82_FR_16711 82 FR 16647 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Under BZX Rule 14.11(c)(4) the Shares of the VanEck Vectors AMT-Free National Municipal Index ETF of VanEck Vectors ETF Trust

82 FR 16647 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Under BZX Rule 14.11(c)(4) the Shares of the VanEck Vectors AMT-Free National Municipal Index ETF of VanEck Vectors ETF Trust

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 64 (April 5, 2017)

Page Range16647-16648
FR Document2017-06686

Federal Register, Volume 82 Issue 64 (Wednesday, April 5, 2017) 
[Federal Register Volume 82, Number 64 (Wednesday, April 5, 2017)]
[Notices]
[Pages 16647-16648]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-06686]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80350; File No. SR-BatsBZX-2017-07]


Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proposed Rule 
Change, as Modified by Amendment No. 1, To List and Trade Under BZX 
Rule 14.11(c)(4) the Shares of the VanEck Vectors AMT-Free National 
Municipal Index ETF of VanEck Vectors ETF Trust

March 30, 2017.
    On January 27, 2017, Bats BZX Exchange, Inc. (``Exchange'') filed 
with the Securities and Exchange Commission (``Commission''), pursuant 
to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') 
\1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to list and 
trade under BZX Rule 14.11(c)(4) the shares of the VanEck Vectors AMT-
Free National Municipal Index ETF of VanEck Vectors ETF Trust. The 
proposed rule change was published for comment in the Federal Register 
on February 14, 2017.\3\ On March 10, 2017, the Exchange filed 
Amendment No. 1 to the proposed rule change.\4\ The Commission has 
received no comment letters on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 79989 (February 8, 
2017), 82 FR 10615.
    \4\ Amendment No. 1 is available at: https://www.sec.gov/comments/sr-batsbzx-2017-07/batsbzx201707-1667531-148997.pdf.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day after publication of the notice for this proposed rule change 
is March 31, 2017. The Commission is extending this 45-day time period. 
The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the

[[Page 16648]]

