81 FR 90391 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Exchange's Schedule of Fees and Charges Relating to the Listing and Annual Fees Applicable to Certain Structured Products
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 81, Issue 240 (December 14, 2016)
Federal Register Volume 81, Issue 240 (December 14, 2016)
| Page Range | 90391-90394 | |
| FR Document | 2016-29938 |
[Federal Register Volume 81, Number 240 (Wednesday, December 14, 2016)] [Notices] [Pages 90391-90394] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-29938] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-79506; File No. SR-NYSEArca-2016-158] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending the Exchange's Schedule of Fees and Charges Relating to the Listing and Annual Fees Applicable to Certain Structured Products December 8, 2016 Pursuant to Section 19(b)(1)\1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on November 29, 2016, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- [[Page 90392]] I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend the Exchange's Schedule of Fees and Charges (``Fee Schedule'') relating to the Listing and Annual Fees applicable to certain Structured Products. This amendment to the Fee Schedule is effective November 29, 2016. The proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend the Exchange's Schedule of Fees and Charges (``Fee Schedule'') relating to the Listing Fee and the Annual Fee applicable to certain ``Structured Products'', as described below.\4\ This amendment to the Fee Schedule is effective November 29, 2016. --------------------------------------------------------------------------- \4\ ``Structured Products'' are defined in Note 4 to the Fee Schedule as securities listed under Rule 5.2(j)(1) (Other Securities), 5.2(j)(2) (Equity Linked Notes); Rule 5.2(j)(4) (Index- Linked Exchangeable Notes); Rule 5.2(j)(6) (Equity Index-Linked Securities, Commodity-Linked Securities, Currency-Linked Securities, Fixed Income Index-Linked Securities, Futures-Linked Securities and Multifactor Indexed-Linked Securities (collectively, ``Index-Linked Securities'')); Rule 5.2(j)(7) (Trust Certificates); Rule 8.3 (Currency and Index Warrants); and Rule 8.400 (Paired Trust Shares). --------------------------------------------------------------------------- Currently, the Exchange's Fee Schedule provides for a ``Listing Fee'' for issues of ``Structured Products'' which ranges from $5,000 to $45,000 based on the number of shares outstanding. The Exchange proposes to amend the Fee Schedule to eliminate the Listing Fee in connection with Exchange listing of certain Structured Products effective November 29, 2016, as described below. Exchange rules applicable to listing of Structured Products under NYSE Arca Equities Rules 5.2(j)(2), 5.2(j)(4) and 5.2(j)(6) provide for listing such products pursuant to Rule 19b-4(e) under the Act if they satisfy all criteria--referred to as ``generic'' listing criteria--in such rule. If an issue of such Structured Products does not satisfy all applicable generic criteria, the Commission must approve or issue a notice of effectiveness with respect to a proposed rule change filed by the Exchange pursuant to Section 19(b) of the Act prior to Exchange listing of such issue. The Exchange proposes to eliminate the Listing Fee for the following Structured Products listed on the Exchange pursuant to Rule 19b-4(e) under the Act, and for which a proposed rule change pursuant to Section 19(b) of the Act is not required to be filed with the Commission: (i) Equity Linked Notes (listed under Rule 5.2(j)(2)); (ii) Index-Linked Exchangeable Notes (listed under Rule 5.2(j)(4)); and (iii) Index-Linked Securities (listed under Rule 5.2(j)(6)) (collectively, ``Generically-Listed Structured Products''). The Exchange believes that eliminating the Listing Fee for Generically- Listed Structured Products would help correlate the Listing Fee applicable to an issue of Generically-Listed Structured Products to the resources required to list such securities on the Exchange. The Exchange believes it is appropriate to eliminate the Listing Fee for Generically-Listed Structured Products because such products do not require a commitment of time and resources by Exchange staff to prepare and review Rule 19b-4 filings for Structured Products other than Generically-Listed Structured Products, and to communicate with issuers and the Commission staff regarding such filings. Application of a Listing Fee for Structured Products other than Generically-Listed Structured Products is appropriate because the Exchange generally incurs increased costs in connection with the listing administration process, issuer services, and consultative legal services when a proposed rule change pursuant to Section 19(b) of the Act is required to be filed with the Commission.