82_FR_14633 82 FR 14580 - Allianz Funds Multi-Strategy Trust and Allianz Global Investors U.S. LLC

82 FR 14580 - Allianz Funds Multi-Strategy Trust and Allianz Global Investors U.S. LLC

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 53 (March 21, 2017)

Page Range14580-14581
FR Document2017-05507

Federal Register, Volume 82 Issue 53 (Tuesday, March 21, 2017)
[Federal Register Volume 82, Number 53 (Tuesday, March 21, 2017)]
[Notices]
[Pages 14580-14581]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-05507]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32533; File No. 812-14255]


Allianz Funds Multi-Strategy Trust and Allianz Global Investors 
U.S. LLC

March 15, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    Notice of an application for an order under section 12(d)(1)(J) of 
the Investment Company Act of 1940 (the ``Act'') for an exemption from 
sections 12(d)(1)(A), (B), and (C) of the Act and under sections 6(c) 
and 17(b) of the Act for an exemption from sections 17(a)(1) and (2) of 
the Act. The requested order would permit certain registered open-end 
investment companies to acquire shares of certain registered open-end 
investment companies, registered closed-end investment companies, 
business development companies, as defined in section 2(a)(48) of the 
Act, and unit investment trusts (collectively, ``Underlying Funds'') 
that are within and outside the same group of investment companies as 
the acquiring investment companies, in excess of the limits in section 
12(d)(1) of the Act.

Applicants: Allianz Funds Multi-Strategy Trust (the ``Trust''), a 
Massachusetts business trust that is registered under the Act as an 
open-end management investment company with multiple series, and 
Allianz Global Investors U.S. LLC (the ``Applying Manager''), a 
Delaware limited liability company registered as an investment adviser 
under the Investment Advisers Act of 1940.

Filing Dates: The application was filed on December 23, 2013 and 
amended on July 30, 2015, May 2, 2016, February 3, 2017, March 8, 2017 
and March 13, 2017.

Hearing or Notification of Hearing: An order granting the requested 
relief will

[[Page 14581]]

be issued unless the Commission orders a hearing. Interested persons 
may request a hearing by writing to the Commission's Secretary and 
serving applicants with a copy of the request, personally or by mail. 
Hearing requests should be received by the Commission by 5:30 p.m. on 
April 10, 2017 and should be accompanied by proof of service on the 
applicants, in the form of an affidavit, or, for lawyers, a certificate 
of service. Pursuant to Rule 0-5 under the Act, hearing requests should 
state the nature of the writer's interest, any facts bearing upon the 
desirability of a hearing on the matter, the reason for the request, 
and the issues contested. Persons who wish to be notified of a hearing 
may request notification by writing to the Commission's Secretary.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F 
Street NE., Washington, DC 20549-1090. Applicants: Allianz Funds Multi-
Strategy Trust and Allianz Global Investors U.S. LLC, 1633 Broadway, 
New York, New York 10019; and George B. Raine, Ropes & Gray LLP, 
Prudential Tower, 800 Boylston St., Boston, MA 02148.

FOR FURTHER INFORMATION CONTACT: Mark N. Zaruba, Senior Counsel, at 
(202) 551-6878, or Robert Shapiro, Branch Chief, at (202) 551-6821 
(Division of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION: The following is a summary of the 
application. The complete application may be obtained via the 
Commission's Web site by searching for the file number, or for an 
applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by calling (202) 551-8090.