proposed rule change, as modified by Amendment No. 1.
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    \5\ 15 U.S.C. 78s(b)(2).
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    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates May 15, 2017, as the date by which the Commission 
shall either approve or disapprove or institute proceedings to 
determine whether to disapprove the proposed rule change (File Number 
SR-BatsBZX-2017-07), as modified by Amendment No. 1.
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-06686 Filed 4-4-17; 8:45 am]
 BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 64 / Wednesday, April 5, 2017 / Notices 16647 ensure that FICC collects a VaR Charge the proposal is consistent with the SECURITIES AND EXCHANGE that better addresses the risk exposure requirements of Rule 17Ad–22(b)(1).43 COMMISSION presented by the portfolio of the Netting Rule 17Ad–22(b)(2) under the Member. By better limiting exposure to Exchange Act requires a registered [Release No. 34–80350; File No. SR– Netting Members, the proposal is clearing agency that performs central BatsBZX–2017–07] designed to help ensure that, in the counterparty services to establish, event of a member default, GSD’s Self-Regulatory Organizations; Bats implement, maintain, and enforce operations would not be disrupted and BZX Exchange, Inc.; Notice of non-defaulting Netting Members would written policies and procedures Designation of a Longer Period for limit their exposure to losses that they reasonably designed to use margin Commission Action on Proposed Rule cannot anticipate or control. requirements to limit its credit Change, as Modified by Amendment Accordingly, the Commission believes exposures to participants under normal No. 1, To List and Trade Under BZX that the proposal will help to promote market conditions and use risk-based Rule 14.11(c)(4) the Shares of the safety and soundness at FICC, which in models and parameters to set margin VanEck Vectors AMT-Free National turn will help to reduce systemic risk requirements and review such margin Municipal Index ETF of VanEck and support the stability of the broader requirements and the related risk-based Vectors ETF Trust financial system, consistent with models and parameters at least Section 805(b) of the Act.40 monthly.44 The proposed changes March 30, 2017. would enhance the risk-based model On January 27, 2017, Bats BZX B. Consistency With Rule 17Ad–22(b)(1) Exchange, Inc. (‘‘Exchange’’) filed with and parameters that establish daily and (b)(2) Under the Exchange Act the Securities and Exchange margin requirements for Netting The Commission believes that the Members by enabling FICC to better Commission (‘‘Commission’’), pursuant proposed changes associated with the identify the risk posed by a Netting to Section 19(b)(1) of the Securities Margin Proxy are consistent with the Member’s unsettled portfolio and to Exchange Act of 1934 (‘‘Act’’) 1 and Rule requirements of Rules 17Ad–22(b)(1) quickly adjust and collect additional 19b–4 thereunder,2 a proposed rule and (b)(2) under the Exchange Act.41 deposits as needed to cover those risks. change to list and trade under BZX Rule Rule 17Ad–22(b)(1) under the Because the proposed changes are 14.11(c)(4) the shares of the VanEck Exchange Act requires a registered designed to calculate each Netting Vectors AMT-Free National Municipal clearing agency that performs central Member’s Required Fund Deposit at a Index ETF of VanEck Vectors ETF Trust. counterparty services to establish, The proposed rule change was 99 percent confidence level, the implement, maintain, and enforce published for comment in the Federal proposal also should help mitigate written policies and procedures Register on February 14, 2017.3 On losses to FICC and its members, in the March 10, 2017, the Exchange filed reasonably designed to measure its event that such Netting Member defaults credit exposures to its participants at Amendment No. 1 to the proposed rule under normal market conditions. change.4 The Commission has received least once a day and limit its exposures Therefore, the Commission believes that to potential losses from defaults by its no comment letters on the proposed rule the proposal is consistent with the change. participants under normal market requirements of Rule 17Ad–22(b)(2).45 conditions so that the operations of the Section 19(b)(2) of the Act 5 provides clearing agency would not be disrupted IV. Conclusion that, within 45 days of the publication and non-defaulting participants would of notice of the filing of a proposed rule not be exposed to losses that they It is therefore noticed, pursuant to change, or within such longer period up cannot anticipate or control.42 The Section 806(e)(1)(I) of the Clearing to 90 days as the Commission may proposed Margin Proxy would be used Supervision Act,46 that the Commission designate if it finds such longer period daily to help measure FICC’s credit does not object to the Advance Notice to be appropriate and publishes its exposure to Netting Members. While (SR–FICC–2017–801) and that FICC be reasons for so finding or as to which the ICBCFS raises concerns about including hereby is authorized to implement the self-regulatory organization consents, the 2007–2009 period, as noted above, change as of the date of this notice or the Commission shall either approve the the Commission agrees that this look the date of an order by the Commission proposed rule change, disapprove the back period should help FICC better approving the Proposed Rule Change proposed rule change, or institute monitor the credit exposures presented (SR–FICC–2017–001) that reflects the proceedings to determine whether the by its Netting Members by including changes that are consistent with this proposed rule change should be volatile periods. It should also enhance Advance Notice, whichever is later. disapproved. The 45th day after FICC’s overall risk-based margining publication of the notice for this By the Commission. proposed rule change is March 31, 2017. framework by helping to ensure that the calculation of each GSD Netting Eduardo A. Aleman, The Commission is extending this 45- Member’s Required Fund Deposit would Assistant Secretary. day time period. The Commission finds be sufficient to allow FICC to use the [FR Doc. 2017–06682 Filed 4–4–17; 8:45 am] that it is appropriate to designate a defaulting member’s own Required BILLING CODE 8011–01–P longer period within which to take Fund Deposit to limit its exposures to action on the proposed rule change so potential losses associated with the that it has sufficient time to consider the jstallworth on DSK7TPTVN1PROD with NOTICES liquidation of such member’s portfolio in the event of a GSD Netting Member 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. default under normal market conditions. 3 See Securities Exchange Act Release No. 79989 Therefore, the Commission believes that 43 Id. (February 8, 2017), 82 FR 10615. 4 Amendment No. 1 is available at: https:// 40 Id. 44 17 CFR 240.17Ad–22(b)(2). www.sec.gov/comments/sr-batsbzx-2017-07/ 41 17 45 Id. CFR 240.17Ad–22(b)(1) and (b)(2). batsbzx201707-1667531-148997.pdf. 42 17 CFR 240.17Ad–22(b)(1). 46 12 U.S.C. 5465(e)(1)(I). 5 15 U.S.C. 78s(b)(2). VerDate Sep<11>2014 15:11 Apr 04, 2017 Jkt 241001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\05APN1.SGM 05APN1