\5\ --------------------------------------------------------------------------- \5\ The Exchange has eliminated the Exchange Listing Fee applicable to certain Exchange Traded Products for which a proposed rule change pursuant to Section 19(b) of the Act is not required to be filed with the Commission. See Securities Exchange Act Release No. 78633 (August 22, 2016), 81 FR 59025 (August 26, 2016) (SR- NYSEArca-2016-114) (notice of filing and immediate effectiveness of proposed rule change amending the Exchange's Schedule of Fees and Charges to eliminate the Listing Fee in connection with Exchange listing of certain Exchange Traded Products). --------------------------------------------------------------------------- The Exchange also proposes to amend the Exchange's Fee Schedule relating to the Annual Fee payable in connection with Exchange listing of Index-Linked Securities.\6\ The issuer of a series of Index-Linked Securities, which are referred to as exchange-traded notes (or ``ETNs''), may issue a subsequent series of ETNs based on the identical reference asset (for example, stock index) as the initially-listed securities. The Exchange proposes to amend the Fee Schedule to provide that multiple series of securities listed under Rule 5.2(j)(6) that are issued by the same issuer and are based on an identical reference asset and leverage factor (i.e., 1X, -1X, 2X, -2X, 3X or -3X) will receive a 30% discount off the aggregate calculated Annual Fee for such multiple series. Thus, for such series, the Exchange would aggregate the Annual Fee that would apply to the initial and subsequently issued series, and apply a 30% discount to the aggregated Annual Fee amount. --------------------------------------------------------------------------- \6\ The Fee Schedule provides that Annual Fees for Structured Products range from $10,000 to $55,000, based on the total number of securities outstanding per listed issue. --------------------------------------------------------------------------- Example: An issuer issues ETN Series A based on the S&P 500 Index with a leverage factor of 2X and subsequently issues Series B based on the S&P 500 Index with a leverage factor of 2X. Series A has 20 million shares outstanding and Series B has 7 million shares outstanding. The Annual Fee, calculated separately, for Series A is $25,000 and, for Series B, $12,000. The aggregate Annual Fee for both series is $37,000. The aggregate Annual Fee would be reduced by 30%, and the Annual Fee for both series combined would be $25,900. The Exchange believes it is appropriate to provide a reduction in the Annual Fee for related ETNs, as described above, because such reduction will facilitate the issuance of additional ETNs series, which may provide enhanced competition among ETN issuers, while providing a reduction in fees to certain issuers listing additional ETN series. The proposed reduction would apply equally to all issuers issuing additional ETN series based on the same reference asset and leverage factor. The Exchange believes that a discount, as described above, is appropriate in such cases because the Exchange would incur cost savings relating to listing review, ongoing regulatory compliance, issuer services and legal services in connection with listing of such additional related ETNs that are commensurate with the proposed reduction in Annual Fees. [[Page 90393]] Notwithstanding the proposed amendments to the Listing Fee and Annual Fee, as described above, the Exchange will continue to be able to fund its regulatory obligations. 2. Statutory Basis NYSE Arca believes that the proposal is consistent with Section 6(b) \7\ of the Act, in general, and Section 6(b)(4) \8\ of the Act in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among its issuers and other persons using its facilities. In addition, the Exchange believes the proposal is consistent with the requirement under Section 6(b)(5) \9\ that an exchange have rules that are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest; and are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers. --------------------------------------------------------------------------- \7\ 15 U.S.C. 78f(b). \8\ 15 U.S.C. 78f(b)(4). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The proposed elimination of the Listing Fee for certain Generically-Listed Structured Products, as described above, is equitable and does not unfairly discriminate between issuers because it would apply uniformly to issues of Structured Products that are listed generically under Exchange rules. The Exchange believes eliminating the Listing Fee for such Structured Products, as described above, listed on the Exchange pursuant to Rule 19b-4(e) under the Act, and for which a proposed rule change pursuant to Section 19(b) of the Act is not required to be filed with the Commission, would help correlate the Listing Fee applicable to an issue of Structured Products to the resources required to list such securities on the Exchange. The Exchange believes it is appropriate to continue to charge a Listing Fee for Structured Products other than Generically-Listed Structured Products for which a proposed rule change pursuant to Section 19(b) of the Act is required to be filed because of the significant additional extensive time and legal and business resources required by Exchange staff to prepare and review such filings and to communicate with issuers and the Commission regarding such filings. The Exchange believes it is appropriate to provide a reduction in the Annual Fee for ETNs, as described above, because such reduction will facilitate the issuance of additional ETN series, which may provide enhanced competition among ETN issuers, while providing a reduction in fees to certain issuers listing additional ETN series. The proposed reduction would apply equally to all issuers issuing additional ETNs series based on the same reference asset and leverage factor. The Exchange believes that a discount, as described above, is appropriate in such cases because the Exchange would incur cost savings relating to listing review, ongoing regulatory compliance, issuer services and legal services in connection with listing of such additional related ETNs that are commensurate with the proposed reduction in Annual Fees. B. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purpose of the Act. The Exchange believes the proposed rule change would promote competition because it will eliminate the Listing Fee for certain Structured Products and reduce the Annual Fee for certain ETNs and will therefore encourage issuers to develop and list additional Structured Products on the Exchange. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) \10\ of the Act and subparagraph (f)(2) of Rule 19b-4 \11\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings under Section 19(b)(2)(B)\12\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-NYSEArca-2016-158 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2016-158. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR- [[Page 90394]] NYSEArca-2016-158 and should be submitted on or before January 4, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2016-29938 Filed 12-13-16; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 81, No. 240 / Wednesday, December 14, 2016 / Notices 90391
UITs, in excess of the limits in section Underlying Funds 2 in excess of the exemption is consistent with the public
12(d)(1) of the Act. limits in sections 12(d)(1)(A) and (C) of interest and the protection of investors.
the Act and (b) the Underlying Funds Section 17(b) of the Act authorizes the
APPLICANTS: ALAIA Market Linked that are registered open-end investment Commission to grant an order
Trust (the ‘‘Trust’’), a UIT that is companies, their principal underwriters permitting a transaction otherwise
registered under the Act, and Beech Hill and any broker or dealer registered prohibited by section 17(a) if it finds
Securities, Inc. (‘‘BHSI’’), a New York under the Exchange Act to sell shares of that (a) the terms of the proposed
corporation registered as a broker-dealer the Underlying Funds to the Series in transaction are fair and reasonable and
under the Securities Exchange Act of excess of the limits in section do not involve overreaching on the part
1934 (the ‘‘Exchange Act’’). 12(d)(1)(B) of the Act.3 Applicants also of any person concerned; (b) the
DATES: Filing Dates: The application was request an order of exemption under proposed transaction is consistent with
filed on September 3, 2015 and sections 6(c) and 17(b) of the Act from the policies of each registered
amended on January 15, 2016, October the prohibition on certain affiliated investment company involved; and (c)
17, 2016 and November 22, 2016. transactions in section 17(a) of the Act the proposed transaction is consistent
HEARING OR NOTIFICATION OF HEARING: to the extent necessary to permit the with the general purposes of the Act.