Summary of the Application

    1. Applicants request an order to permit (a) a Fund \1\ (each a 
``Fund of Funds'') to acquire shares of Underlying Funds \2\ in excess 
of the limits in sections 12(d)(1)(A) and (C) of the Act and (b) the 
Underlying Funds that are registered open-end investment companies or 
series thereof, their principal underwriters and any broker or dealer 
registered under the Securities Exchange Act of 1934 to sell shares of 
the Underlying Fund to the Fund of Funds in excess of the limits in 
section 12(d)(1)(B) of the Act.\3\ Applicants also request an order of 
exemption under sections 6(c) and 17(b) of the Act from the prohibition 
on certain affiliated transactions in section 17(a) of the Act to the 
extent necessary to permit the Underlying Funds to sell their shares 
to, and redeem their shares from, the Funds of Funds.\4\ Applicants 
state that such transactions will be consistent with the policies of 
each Fund of Funds and each Underlying Fund and with the general 
purposes of the Act and will be based on the net asset values of the 
Underlying Funds.
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    \1\ Applicants request that the order apply to each existing and 
future series of the Trust and to each existing and future 
registered open-end investment company or series thereof that is 
advised by the Applying Manager or its successor or by any other 
investment adviser controlling, controlled by or under common 
control with the Applying Manager or its successor and is part of 
the same ``group of investment companies'' as the Trust (each, a 
``Fund''). For purposes of the requested order, ``successor'' is 
limited to an entity that results from a reorganization into another 
jurisdiction or a change in the type of business organization. For 
purposes of the request for relief, the term ``group of investment 
companies'' means any two or more registered investment companies, 
including closed-end investment companies and business development 
companies, that hold themselves out to investors as related 
companies for purposes of investment and investor services.
    \2\ Certain of the Underlying Funds have obtained exemptions 
from the Commission necessary to permit their shares to be listed 
and traded on a national securities exchange at negotiated prices 
and, accordingly, to operate as an exchange-traded fund (``ETF'').
    \3\ Applicants do not request relief for Funds of Funds to 
invest in reliance on the order in business development companies 
and registered closed-end investment companies that are not listed 
and traded on a national securities exchange.
    \4\ A Fund of Funds generally would purchase and sell shares of 
an Underlying Fund that operates as an ETF through secondary market 
transactions rather than through principal transactions with the 
Underlying Fund. Applicants nevertheless request relief from section 
17(a) to permit a Fund of Funds to purchase or redeem shares from 
the ETF. A Fund of Funds will purchase and sell shares of an 
Underlying Fund that is a closed-end fund through secondary market 
transactions at market prices rather than through principal 
transactions with the closed-end fund. Accordingly, applicants are 
not requesting section 17(a) relief with respect to transactions in 
shares of closed-end funds (including business development 
companies).
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    2. Applicants agree that any order granting the requested relief 
will be subject to the terms and conditions stated in the application. 
Such terms and conditions are designed to, among other things, help 
prevent any potential (i) undue influence over an Underlying Fund that 
is not in the same ``group of investment companies'' as the Fund of 
Funds through control or voting power, or in connection with certain 
services, transactions, and underwritings, (ii) excessive layering of 
fees, and (iii) overly complex fund structures, which are the concerns 
underlying the limits in sections 12(d)(1)(A), (B), and (C) of the Act.
    3. Section 12(d)(1)(J) of the Act provides that the Commission may 
exempt any person, security, or transaction, or any class or classes of 
persons, securities, or transactions, from any provision of section 
12(d)(1) if the exemption is consistent with the public interest and 
the protection of investors. Section 17(b) of the Act authorizes the 
Commission to grant an order permitting a transaction otherwise 
prohibited by section 17(a) if it finds that (a) the terms of the 
proposed transaction are fair and reasonable and do not involve 
overreaching on the part of any person concerned; (b) the proposed 
transaction is consistent with the policies of each registered 
investment company involved; and (c) the proposed transaction is 
consistent with the general purposes of the Act. Section 6(c) of the 
Act permits the Commission to exempt any persons or transactions from 
any provision of the Act if such exemption is necessary or appropriate 
in the public interest and consistent with the protection of investors 
and the purposes fairly intended by the policy and provisions of the 
Act.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-05507 Filed 3-20-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                  14580                          Federal Register / Vol. 82, No. 53 / Tuesday, March 21, 2017 / Notices

                                                     On April 27, 2016, the Commission                     time report on the impact of tiered fees                 Ahmed@omb.eop.gov; and (ii) Pamela
                                                  published a notice soliciting comments                   on market liquidity, including an                        Dyson, Director/Chief Information
                                                  from the public (‘‘CAT NMS Plan                          analysis of the impact of the tiered-fee                 Officer, Securities and Exchange
                                                  Notice’’).2 On November 15, 2016, the                    structure on Industry Members                            Commission, c/o Remi Pavlik-Simon,
                                                  Commission approved the CAT NMS                          provision of liquidity; 10 (7) an                        100 F Street NE., Washington, DC
                                                  Plan (‘‘CAT NMS Plan Order’’),                           assessment of the projected impact of                    20549, or by sending an email to: PRA_
                                                  including the information collections                    any Material Systems Change on the                       Mailbox@sec.gov. Comments must be
                                                  proposed in the CAT NMS Plan Notice                      Maximum Error Rate, prior to the                         submitted to OMB within 30 days of
                                                  and certain additional information                       implementation of such Material                          this notice.
                                                  collections that are the subject of this                 Systems Change; 11 and (8) an annual                       Dated: March 16, 2017.
                                                  Notice.3 This Notice addresses only the                  requirement that that the CAT LLC                        Eduardo A. Aleman,
                                                  new information collections noticed in                   financials be (i) in compliance with
                                                                                                                                                                    Assistant Secretary.
                                                  the CAT NMS Plan Order, which are: (1)                   GAAP, (ii) be audited by an
                                                                                                                                                                    [FR Doc. 2017–05539 Filed 3–20–17; 8:45 am]
                                                  A one-time independent audit of the                      independent public accounting firm,
                                                  fees, costs, and expenses incurred by the                and (iii) be made publicly available.12                  BILLING CODE 8011–01–P