16648 Federal Register / Vol. 82, No. 64 / Wednesday, April 5, 2017 / Notices proposed rule change, as modified by Hearing requests should be received interest to any such entity,1 acts as Amendment No. 1. by the Commission by 5:30 p.m. on investment adviser and which operates Accordingly, the Commission, April 25, 2017, and should be as an interval fund pursuant to rule pursuant to Section 19(b)(2) of the Act,6 accompanied by proof of service on the 23c–3 under the Act or provides designates May 15, 2017, as the date by applicants, in the form of an affidavit, periodic liquidity with respect to its which the Commission shall either or, for lawyers, a certificate of service. shares pursuant to rule 13e–4 under the approve or disapprove or institute Pursuant to rule 0–5 under the Act, Securities Exchange Act of 1934 proceedings to determine whether to hearing requests should state the nature (‘‘Exchange Act’’) (each, a ‘‘Future disapprove the proposed rule change of the writer’s interest, any facts bearing Fund’’ and together with the Fund, the (File Number SR–BatsBZX–2017–07), as upon the desirability of a hearing on the ‘‘Funds’’).2 modified by Amendment No. 1. matter, the reason for the request, and 5. The Fund intends to make a For the Commission, by the Division of the issues contested. Persons who wish continuous public offering of its Class I Trading and Markets, pursuant to delegated to be notified of a hearing may request Shares following the effectiveness of its authority.7 notification by writing to the registration statement (File Nos. 333– Eduardo A. Aleman, Commission’s Secretary. 201801 and 811–23028) on September Assistant Secretary. ADDRESSES: Secretary, U.S. Securities 15, 2015. Applicants state that [FR Doc. 2017–06686 Filed 4–4–17; 8:45 am] and Exchange Commission, 100 F Street additional offerings by any Fund relying NE., Washington, DC 20549–1090; on the order may be on a private BILLING CODE 8011–01–P Applicants: Winton Diversified placement or public offering basis. Opportunities Fund and Winton Capital Shares of the Funds will not be listed on SECURITIES AND EXCHANGE US LLC, c/o Michael Beattie, SEI any securities exchange, nor quoted on COMMISSION Corporation, One Freedom Valley Drive, any quotation medium. The Funds do Oaks, Pennsylvania 19456. not expect there to be a secondary [Investment Company Act Release No. trading market for their shares. 32585; File No. 812–14694] FOR FURTHER INFORMATION CONTACT: 6. If the requested relief is granted, the Elizabeth G. Miller, Senior Counsel, at Fund intends to continuously offer at Winton Diversified Opportunities Fund (202) 551–8707, or Holly Hunter-Ceci, least one additional class of shares and Winton Capital US LLC Acting Assistant Chief Counsel, at (202) (‘‘Class A Shares’’) and may also offer 551–6825 (Division of Investment March 30, 2017. additional classes of shares in the Management, Chief Counsel’s Office). AGENCY: Securities and Exchange future. Because of the different asset- SUPPLEMENTARY INFORMATION: The based service and/or distribution fees, Commission (‘‘Commission’’). following is a summary of the ACTION: Notice. services and any other class expenses application. The complete application that may be attributable to a class of a Notice of an application under section may be obtained via the Commission’s Fund’s shares, the net income 6(c) of the Investment Company Act of Web site by searching for the file attributable to, and the dividends 1940 (the ‘‘Act’’) for an exemption from number, or for an applicant using the payable on, each class of shares may sections 18(a)(2), 18(c) and 18(i) of the Company name box, at http:// differ from each other. Act, under sections 6(c) and 23(c) of the www.sec.gov/search/search.htm or by 7. Applicants state that, from time to Act for an exemption from rule 23c–3 calling (202) 551–8090. time, the Fund may create additional under the Act, and for an order pursuant Applicants’ Representations classes of shares, the terms of which to section 17(d) of the Act and rule 17d– may differ from Class I Shares and Class 1. The Fund is a Delaware statutory A Shares in the following respects: (i) 1 under the Act. trust that is registered under the Act as The amount of fees permitted by SUMMARY OF APPLICATION: Applicants a diversified, closed-end management request an order to permit certain different distribution plans or different investment company. The Fund’s service fee arrangements; (ii) voting registered closed-end management investment objective is to seek long- investment companies to issue multiple rights with respect to a distribution plan term capital appreciation through of a class; (iii) different class classes of shares and to impose asset- compound growth. based service and/or distribution fees, designations; (iv) the impact of any class 2. The Adviser is a Delaware limited early withdrawal charges (‘‘EWCs’’) and expenses directly attributable to a liability company and is registered as an early repurchase fees (‘‘Early particular class of shares allocated on a investment adviser under the Repurchase Fee’’). class basis as described in the Investment Advisers Act of 1940. The APPLICANTS: Winton Diversified application; (v) any differences in Adviser serves as investment adviser to Opportunities Fund (the ‘‘Fund’’) and dividends and net asset value resulting the Fund. Winton Capital US LLC (the ‘‘Adviser’’). from differences in fees under a 3. The applicants seek an order to distribution plan or in class expenses; FILING DATES: The application was filed permit the Fund to issue multiple (vi) any EWC or other sales load on August 18, 2016 and amended classes of shares, each having its own structure; (vii) any Early Repurchase February 22, 2017. fee and expense structure, and to Fees; and (viii) exchange or conversion HEARING OR NOTIFICATION OF HEARING: An impose asset-based service and/or privileges of the classes as permitted order granting the requested relief will distribution fees, EWCs and Early under the Act. be issued unless the Commission orders Repurchase Fees. 4. Applicants request that the order jstallworth on DSK7TPTVN1PROD with NOTICES a hearing. Interested persons may 1 A successor in interest is limited to an entity request a hearing by writing to the also apply to any continuously-offered that results from a reorganization into another Commission’s Secretary and serving registered closed-end management jurisdiction or a change in the type of business applicants with a copy of the request, investment company that may be organization. 2 Any Fund relying on this relief in the future will personally or by mail. organized in the future for which the do so in a manner consistent with the terms and Adviser or any entity controlling, conditions of the application. Applicants represent 6 Id. controlled by, or under common control that each entity presently intending to rely on the 7 17 CFR 200.30–3(a)(31). with the Adviser, or any successor in requested relief is listed as an applicant. VerDate Sep<11>2014 15:11 Apr 04, 2017 Jkt 241001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\05APN1.SGM 05APN1


Document Created: 2018-02-01 14:47:29
Document Modified: 2018-02-01 14:47:29
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
FR Citation82 FR 16647 
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