An order granting the requested relief Underlying Funds to sell their shares to, Section 6(c) of the Act permits the
will be issued unless the Commission and redeem their shares from, the Commission to exempt any persons or
orders a hearing. Interested persons may Series.4 Applicants state that such transactions from any provision of the
request a hearing by writing to the transactions will be consistent with the Act if such exemption is necessary or
Commission’s Secretary and serving policies of each Series and each appropriate in the public interest and
applicants with a copy of the request, Underlying Fund and with the general consistent with the protection of
personally or by mail. Hearing requests purposes of the Act and will be based investors and the purposes fairly
should be received by the Commission on the net asset values of the intended by the policy and provisions of
by 5:30 p.m. on January 3, 2017 and Underlying Funds. the Act.
should be accompanied by proof of 2. Applicants agree that any order For the Commission, by the Division of
service on the applicants, in the form of granting the requested relief will be Investment Management, pursuant to
an affidavit, or, for lawyers, a certificate subject to the terms and conditions delegated authority.
of service. Pursuant to Rule 0–5 under stated in the application. Such terms Robert W. Errett,
the Act, hearing requests should state and conditions are designed to, among Deputy Secretary.
the nature of the writer’s interest, any other things, help prevent any potential
[FR Doc. 2016–29932 Filed 12–13–16; 8:45 am]
facts bearing upon the desirability of a (i) undue influence over an Underlying
BILLING CODE 8011–01–P
hearing on the matter, the reason for the Fund that is not in the same ‘‘group of
request, and the issues contested. investment companies’’ as the UIT
Persons who wish to be notified of a through control or voting power, or in SECURITIES AND EXCHANGE
hearing may request notification by connection with certain services, COMMISSION
writing to the Commission’s Secretary. transactions, and underwritings, (ii)
ADDRESSES: Secretary, U.S. Securities excessive layering of fees, and (iii)
[Release No. 34–79506; File No. SR–
and Exchange Commission, 100 F Street overly complex fund structures, which
NYSEArca–2016–158]
NE., Washington, DC 20549–1090. are the concerns underlying the limits
Applicants: ALAIA Market Linked in sections 12(d)(1)(A), (B), and (C) of Self-Regulatory Organizations; NYSE
Trust, 10 Corbin Drive, Darien, CT the Act. Arca, Inc.; Notice of Filing and
06820, Beech Hill Securities, Inc., 880 3. Section 12(d)(1)(J) of the Act Immediate Effectiveness of Proposed
3rd Avenue, 16th Floor, New York, NY provides that the Commission may Rule Change Amending the
10022–4730. exempt any person, security, or Exchange’s Schedule of Fees and
FOR FURTHER INFORMATION CONTACT: transaction, or any class or classes of Charges Relating to the Listing and
Deepak T. Pai, Senior Counsel, at (202) persons, securities, or transactions, from Annual Fees Applicable to Certain
551–6876 or Mary Kay Frech, Branch any provision of section 12(d)(1) if the Structured Products
Chief, at (202) 551–6814 (Division of
2 Certain of the Underlying Funds may be
Investment Management, Chief December 8, 2016
registered as an open-end investment company or
Counsel’s Office). a UIT, but have received exemptive relief from the Pursuant to Section 19(b)(1)1 of the
SUPPLEMENTARY INFORMATION: The Commission to permit their shares to be listed and Securities Exchange Act of 1934 (the
following is a summary of the traded on a national securities exchange at ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
negotiated prices and to operate as exchange-traded
application. The complete application funds (‘‘ETFs’’). notice is hereby given that, on
may be obtained via the Commission’s 3 Applicants do not request relief for the Series to November 29, 2016, NYSE Arca, Inc.
Web site by searching for the file invest in reliance on the order in closed-end (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) filed
number, or for an applicant using the investment companies that are not listed and traded with the Securities and Exchange
on a national securities exchange.
Company name box, at http:// 4 A Series generally would purchase and sell
Commission (the ‘‘Commission’’) the
www.sec.gov/search/search.htm, or by shares of an Underlying Fund that operates as an proposed rule change as described in
calling (202) 551–8090. ETF through secondary market transactions rather Items I, II, and III below, which Items
Summary of the Application
than through principal transactions with the have been prepared by the self-
Underlying Fund. Applicants nevertheless request
sradovich on DSK3GMQ082PROD with NOTICES
regulatory organization. The
1. Applicants request an order to relief from section 17(a) to permit a Series to
purchase or redeem shares from the ETF. A Series Commission is publishing this notice to
permit (a) a Series 1 to acquire shares of will purchase and sell shares of an Underlying solicit comments on the proposed rule
Fund that is a closed-end fund through secondary change from interested persons.