                                                  Participants on behalf of CAT NMS, LLC                      The Commission believes that these
                                                  prior to the Effective Date 4 of the Plan; 5             audits, reports, and assessments of
                                                                                                           various aspects of the CAT NMS Plan                      SECURITIES AND EXCHANGE
                                                  (2) a one-time assessment of the clock
                                                                                                           are necessary to achieving the CAT                       COMMISSION
                                                  synchronization standards in the Plan
                                                  before reporting begins for Industry                     NMS Plan’s objective of improving the                    [Investment Company Act Release No.
                                                  Members, which assessment shall take                     quality of the data available to                         32533; File No. 812–14255]
                                                  into account the diversity of CAT                        regulators in four areas that affect the
                                                  Reporters and systems; 6 (3) a one-time                  ultimate effectiveness of core regulatory                Allianz Funds Multi-Strategy Trust and
                                                  report that discusses the Participants’                  efforts—completeness, accuracy,                          Allianz Global Investors U.S. LLC
                                                  assessment of implementing                               accessibility and timeliness.13                          March 15, 2017.
                                                  coordinated surveillance; 7 (4) a one-                      The new information collections
                                                                                                                                                                    AGENCY: Securities and Exchange
                                                  time report discussing the feasibility                   further require that each Participant
                                                                                                                                                                    Commission (‘‘Commission’’).
                                                  and advisability of allowing Industry                    conduct background checks for its
                                                                                                           employees and contractors that will use                  ACTION: Notice.
                                                  Members to bulk download the Raw
                                                  Data that it has submitted to the Central                the CAT System.14 The Commission                            Notice of an application for an order
                                                  Repository; 8 (5) a one-time assessment                  believes that these background checks                    under section 12(d)(1)(J) of the
                                                  of the nature and extent of errors in the                are necessary to ensure that only                        Investment Company Act of 1940 (the
                                                  Customer information submitted to the                    authorized and qualified persons are                     ‘‘Act’’) for an exemption from sections
                                                  Central Repository and whether the                       using the CAT System.                                    12(d)(1)(A), (B), and (C) of the Act and
                                                  correction of certain data fields over                      There are 21 respondents that require                 under sections 6(c) and 17(b) of the Act
                                                  others should be prioritized; 9 (6) a one-               an aggregate total of 8,269,747.99 hours                 for an exemption from sections 17(a)(1)
                                                                                                           to comply with the collection of                         and (2) of the Act. The requested order
                                                  NMS Plan filed on February 27, 2015, was an
                                                                                                           information, as amended. The                             would permit certain registered open-
                                                  amendment to and replacement of the Initial CAT          Commission further estimates that the                    end investment companies to acquire
                                                  NMS Plan (the ‘‘Amended and Restated CAT NMS             aggregate cost to comply with the                        shares of certain registered open-end
                                                  Plan’’). On December 24, 2015, the Participants          collection of information, as amended,
                                                  submitted an Amendment to the Amended and                                                                         investment companies, registered
                                                                                                           is $534,465,565.81.
                                                  Restated CAT NMS Plan. See Letter from                                                                            closed-end investment companies,
                                                  Participants to Brent J. Fields, Secretary,                 An agency may not conduct or
                                                                                                                                                                    business development companies, as
                                                  Commission, dated December 23, 2015 (the                 sponsor, and a person is not required to
                                                  ‘‘Amendment’’). On February 9, 2016, the                 respond to, a collection of information                  defined in section 2(a)(48) of the Act,
                                                  Participants filed with the Commission an identical,     under the PRA unless it displays a                       and unit investment trusts (collectively,
                                                  but unmarked, version of the Amended and
                                                                                                           currently valid OMB control number.                      ‘‘Underlying Funds’’) that are within
                                                  Restated CAT NMS Plan, dated February 27, 2015,                                                                   and outside the same group of
                                                  as modified by the Amendment, as well as a copy             The public may view background
                                                  of the request for proposal issued by the                documentation for this amendment at                      investment companies as the acquiring
                                                  Participants to solicit Bids from parties interested     the following Web site:                                  investment companies, in excess of the
                                                  in serving as the Plan Processor for the consolidated
                                                                                                           www.reginfo.gov. Comments should be                      limits in section 12(d)(1) of the Act.
                                                  audit trail. Unless the context otherwise requires,
                                                                                                           directed to: (i) Desk Officer for the                    APPLICANTS: Allianz Funds Multi-
                                                  the ‘‘CAT NMS Plan’’ shall refer to the Amended
                                                  and Restated CAT NMS Plan, as modified by the            Securities and Exchange Commission,                      Strategy Trust (the ‘‘Trust’’), a
                                                  Amendment.                                               Office of Information and Regulatory                     Massachusetts business trust that is
                                                     2 See Securities Exchange Act Release No. 77724
                                                                                                           Affairs, Office of Management and                        registered under the Act as an open-end
                                                  (April 27, 2016), 81 FR 30613 (May 17, 2016). The                                                                 management investment company with
                                                  burdens associated with the CAT NMS Plan Notice
                                                                                                           Budget, Room 10102, New Executive
                                                  were submitted under OMB number 3235–0671                Office Building, Washington, DC 20503,                   multiple series, and Allianz Global
                                                  which relates to the NMS Plan required to be filed       or by sending an email to: Shagufta_                     Investors U.S. LLC (the ‘‘Applying
                                                  under Rule 613.                                                                                                   Manager’’), a Delaware limited liability
                                                     3 See Securities Exchange Act Release No. 79318
                                                                                                             10 Id.  at 84941–84942.                                company registered as an investment
                                                  (November 15, 2016), 81 FR 84696 (November 23,
                                                  2016), available at https://www.sec.gov/rules/sro/
                                                                                                             11 Id.  at 84942. The Commission believes that four    adviser under the Investment Advisers
                                                                                                           assessments would be filed annually.                     Act of 1940.
mstockstill on DSK3G9T082PROD with NOTICES




