82 FR 37245 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 7.37
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 152 (August 9, 2017)
Federal Register Volume 82, Issue 152 (August 9, 2017)
| Page Range | 37245-37247 | |
| FR Document | 2017-16737 |
[Federal Register Volume 82, Number 152 (Wednesday, August 9, 2017)] [Notices] [Pages 37245-37247] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-16737] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81303; File No. SR-NYSEArca-2017-83] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Amending Rule 7.37 August 3, 2017. 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 July 26, 2017, 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 and II 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to [sic] Rule 7.37 (Order Execution and Routing). 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 the Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 7.37 (Order Execution and Routing) to reflect changes to how the Exchange would process MOC/LOC Orders \4\ routed to NYSE American LLC (``NYSE American'').\5\ Rule 7.37(b)(7)(C) provides that the Exchange rejects requests to cancel or to reduce in size a Market-on-Close Order (``MOC Order'') or a Limit- on-Close Order (``LOC Order'') in NYSE-listed securities or NYSE MKT- listed securities (``NYSE American-listed securities'') \6\ that is electronically entered after the time specified in NYSE Rules [sic] 123C(3)(b) and NYSE MKT Rule 123C(3)(b)--Equities (``NYSE American Rule 123C(3)(b)--Equities'') \7\ and Supplementary Material .40 to those rules.\8\ --------------------------------------------------------------------------- \4\ A Market-on-Close Order is a Market Order that is to be traded only during the Closing Auction and a Limit-on-Close Order is a Limit Order that is to be traded only during the Closing Auction. See Rule 7.31(c)(3) and (4). If the Exchange does not conduct a closing auction in a UTP Security, the Exchange routes MOC/LOC Orders in such a UTP Security to the primary listing market. See Rule 7.34(c)(2)(B). \5\ On July 24, 2017, the Exchange's affiliate, NYSE MKT LLC, transitioned to the Pillar trading platform and was renamed NYSE American LLC. See Securities Exchange Act Release Nos. 79242 (November 4, 2016), 81 FR 79081 (November 10, 2016) (SR-NYSEMKT- 2016-97); 79400 (November 25, 2016), 81 FR 86750 (December 1, 2016) (SR-NYSEMKT-2016-103); 80283 (March 21, 2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14); and 80748 (May 23, 2017), 82 FR 24764 (May 30, 2017) (SR-NYSEMKT-2017-20). \6\ See supra, note 5. \7\ See supra, note 5. \8\ NYSE Rule 123C(3)(b) and NYSE American Rule 123C(3)(b)-- Equities provide that between 3:45 p.m. and 3:58 p.m., MOC, LOC and CO Orders may be cancelled or reduced in size to correct a legitimate error, and NYSE Rule 123C(3)(c) and NYSE American Rule 123C(3)(c)--Equities provide that MOC, LOC and CO Orders may not be cancelled or adjusted for any reason after 3:58 p.m. unless there is an Extreme Order Imbalance at or Near the Close, as provided in NYSE Rule 123C(9) and NYSE American Rule 123C(9)--Equities. Accordingly, between 3:45 p.m. and 3:58 p.m., NYSE and NYSE American accept requests to cancel MOC and LOC Orders. --------------------------------------------------------------------------- The Exchange proposes to amend Rule 7.37(b)(7)(C) to provide that the Exchange would no longer reject requests to cancel or reduce in size MOC/LOC Orders in NYSE American-listed securities. The Exchange is enhancing functionality to coincide with the recent migration of NYSE American to the Pillar trading system. On Pillar, NYSE American no longer processes MOC or LOC Orders under NYSE American Rule 123C-- Equities and instead processes such orders under NYSE American Rule 7.35E.\9\ Because NYSE American will systemically enforce its requirements by rejecting requests to cancel or requests to cancel [[Page 37246]] and replace \10\ a MOC or LOC Order in an NYSE American-listed security, the Exchange will no longer need to monitor the trading behavior on NYSE American. As a result, the Exchange proposes to accept and route all requests to cancel or reduce in size MOC/LOC Orders in NYSE American-listed securities, regardless of the time. The Exchange believes that the proposed changes would provide transparency regarding how requests to cancel orders or reduce in size would be processed on the Exchange. --------------------------------------------------------------------------- \9\ NYSE American Rule 7.35E(d)(2)(B) provides that when the Closing Auction Imbalance Freeze begins, NYSE American will reject requests to cancel and requests to cancel and replace MOC Orders and LOC Orders. \10\ On the Pillar trading system, to reduce the size of an order, an ETP Holder submits a request to cancel a portion of the order. --------------------------------------------------------------------------- Because of technology changes associated with this proposed rule change, the Exchange will announce the implementation date by Trader Update, which the Exchange anticipates will be in the third quarter of 2017. 2. Statutory Basis The proposed rule change is consistent with Section 6(b) of the Securities Exchange Act of 1934 (the ``Act''),\11\ in general, and furthers the objectives of Section 6(b)(5),\12\ in particular, because it is 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 facilitating transactions in securities, to remove impediments to, and perfect the mechanism of, a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78f(b). \12\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the Exchange believes that the proposed rule change would promote just and equitable principles of trade, and remove impediments to and perfect the mechanism of a free and open market and a national market system by allowing the Exchange to accept and route requests to cancel or reduce in size MOC Orders and LOC Orders in NYSE American-listed securities regardless of the time. The Exchange believes that the proposed change would remove impediments to and perfect the mechanism of a free and open market and a national market system because now that NYSE American has transitioned to Pillar, NYSE American systemically enforces whether it accepts a request to cancel or reduce in size a MOC or LOC Order, and the Exchange would no longer need to monitor this functionality. The Exchange further believes that the proposed amendments to Rule 7.37(b)(7)(C) would remove impediments to and perfect the mechanism of a free and open market and a national market system because the proposed changes would provide greater clarity regarding how requests to cancel or reduce in size MOC Orders and LOC Orders in NYSE American- listed securities would be processed by the Exchange, thereby promoting transparency and clarity in Exchange rules. 