fund,
pursuant to Section 19(b)(1) of the
is also an investment adviser to the Fund of Funds. Securities Exchange Act of 1934

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Document Created: 2016-10-14 00:00:49
Document Modified: 2016-10-14 00:00:49

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
FR Citation		81 FR 71123