1 Applicants request that the order apply to each market transactions at market prices rather than
existing and future series of the Trust and to any through principal transactions with the closed-end
1 15 U.S.C. 78s(b)(1).
future registered UIT and series thereof sponsored fund. Accordingly, applicants are not requesting
2 15 U.S.C. 78a.
by BHSI or an entity controlling, controlled by or section 17(a) relief with respect to transactions in
under common control with BHSI (the ‘‘Series’’). shares of closed-end funds. 3 17 CFR 240.19b–4.
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![90394 Federal Register / Vol. 81, No. 240 / Wednesday, December 14, 2016 / Notices
NYSEArca–2016–158 and should be Separate Accounts (the remains authorized to do business in
submitted on or before January 4, 2017. ‘‘Substitutions’’). In addition, the every state and the District of Columbia.
For the Commission, by the Division of Section 17 Applicants also seek an order Hartford Life is an indirect, wholly-
Trading and Markets, pursuant to delegated pursuant to section 17(b) of the Act owned subsidiary of The Hartford
authority.13 exempting them from section 17(a) of Financial Services Group, Inc. (‘‘The
Eduardo A. Aleman, the Act to the extent necessary to permit Hartford’’), a Delaware corporation
Assistant Secretary. them to engage in certain in-kind whose stock is traded on the New York
[FR Doc. 2016–29938 Filed 12–13–16; 8:45 am]
transactions (the ‘‘In-Kind Stock Exchange.
Transactions’’) in connection with the 2. Hartford Life and Annuity is a stock
BILLING CODE 8011–01–P
Substitutions. life insurance company incorporated
under the laws of the state of
DATES: Filing Date: The application was Connecticut. Hartford Life and Annuity
SECURITIES AND EXCHANGE filed on April 21, 2015, and amended on was engaged in the business of writing
COMMISSION May 25, 2016 and August 31, 2016. individual and group life insurance and
[Release No. IC–32386; File No. 812–14447] HEARING OR NOTIFICATION OF HEARING: An annuity contracts until April 30, 2013,
order granting the requested relief will and remains authorized to do business
Hartford Life Insurance Company, et be issued unless the Commission orders in every state (except New York), the
al; Notice of Application a hearing. Interested persons may District of Columbia and Puerto Rico.
request a hearing by writing to the Hartford Life and Annuity is an indirect
December 8, 2016.
Commission’s Secretary and serving wholly-owned subsidiary of The
AGENCY: Securities and Exchange applicants with a copy of the request,
Commission (‘‘Commission’’). Hartford.
personally or by mail. Hearing requests 3. Hartford Life established HL
ACTION: Notice of application for an should be received by the Commission Separate Account 3 and HL Separate
order approving the substitution of by 5:30 p.m. on January 3, 2017, and Account 7 as segregated asset accounts
certain securities pursuant to section should be accompanied by proof of under Connecticut law on June 22, 1994
26(c) of the Investment Company Act of service on applicants, in the form of an and December 8, 1986, respectively.
1940, as amended (‘‘Act’’) and an order affidavit, or for lawyers, a certificate of Hartford Life and Annuity established
of exemption pursuant to section 17(b) service. Pursuant to rule 0–5 under the HLA Separate Account 3 and HLA
of the Act from section 17(a) of the Act. Act, hearing requests should state the Separate Account 7 as segregated asset
nature of the writer’s interest, any facts accounts under Connecticut law on June
APPLICANTS: Hartford Life Insurance bearing upon the desirability of a 22, 1994 and April 1, 1999, respectively.