                                                  nms/2016/34-79318.pdf.                                      12 Id.
                                                     4 The ‘‘Effective Date’’ is the date the Commission
                                                                                                              13 See Securities Exchange Act Release No. 67457
                                                                                                                                                                    FILING DATES: The application was filed
                                                  approved the CAT NMS Plan, which was November                                                                     on December 23, 2013 and amended on
                                                                                                           (July 18, 2012), 77 FR 45722 (August 1, 2012)
                                                  15, 2016. See id.
                                                     5 See CAT NMS Plan Order, supra note at 84940.
                                                                                                           (‘‘Rule 613 Adopting Release’’), at 45727                July 30, 2015, May 2, 2016, February 3,
                                                                                                           (discussing four ‘‘qualities’’ of trade and order data   2017, March 8, 2017 and March 13,
                                                     6 Id.
                                                                                                           that impact the effectiveness of core Participant and
                                                     7 Id. at 84940–84941.
                                                                                                           Commission regulatory efforts: accuracy,
                                                                                                                                                                    2017.
                                                     8 Id. at 84941.                                       completeness, accessibility, and timeliness).            HEARING OR NOTIFICATION OF HEARING: An
                                                     9 Id.                                                    14 See CAT NMS Plan Order, supra note at 84942.       order granting the requested relief will


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                                                                                  Federal Register / Vol. 82, No. 53 / Tuesday, March 21, 2017 / Notices                                                   14581

