82 FR 47054 - Sunshine Act Meetings
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 194 (October 10, 2017)
Federal Register Volume 82, Issue 194 (October 10, 2017)
| Page Range | 47054-47054 | |
| FR Document | 2017-21705 |
[Federal Register Volume 82, Number 194 (Tuesday, October 10, 2017)] [Notices] [Page 47054] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21705] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings TIME AND DATE: 10:00 a.m. on Wednesday, October 11, 2017. PLACE: Auditorium, Room L-002. STATUS: This meeting will be open to the public. MATTERS TO BE CONSIDERED: The Commission will consider whether to propose amendments based on the recommendations in the staff's Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America's Surface Transportation Act, and to modernize and simplify certain disclosure requirements in Regulation S-K and related rules and forms. The Commission also will consider certain parallel amendments to investment company and investment adviser rules and forms. CONTACT PERSON FOR MORE INFORMATION: For further information and to ascertain what, if any, matters have been added, deleted or postponed; please contact Brent J. Fields from the Office of the Secretary at (202) 551-5400. Dated: October 4, 2017. Brent J. Fields, Secretary. [FR Doc. 2017-21705 Filed 10-5-17; 11:15 am] BILLING CODE 8011-01-P
![47054 Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices
positions) except as specified in the excessive layering of fees, and (iii) any provision of section 12(d)(1) if the
application. overly complex fund structures, which exemption is consistent with the public
4. Because shares will not be are the concerns underlying the limits interest and the protection of investors.
individually redeemable, applicants in sections 12(d)(1)(A) and (B) of the Section 17(b) of the Act authorizes the
request an exemption from section Act. Commission to grant an order
5(a)(1) and section 2(a)(32) of the Act 8. Applicants request an exemption permitting a transaction otherwise
that would permit the Funds to register from sections 17(a)(1) and 17(a)(2) of the prohibited by section 17(a) if it finds
as open-end management investment Act to permit persons that are Affiliated that (a) the terms of the proposed
companies and issue shares that are Persons, or Second-Tier Affiliates, of the
transaction are fair and reasonable and
redeemable in Creation Units (other Funds, solely by virtue of certain
do not involve overreaching on the part
than pursuant to a dividend ownership interests, to effectuate
reinvestment program). purchases and redemptions in-kind. The of any person concerned; (b) the
5. Applicants also request an deposit procedures for in-kind proposed transaction is consistent with
exemption from section 22(d) of the Act purchases of Creation Units and the the policies of each registered
and rule 22c–1 under the Act as redemption procedures for in-kind investment company involved; and (c)
secondary market trading in shares will redemptions of Creation Units will be the proposed transaction is consistent
take place at negotiated prices, not at a the same for all purchases and with the general purposes of the Act.
current offering price described in a redemptions and Deposit Instruments For the Commission, by the Division of
Fund’s prospectus, and not at a price and Redemption Instruments will be Investment Management, under delegated
based on NAV. Applicants state that (a) valued in the same manner as those authority.
secondary market trading in shares does investment positions currently held by Robert W. Errett,
not involve a Fund as a party and will the Funds. Applicants also seek relief
not result in dilution of an investment Deputy Secretary.
from the prohibitions on affiliated
in shares, and (b) to the extent different transactions in section 17(a) to permit a [FR Doc. 2017–21661 Filed 10–6–17; 8:45 am]
prices exist during a given trading day, Fund to sell its shares to and redeem its BILLING CODE 8011–01–P
or from day to day, such variances occur shares from a Fund of Funds, and to
as a result of third-party market forces, engage in the accompanying in-kind
such as supply and demand. Therefore, transactions with the Fund of Funds.3 SECURITIES AND EXCHANGE
applicants assert that secondary market The purchase of Creation Units by a COMMISSION
transactions in shares will not lead to Fund of Funds directly from a Fund will
discrimination or preferential treatment be accomplished in accordance with the Sunshine Act Meetings
among purchasers. Finally, applicants policies of the Fund of Funds and will
represent that share market prices will be based on the NAVs of the Funds. 10:00 a.m. on
TIME AND DATE:
be disciplined by arbitrage 9. Applicants also request relief to Wednesday, October 11, 2017.
opportunities, which should prevent permit a Feeder Fund to acquire shares
shares from trading at a material of another registered investment PLACE: Auditorium, Room L–002.
discount or premium from NAV. company managed by the Adviser STATUS: This meeting will be open to the
6. With respect to Funds that effect having substantially the same public.
creations and redemptions of Creation investment objectives as the Feeder
Units in kind and that are based on Fund (‘‘Master Fund’’) beyond the MATTERS TO BE CONSIDERED: The
certain Underlying Indexes that include limitations in section 12(d)(1)(A) and Commission will consider whether to
foreign securities, applicants request permit the Master Fund, and any propose amendments based on the
relief from the requirement imposed by principal underwriter for the Master recommendations in the staff’s Report
section 22(e) in order to allow such Fund, to sell shares of the Master Fund on Modernization and Simplification of
Funds to pay redemption proceeds to the Feeder Fund beyond the Regulation S–K, as required by Section
within fifteen calendar days following limitations in section 12(d)(1)(B). 72003 of the Fixing America’s Surface
the tender of Creation Units for 10. Section 6(c) of the Act permits the Transportation Act, and to modernize
redemption. Applicants assert that the Commission to exempt any persons or and simplify certain disclosure
requested relief would not be transactions from any provision of the requirements in Regulation S–K and
inconsistent with the spirit and intent of Act if such exemption is necessary or related rules and forms. The
section 22(e) to prevent unreasonable, appropriate in the public interest and Commission also will consider certain
undisclosed or unforeseen delays in the consistent with the protection of parallel amendments to investment
actual payment of redemption proceeds. investors and the purposes fairly company and investment adviser rules
7. Applicants request an exemption to intended by the policy and provisions of
and forms.
permit Funds of Funds to acquire Fund the Act. Section 12(d)(1)(J) of the Act
shares beyond the limits of section provides that the Commission may CONTACT PERSON FOR MORE INFORMATION:
12(d)(1)(A) of the Act; and the Funds, exempt any person, security, or For further information and to ascertain
and any principal underwriter for the transaction, or any class or classes of what, if any, matters have been added,
Funds, and/or any broker or dealer persons, securities, or transactions, from deleted or postponed; please contact
registered under the Exchange Act, to Brent J. Fields from the Office of the
sell shares to Funds of Funds beyond 3 The requested relief would apply to direct sales
Secretary at (202) 551–5400.
the limits of section 12(d)(1)(B) of the of shares in Creation Units by a Fund to a Fund of
sradovich on DSK3GMQ082PROD with NOTICES
Act. The application’s terms and Funds and redemptions of those shares. Applicants, Dated: October 4, 2017.
moreover, are not seeking relief from section 17(a)
conditions are designed to, among other for, and the requested relief will not apply to,
Brent J. Fields,
things, help prevent any potential (i) transactions where a Fund could be deemed an Secretary.
undue influence over a Fund through Affiliated Person, or a Second-Tier Affiliate, of a [FR Doc. 2017–21705 Filed 10–5–17; 11:15 am]
Fund of Funds because an Adviser or an entity
control or voting power, or in controlling, controlled by or under common control BILLING CODE 8011–01–P
connection with certain services, with an Adviser provides investment advisory
transactions, and underwritings, (ii) services to that Fund of Funds.
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Document Created: 2017-10-07 10:32:27
Document Modified: 2017-10-07 10:32:27
| 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 | |
| Dates | 10:00 a.m. on Wednesday, October 11, 2017. | |
| FR Citation | 82 FR 47054 |
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