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 purposes of the Act. The proposed change is not designed to address any competitive issue but rather to make amendments to Rule 7.37 to reflect differences to how NYSE American processes requests to cancel or reduce in size MOC and LOC Orders on the Pillar trading system. 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 Because the foregoing proposed rule change does not: (i) Significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A) of the Act \13\ and Rule 19b- 4(f)(6) thereunder.\14\ --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(3)(A). \14\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. --------------------------------------------------------------------------- A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the Act \15\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \16\ permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Exchange stated that NYSE American has transitioned to the Pillar trading platform and now systemically enforces whether it accepts a request to cancel or reduce in size a MOC or LOC order, so the Exchange no longer needs to monitor this functionality. The Exchange also stated that waiver of the 30-day operative delay would allow it to implement the proposed rule change when the technology supporting the change becomes available, which the Exchange anticipates to be less than 30 days after the date of this filing. The Commission believes that waiving the 30- day operative delay is consistent with the protection of investors and the public interest. Therefore, the Commission hereby waives the operative delay and designates the proposal operative upon filing.\17\ --------------------------------------------------------------------------- \15\ 17 CFR 240.19b-4(f)(6). \16\ 17 CFR 240.19b-4(f)(6)(iii). \17\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- At any time within 60 days of the filing of the 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 to determine whether the proposed rule change should be approved or disapproved. 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-2017-83 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2017-83. This file number should be included on the [[Page 37247]] 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-NYSEArca-2017-83 and should be submitted on or before August 30, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\18\ --------------------------------------------------------------------------- \18\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-16737 Filed 8-8-17; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 82, No. 152 / Wednesday, August 9, 2017 / Notices 37245
Commission received one comment in SECURITIES AND EXCHANGE Orders 4 routed to NYSE American LLC
response to the proposed rule change.4 COMMISSION (‘‘NYSE American’’).5 Rule 7.37(b)(7)(C)
The Exchange filed Amendment No. 1, provides that the Exchange rejects
which supersedes and replaces the [Release No. 34–81303; File No. SR– requests to cancel or to reduce in size
proposed rule change in its entirety, on NYSEArca–2017–83] a Market-on-Close Order (‘‘MOC Order’’)
July 28, 2017.5 or a Limit-on-Close Order (‘‘LOC
Self-Regulatory Organizations; NYSE Order’’) in NYSE-listed securities or
Section 19(b)(2) of the Act 6 provides
Arca, Inc.; Notice of Filing and NYSE MKT-listed securities (‘‘NYSE
that, within 45 days of the publication
Immediate Effectiveness of Proposed American-listed securities’’) 6 that is
of the notice of the filing of a proposed Rule Change Amending Rule 7.37
rule change, or within such longer electronically entered after the time
period up to 90 days as the Commission August 3, 2017. specified in NYSE Rules [sic] 123C(3)(b)
may designate if it finds such longer Pursuant to Section 19(b)(1) 1 of the and NYSE MKT Rule 123C(3)(b)—
period to be appropriate and publishes Securities Exchange Act of 1934 (the Equities (‘‘NYSE American Rule
its reasons for so finding or as to which ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 123C(3)(b)—Equities’’) 7 and
the self-regulatory organization notice is hereby given that, on July 26, Supplementary Material .40 to those
consents, the Commission shall approve 2017, NYSE Arca, Inc. (the ‘‘Exchange’’ rules.8
the proposed rule change, disapprove or ‘‘NYSE Arca’’) filed with the The Exchange proposes to amend
the proposed rule change, or institute Securities and Exchange Commission Rule 7.37(b)(7)(C) to provide that the
proceedings to determine whether the (the ‘‘Commission’’) the proposed rule Exchange would no longer reject
proposed rule change should be change as described in Items I and II requests to cancel or reduce in size
disapproved. The Commission is below, which Items have been prepared MOC/LOC Orders in NYSE American-
extending this 45-day time period. by the self-regulatory organization. The listed securities. The Exchange is
Commission is publishing this notice to enhancing functionality to coincide
The Commission finds that it is solicit comments on the proposed rule
appropriate to designate a longer period with the recent migration of NYSE
change from interested persons. American to the Pillar trading system.