                                                  be issued unless the Commission orders                    Funds 2 in excess of the limits in                     any provision of section 12(d)(1) if the
                                                  a hearing. Interested persons may                         sections 12(d)(1)(A) and (C) of the Act                exemption is consistent with the public
                                                  request a hearing by writing to the                       and (b) the Underlying Funds that are                  interest and the protection of investors.
                                                  Commission’s Secretary and serving                        registered open-end investment                         Section 17(b) of the Act authorizes the
                                                  applicants with a copy of the request,                    companies or series thereof, their                     Commission to grant an order
                                                  personally or by mail. Hearing requests                   principal underwriters and any broker                  permitting a transaction otherwise
                                                  should be received by the Commission                      or dealer registered under the Securities              prohibited by section 17(a) if it finds
                                                  by 5:30 p.m. on April 10, 2017 and                        Exchange Act of 1934 to sell shares of                 that (a) the terms of the proposed
                                                  should be accompanied by proof of                         the Underlying Fund to the Fund of                     transaction are fair and reasonable and
                                                  service on the applicants, in the form of                 Funds in excess of the limits in section               do not involve overreaching on the part
                                                  an affidavit, or, for lawyers, a certificate              12(d)(1)(B) of the Act.3 Applicants also               of any person concerned; (b) the
                                                  of service. Pursuant to Rule 0–5 under                    request an order of exemption under                    proposed transaction is consistent with
                                                  the Act, hearing requests should state                    sections 6(c) and 17(b) of the Act from                the policies of each registered
                                                  the nature of the writer’s interest, any                  the prohibition on certain affiliated                  investment company involved; and (c)
                                                  facts bearing upon the desirability of a                  transactions in section 17(a) of the Act               the proposed transaction is consistent
                                                  hearing on the matter, the reason for the                 to the extent necessary to permit the                  with the general purposes of the Act.
                                                  request, and the issues contested.                        Underlying Funds to sell their shares to,              Section 6(c) of the Act permits the
                                                  Persons who wish to be notified of a                      and redeem their shares from, the Funds                Commission to exempt any persons or
                                                  hearing may request notification by                       of Funds.4 Applicants state that such                  transactions from any provision of the
                                                  writing to the Commission’s Secretary.                    transactions will be consistent with the               Act if such exemption is necessary or
                                                  ADDRESSES: Secretary, U.S. Securities
                                                                                                            policies of each Fund of Funds and each                appropriate in the public interest and
                                                                                                            Underlying Fund and with the general                   consistent with the protection of
                                                  and Exchange Commission, 100 F Street
                                                                                                            purposes of the Act and will be based                  investors and the purposes fairly
                                                  NE., Washington, DC 20549–1090.
                                                                                                            on the net asset values of the                         intended by the policy and provisions of
                                                  Applicants: Allianz Funds Multi-
                                                                                                            Underlying Funds.                                      the Act.
                                                  Strategy Trust and Allianz Global                            2. Applicants agree that any order
                                                  Investors U.S. LLC, 1633 Broadway,                                                                                 For the Commission, by the Division of
                                                                                                            granting the requested relief will be                  Investment Management, pursuant to
                                                  New York, New York 10019; and George                      subject to the terms and conditions                    delegated authority.
                                                  B. Raine, Ropes & Gray LLP, Prudential                    stated in the application. Such terms
                                                  Tower, 800 Boylston St., Boston, MA                                                                              Eduardo A. Aleman,
                                                                                                            and conditions are designed to, among                  Assistant Secretary.
                                                  02148.                                                    other things, help prevent any potential               [FR Doc. 2017–05507 Filed 3–20–17; 8:45 am]
                                                  FOR FURTHER INFORMATION CONTACT:                          (i) undue influence over an Underlying
                                                                                                                                                                   BILLING CODE 8011–01–P
                                                  Mark N. Zaruba, Senior Counsel, at                        Fund that is not in the same ‘‘group of
                                                  (202) 551–6878, or Robert Shapiro,                        investment companies’’ as the Fund of
                                                  Branch Chief, at (202) 551–6821                           Funds through control or voting power,                 SECURITIES AND EXCHANGE
                                                  (Division of Investment Management,                       or in connection with certain services,                COMMISSION
                                                  Chief Counsel’s Office).                                  transactions, and underwritings, (ii)
                                                                                                            excessive layering of fees, and (iii)                  [Release No. 34–80253; File No. SR–FICC–
                                                  SUPPLEMENTARY INFORMATION: The                                                                                   2017–004]
                                                  following is a summary of the                             overly complex fund structures, which
                                                  application. The complete application                     are the concerns underlying the limits
                                                                                                                                                                   Self-Regulatory Organizations; Fixed
                                                  may be obtained via the Commission’s                      in sections 12(d)(1)(A), (B), and (C) of
                                                                                                                                                                   Income Clearing Corporation; Notice of
                                                  Web site by searching for the file                        the Act.
                                                                                                               3. Section 12(d)(1)(J) of the Act                   Filing and Immediate Effectiveness of
                                                  number, or for an applicant using the                                                                            a Proposed Rule Change To Describe
                                                                                                            provides that the Commission may
                                                  Company name box, at http://                                                                                     the Intraday Mark-to-Market Charge
                                                                                                            exempt any person, security, or
                                                  www.sec.gov/search/search.htm, or by
                                                                                                            transaction, or any class or classes of                March 15, 2017.
                                                  calling (202) 551–8090.
                                                                                                            persons, securities, or transactions, from                Pursuant to Section 19(b)(1) of the
                                                  Summary of the Application                                                                                       Securities Exchange Act of 1934
                                                                                                               2 Certain of the Underlying Funds have obtained
                                                    1. Applicants request an order to                                                                              (‘‘Act’’),1 and Rule 19b–4 thereunder,2
                                                                                                            exemptions from the Commission necessary to
                                                  permit (a) a Fund 1 (each a ‘‘Fund of                     permit their shares to be listed and traded on a       notice is hereby given that on March 7,
                                                  Funds’’) to acquire shares of Underlying                  national securities exchange at negotiated prices      2017, Fixed Income Clearing
                                                                                                            and, accordingly, to operate as an exchange-traded     Corporation (‘‘FICC’’) filed with the
                                                                                                            fund (‘‘ETF’’).                                        Securities and Exchange Commission
                                                     1 Applicants request that the order apply to each         3 Applicants do not request relief for Funds of
                                                  existing and future series of the Trust and to each       Funds to invest in reliance on the order in business   (‘‘Commission’’) the proposed rule
                                                  existing and future registered open-end investment        development companies and registered closed-end        change as described in Items I, II and III
                                                  company or series thereof that is advised by the          investment companies that are not listed and traded    below, which Items have been prepared
                                                  Applying Manager or its successor or by any other         on a national securities exchange.
                                                  investment adviser controlling, controlled by or             4 A Fund of Funds generally would purchase and
                                                                                                                                                                   by the clearing agency. The Commission
                                                  under common control with the Applying Manager            sell shares of an Underlying Fund that operates as
                                                                                                                                                                   is publishing this notice to solicit
                                                  or its successor and is part of the same ‘‘group of       an ETF through secondary market transactions           comments on the proposed rule change
                                                  investment companies’’ as the Trust (each, a              rather than through principal transactions with the    from interested persons.
                                                  ‘‘Fund’’). For purposes of the requested order,           Underlying Fund. Applicants nevertheless request
                                                  ‘‘successor’’ is limited to an entity that results from   relief from section 17(a) to permit a Fund of Funds    I. Clearing Agency’s Statement of the
mstockstill on DSK3G9T082PROD with NOTICES