Company (‘‘Hartford Life’’), Hartford hearing on the matter, the reason for the Each of the Separate Accounts meets the
Life and Annuity Insurance Company request, and the issues contested. definition of ‘‘separate account,’’ as
(‘‘Hartford Life and Annuity,’’ and Persons who wish to be notified of a defined in Section 2(a)(37) of the Act.
together with Hartford Life, the hearing may request notification by The Separate Accounts are registered
‘‘Hartford Life Insurance Companies’’); writing to the Commission’s Secretary. with the Commission under the Act as
their respective separate accounts, unit investment trusts. The assets of the
ADDRESSES: Secretary, U.S. Securities
Hartford Life Insurance Company Separate Accounts support the
Separate Account Three (‘‘HL Separate and Exchange Commission, 100 F Street
NE., Washington, DC 20549–1090. Contracts and interests in the Separate
Account 3’’), Hartford Life and Annuity Accounts offered through such
Insurance Company Separate Account Applicants: Hartford Life Insurance
Company, Attn: Lisa Proch, Vice Contracts. The Separate Accounts are
Three (‘‘HLA Separate Account 3’’), segmented into subaccounts, and certain
Hartford Life Insurance Company President, Assistant General Counsel,
P.O. Box 2999, Hartford, CT 06104– of these subaccounts invest in the
Separate Account Seven (‘‘HL Separate Existing Portfolios. The Contracts are
Account 7’’), Hartford Life and Annuity 2999.
individual and group deferred variable
Insurance Company Separate Account FOR FURTHER INFORMATION CONTACT: annuity contracts, with group
Seven (‘‘HLA Separate Account 7’’) Jessica Shin, Attorney-Adviser at (202) participants acquiring certain
(collectively, the ‘‘Separate Accounts,’’ 551–5921 or David J. Marcinkus, Branch ownership rights as described in the
and together with the Hartford Chief, at (202) 551–6821 (Chief group contract or plan documents.
Insurance Companies, the ‘‘Section 26 Counsel’s Office, Division of Investment Contract owners and participants in
Applicants’’); HIMCO Variable Management). group contracts (each, a ‘‘Contract
Insurance Trust (the ‘‘Trust’’), Hartford SUPPLEMENTARY INFORMATION: The owner,’’ and collectively, ‘‘Contract
Investment Management Company following is a summary of the owners’’) may allocate some or all of
(‘‘HIMCO,’’ and collectively with the application. The complete application their Contract value to one or more
Section 26 Applicants and the Trust, the may be obtained via the Commission’s subaccounts available as investment
‘‘Section 17 Applicants’’). Web site by searching for the file options under their respective Contracts
SUMMARY OF APPLICATION: The number, or for an applicant using the and any rider(s).
Applicants seek an order pursuant to Company name box, at http:// 4. By the terms of each Contract (and
section 26(c) of the Act, approving the www.sec.gov/search/search.htm, or by as set forth in the prospectuses for the
substitution of shares of twenty-seven calling (202) 551–8090. Contracts), the Hartford Insurance
(27) investment portfolios of registered Companies reserve the right to
Applicants’ Representations
sradovich on DSK3GMQ082PROD with NOTICES
investment companies (the ‘‘Existing substitute shares of another registered
Portfolios’’) with shares of six (6) 1. Hartford Life is a stock life investment company for the shares of
investment portfolios of the Trust (the insurance company incorporated under any registered investment company
‘‘Replacement Portfolios’’), under the laws of the state of Connecticut. already purchased or to be purchased in
certain variable annuity contracts (the Hartford Life was engaged in the the future by the Separate Accounts.
‘‘Contracts’’), each funded through the business of writing individual and 5. The Trust is a Delaware statutory
group life insurance and annuity trust that was established on January 13,
13 17 CFR 200.30–3(a)(12). contracts until April 30, 2013, and 2012. The Trust is registered with the
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Document Created: 2016-12-14 00:48:50
Document Modified: 2016-12-14 00:48:50
| 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 90391 |
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