within which to take action on the
proposed rule change so that it has I. Self-Regulatory Organization’s On Pillar, NYSE American no longer
sufficient time to consider the proposed Statement of the Terms of Substance of processes MOC or LOC Orders under
rule change, as modified by Amendment the Proposed Rule Change NYSE American Rule 123C—Equities
No. 1. Accordingly, the Commission, and instead processes such orders under
The Exchange proposes to [sic] Rule
pursuant to Section 19(b)(2) of the Act,7 NYSE American Rule 7.35E.9 Because
7.37 (Order Execution and Routing). The
designates September 18, 2017, as the NYSE American will systemically
proposed rule change is available on the
date by which the Commission should Exchange’s Web site at www.nyse.com, enforce its requirements by rejecting
approve, disapprove, or institute at the principal office of the Exchange, requests to cancel or requests to cancel
proceedings to determine whether to and at the Commission’s Public
4 A Market-on-Close Order is a Market Order that
disapprove the proposed rule change Reference Room.
is to be traded only during the Closing Auction and
(File No. SR–NYSE–2017–30), as II. Self-Regulatory Organization’s a Limit-on-Close Order is a Limit Order that is to
modified by Amendment No. 1. Statement of the Purpose of, and be traded only during the Closing Auction. See Rule
7.31(c)(3) and (4). If the Exchange does not conduct
For the Commission, by the Division of Statutory Basis for, the Proposed Rule a closing auction in a UTP Security, the Exchange
Trading and Markets, pursuant to delegated Change routes MOC/LOC Orders in such a UTP Security to
authority.8 the primary listing market. See Rule 7.34(c)(2)(B).
In its filing with the Commission, the 5 On July 24, 2017, the Exchange’s affiliate, NYSE
Eduardo A. Aleman, self-regulatory organization included MKT LLC, transitioned to the Pillar trading
Assistant Secretary. statements concerning the purpose of, platform and was renamed NYSE American LLC.
See Securities Exchange Act Release Nos. 79242
[FR Doc. 2017–16741 Filed 8–8–17; 8:45 am] and basis for, the proposed rule change (November 4, 2016), 81 FR 79081 (November 10,
BILLING CODE 8011–01–P and discussed any comments it received 2016) (SR–NYSEMKT–2016–97); 79400 (November
on the proposed rule change. The text 25, 2016), 81 FR 86750 (December 1, 2016) (SR–
of those statements may be examined at NYSEMKT–2016–103); 80283 (March 21, 2017), 82
FR 15244 (March 27, 2017) (SR–NYSEMKT–2017–
the places specified in Item IV below. 14); and 80748 (May 23, 2017), 82 FR 24764 (May
The Exchange has prepared summaries, 30, 2017) (SR–NYSEMKT–2017–20).
set forth in sections A, B, and C below, 6 See supra, note 5.
of the most significant parts of such 7 See supra, note 5.
statements. 8 NYSE Rule 123C(3)(b) and NYSE American Rule
123C(3)(b)—Equities provide that between 3:45
4 See letter to the Commission from James J. A. Self-Regulatory Organization’s p.m. and 3:58 p.m., MOC, LOC and CO Orders may
Angel, Ph.D., CFA, Georgetown University, dated Statement of the Purpose of, and the be cancelled or reduced in size to correct a
legitimate error, and NYSE Rule 123C(3)(c) and
July 28, 2017. Statutory Basis for, the Proposed Rule NYSE American Rule 123C(3)(c)—Equities provide
5 Amendment No. 1 removes the proposal to
Change that MOC, LOC and CO Orders may not be
allow the Exchange to declare a regulatory halt in cancelled or adjusted for any reason after 3:58 p.m.