                                                  a reorganization into another jurisdiction or a           to purchase or redeem shares from the ETF. A Fund      Terms of Substance of the Proposed
                                                  change in the type of business organization. For          of Funds will purchase and sell shares of an
                                                  purposes of the request for relief, the term ‘‘group      Underlying Fund that is a closed-end fund through
                                                                                                                                                                   Rule Change
                                                  of investment companies’’ means any two or more           secondary market transactions at market prices            The proposed rule change consists of
                                                  registered investment companies, including closed-        rather than through principal transactions with the
                                                  end investment companies and business
                                                                                                                                                                   amendments to the Mortgage-Backed
                                                                                                            closed-end fund. Accordingly, applicants are not
                                                  development companies, that hold themselves out           requesting section 17(a) relief with respect to
                                                                                                                                                                     1 15   U.S.C. 78s(b)(1).
                                                  to investors as related companies for purposes of         transactions in shares of closed-end funds
                                                  investment and investor services.                         (including business development companies).              2 17   CFR 240.19b–4.



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Document Created: 2017-03-21 01:09:23
Document Modified: 2017-03-21 01:09:23
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
ActionNotice.
DatesThe application was filed on December 23, 2013 and amended on July 30, 2015, May 2, 2016, February 3, 2017, March 8, 2017 and March 13, 2017.
ContactMark N. Zaruba, Senior Counsel, at (202) 551-6878, or Robert Shapiro, Branch Chief, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office).
FR Citation82 FR 14580 

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