a security that is the subject of an initial public 1. Purpose unless there is an Extreme Order Imbalance at or
offering, and amends the proposed provisions of Near the Close, as provided in NYSE Rule 123C(9)
sradovich on DSK3GMQ082PROD with NOTICES
Rule 15 and Rule 104 relating to private placement
The Exchange proposes to amend and NYSE American Rule 123C(9)—Equities.
market trading and proposed Rule 123D(d) relating Rule 7.37 (Order Execution and Accordingly, between 3:45 p.m. and 3:58 p.m.,
to trading halts for initial listings. Amendment No. Routing) to reflect changes to how the NYSE and NYSE American accept requests to
1 is available at https://www.sec.gov/comments/sr- Exchange would process MOC/LOC cancel MOC and LOC Orders.
9 NYSE American Rule 7.35E(d)(2)(B) provides
nyse-2017-30/nyse201730.htm.
6 15 U.S.C. 78s(b)(2).
that when the Closing Auction Imbalance Freeze
1 15 U.S.C. 78s(b)(1). begins, NYSE American will reject requests to
7 Id. 2 15 U.S.C. 78a. cancel and requests to cancel and replace MOC
8 17 CFR 200.30–3(a)(57). 3 17 CFR 240.19b–4. Orders and LOC Orders.
VerDate Sep<11>2014 17:00 Aug 08, 2017 Jkt 241001 PO 00000 Frm 00057 Fmt 4703 Sfmt 4703 E:\FR\FM\09AUN1.SGM 09AUN1](https://thefederalregister.org/doc/82_FR_37397/page/1.svg)
![Federal Register / Vol. 82, No. 152 / Wednesday, August 9, 2017 / Notices 37247
subject line if email is used. To help the FOR FURTHER INFORMATION CONTACT: nature of the writer’s interest, any facts
Commission process and review your Rochelle Kauffman Plesset, Senior bearing upon the desirability of a
comments more efficiently, please use Counsel, at (202) 551–6840, or David J. hearing on the matter, the reason for the
only one method. The Commission will Marcinkus, Branch Chief, at (202) 551– request, and the issues contested.
post all comments on the Commission’s 6882 (Division of Investment Persons who wish to be notified of a
Internet Web site (http://www.sec.gov/ Management, Chief Counsel’s Office). hearing may request notification by
rules/sro.shtml). Copies of the SUPPLEMENTARY INFORMATION: Notice of writing to the Commission’s Secretary.
submission, all subsequent an application for an order under The following is a summary of the
amendments, all written statements section 6(c) of the Investment Company application. The complete application
with respect to the proposed rule Act of 1940 (the ‘‘Act’’) for an may be obtained via the Commission’s
change that are filed with the exemption from sections 2(a)(32), Web site by searching for the file
Commission, and all written 5(a)(1), 22(d), and 22(e) of the Act and number, or for an applicant using the
communications relating to the rule 22c–1 under the Act, under Company name box, at http://
proposed rule change between the sections 6(c) and 17(b) of the Act for an www.sec.gov/search/search.htm or by
Commission and any person, other than exemption from sections 17(a)(1) and calling (202) 551–8090.
those that may be withheld from the 17(a)(2) of the Act, and under section Summary of the Application
public in accordance with the 12(d)(1)(J) for an exemption from
provisions of 5 U.S.C. 552, will be 1. Applicants request an order that
sections 12(d)(1)(A) and 12(d)(1)(B) of would allow Funds to operate as index
available for Web site viewing and the Act. The requested order would
printing in the Commission’s Public exchange traded funds (‘‘ETFs’’).1 Fund
permit (a) index-based series of certain shares will be purchased and redeemed
Reference Room, 100 F Street NE., open-end management investment
Washington, DC 20549 on official at their NAV in Creation Units only. All
companies (‘‘Funds’’) to issue shares orders to purchase Creation Units and
business days between the hours of redeemable in large aggregations only all redemption requests will be placed
10:00 a.m. and 3:00 p.m. Copies of the (‘‘Creation Units’’); (b) secondary market by or through an ‘‘Authorized
filing also will be available for transactions in Fund shares to occur at Participant’’, which will have signed a
inspection and copying at the principal negotiated market prices rather than at participant agreement with the
office of the Exchange. All comments net asset value (‘‘NAV’’); (c) certain Distributor. Shares will be listed and
received will be posted without change; Funds to pay redemption proceeds, traded individually on a national
the Commission does not edit personal under certain circumstances, more than securities exchange, where share prices
identifying information from seven days after the tender of shares for will be based on the current bid/offer
submissions. You should submit only redemption; (d) certain affiliated market. Any order granting the
information that you wish to make persons of a Fund to deposit securities requested relief would be subject to the
available publicly. All submissions into, and receive securities from, the terms and conditions stated in the
should refer to File Number SR– Fund in connection with the purchase application.
NYSEArca–2017–83 and should be and redemption of Creation Units; and 2. Each Fund will hold investment
submitted on or before August 30, 2017. (e) certain registered management positions selected to correspond
For the Commission, by the Division of investment companies and unit generally to the performance of an
Trading and Markets, pursuant to delegated investment trusts outside of the same Underlying Index. In the case of Self-
authority.18 group of investment companies as the Indexing Funds, an affiliated person, as
Eduardo A. Aleman, Funds (‘‘Funds of Funds’’) to acquire defined in section 2(a)(3) of the Act
Assistant Secretary. shares of the Funds. (‘‘Affiliated Person’’), or an affiliated
[FR Doc. 2017–16737 Filed 8–8–17; 8:45 am] Applicants: Sage Advisory Services person of an Affiliated Person (‘‘Second-
BILLING CODE 8011–01–P
LTD Co. (the ‘‘Initial Adviser’’), a Texas Tier Affiliate’’), of the Trust or a Fund,
limited liability company that is of the Adviser, of any sub-adviser to or
registered as an investment adviser promoter of a Fund, or of the Distributor
SECURITIES AND EXCHANGE under the Investment Advisers Act of will compile, create, sponsor or
COMMISSION 1940 and Northern Lights Fund Trust maintain the Underlying Index.2
IV, (the ‘‘Trust’’), a Delaware statutory 3. Shares will be purchased and
[Investment Company Act Release No. redeemed in Creation Units and
trust registered under the Act as an
32774; 812–14792]
open-end management investment generally on an in-kind basis. Except
Sage Advisory Services LTD Co. and company with multiple series.
Northern Lights Fund Trust IV Filing Date: The application was filed 1 Applicants request that the order apply to the
on June 29, 2017. new series of the Trust and any additional series of
the Trust, and any other open-end management
August 4, 2017. Hearing or Notification of Hearing: An investment company or series thereof (each,
AGENCY: Securities and Exchange order granting the requested relief will included in the term ‘‘Fund’’), each of which will
Commission (‘‘Commission’’). be issued unless the Commission orders operate as an ETF and will track a specified index
a hearing. Interested persons may comprised of domestic or foreign equity and/or
ACTION: Notice. fixed income securities (each, an ‘‘Underlying
request a hearing by writing to the Index’’). Any Fund will (a) be advised by the Initial
ADDRESSES: Secretary, Securities and Commission’s Secretary and serving Adviser or an entity controlling, controlled by, or
Exchange Commission, 100 F Street NE., applicants with a copy of the request, under common control with the Initial Adviser
personally or by mail. Hearing requests (each, an ‘‘Adviser’’) and (b) comply with the terms
sradovich on DSK3GMQ082PROD with NOTICES
Washington, DC 20549–1090; and conditions of the application.
Applicants: The Initial Adviser, 5900 should be received by the Commission 2 Each Self-Indexing Fund will post on its Web
Southwest Parkway, Building 1, Suite by 5:30 p.m. on August 30, 2017, and site the identities and quantities of the investment
100, Austin, Texas 78735–6202; the should be accompanied by proof of positions that will form the basis for the Fund’s
Trust, 17605 Wright Street, Omaha, NE service on applicants, in the form of an calculation of its NAV at the end of the day.
Applicants believe that requiring Self-Indexing
68130. affidavit, or for lawyers, a certificate of Funds to maintain full portfolio transparency will
service. Pursuant to rule 0–5 under the help address, together with other protections,
18 17 CFR 200.30–3(a)(12). Act, hearing requests should state the conflicts of interest with respect to such Funds.
VerDate Sep<11>2014 17:00 Aug 08, 2017 Jkt 241001 PO 00000 Frm 00059 Fmt 4703 Sfmt 4703 E:\FR\FM\09AUN1.SGM 09AUN1](https://thefederalregister.org/doc/82_FR_37397/page/3.svg)
Document Created: 2017-08-09 02:17:59
Document Modified: 2017-08-09 02:17:59
| 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 | 82 FR 37245 |
2025 Federal Register | Disclaimer | Privacy Policy
USC | CFR | eCFR