82 FR 51658 - Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for the New TRACE Security Activity Report and End-of-Day TRACE Transaction File
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 214 (November 7, 2017)
Federal Register Volume 82, Issue 214 (November 7, 2017)
| Page Range | 51658-51660 | |
| FR Document | 2017-24131 |
[Federal Register Volume 82, Number 214 (Tuesday, November 7, 2017)] [Notices] [Pages 51658-51660] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-24131] [[Page 51658]] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81995; File No. SR-FINRA-2017-033] Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for the New TRACE Security Activity Report and End-of-Day TRACE Transaction File November 1, 2017. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on October 24, 2017, Financial Industry Regulatory Authority, Inc. (``FINRA'') filed with the Securities and Exchange Commission (``SEC'' or ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by FINRA. FINRA has designated the proposed rule change as ``establishing or changing a due, fee or other charge'' under Section 19(b)(3)(A)(ii) of the Act \3\ and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal effective upon receipt of this filing by the Commission. 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\ 17 CFR 240.19b-4. \3\ 15 U.S.C. 78s(b)(3)(A)(ii). \4\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change FINRA is proposing to amend Rule 7730 to establish fees for the new TRACE Security Activity Report and End-of-Day TRACE Transaction File. The text of the proposed rule change is available on FINRA's Web site at http://www.finra.org, at the principal office of FINRA 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, FINRA 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 these statements may be examined at the places specified in Item IV below. FINRA has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose FINRA's TRACE data product offerings, set forth in Rule 7730 (Trade Reporting and Compliance Engine (TRACE)), include both real-time as well as historic data for most TRACE-eligible securities.\5\ The SEC recently approved a new (i) TRACE Security Activity Report and (ii) End-of-Day TRACE Transaction File.\6\ The new TRACE Security Activity Report is a monthly report that provides aggregated statistics by security for TRACE-Eligible Securities that are Corporate and Agency Bonds (``CA Bonds''). The report will contain basic descriptive security elements, aggregate par value volume information, number of transactions, number of unique market participant identifiers (``MPIDs''), and top 5 statistics for disseminated transactions in CA Bonds. The new End-of-Day TRACE Transaction File is a daily file available after the TRACE system closes that includes all transaction data disseminated as part of Real-Time TRACE transaction data on that day and is separately available for each data set for which Real-Time TRACE transaction data is available (i.e., the Corporate Bond Data Set, Agency Data Set, SP Data Set, and Rule 144A Data Set). --------------------------------------------------------------------------- \5\ Rule 6710 (Definitions) provides that a ``TRACE-Eligible Security'' is a debt security that is United States (``U.S.'') dollar-denominated and issued by a U.S. or foreign private issuer, and, if a ``restricted security'' as defined in Securities Act Rule 144(a)(3), sold pursuant to Securities Act Rule 144A; or is a debt security that is U.S. dollar-denominated and issued or guaranteed by an Agency as defined in paragraph (k) or a Government-Sponsored Enterprise as defined in paragraph (n); or a U.S. Treasury Security as defined in paragraph (p). ``TRACE-Eligible Security'' does not include a debt security that is issued by a foreign sovereign or a Money Market Instrument as defined in paragraph (o). \6\ Id. [sic] --------------------------------------------------------------------------- FINRA is now proposing to amend Rule 7730 to establish fees for the TRACE Security Activity Report and the End-of-Day TRACE Transaction File. FINRA is proposing to establish a fee of $750 per month for receipt of the TRACE Security Activity Report, unless the subscriber is a qualifying tax-exempt organization, in which case FINRA would charge $250 per month. FINRA also is proposing to establish a fee of $750 per month per data set for receipt of the End-of-Day TRACE Transaction File, unless the subscriber is a qualifying tax-exempt organization, in which case FINRA would charge $250 per month per data set. However, subscribers to the Vendor Real-Time Data Feed will not be charged a fee to receive the End-of-Day TRACE Transaction File for the Vendor Real- Time data set(s) to which they have subscribed. FINRA believes that these fees are reasonable, and notes that subscribing to each product is optional for members and others. FINRA has filed the proposed rule change for immediate effectiveness. The effective date of the proposed rule change will be the date of effectiveness of the TRACE Security Activity Report and End-of-Day TRACE Transaction File.\7\ --------------------------------------------------------------------------- \7\ See Securities Exchange Act Release No. 81318 (August 4, 2017), 82 FR 37484 (August 10, 2017) (Order Approving File No. SR- FINRA-2017-021); see also Securities Exchange Act Release No. 81114 (July 11, 2017), 82 FR 32728 (July 17, 2017) (Order Approving File No. SR-FINRA-2017-015). FINRA will announce the effective date of each data product in a Regulatory Notice. The effective date will be no later than 365 days following Commission approval of each respective data product. --------------------------------------------------------------------------- 2. Statutory Basis FINRA believes that the proposed rule change is consistent with the provisions of Section 15A(b)(5) of the Act,\8\ which requires, among other things, that FINRA rules provide for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility or system that FINRA operates or controls. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78o-3(b)(5). --------------------------------------------------------------------------- Pursuant to the proposal, FINRA will establish fees for (i) the TRACE Security Activity Report that will provide interested parties with a means for receiving aggregated statistics by security for CA Bonds, and (ii) the End-of-Day TRACE Transaction File that will provide interested parties with an alternative means of receiving the transaction information disseminated each trading day as part of the Real-Time TRACE transaction data product. The TRACE Security Activity Report will be made available to subscribers for a fee of $750 per month, or $250 per month for qualifying tax-exempt organizations. FINRA believes that the proposed fees are reasonable. The TRACE Security Activity Report is an entirely new report and is not comparable to any current FINRA TRACE data product offering. FINRA cannot at this time estimate the number of persons that may subscribe to the product. However, as indicated by the comment letters received by the Commission on the proposal to adopt [[Page 51659]] the TRACE Security Activity Report,\9\ FINRA believes that there will be some interest in the report, including in connection with compliance efforts with respect to regulatory obligations under the Investment Company Act of 1940.\10\ FINRA believes that the fee of $750 per month is reasonable given the costs to be incurred by FINRA in developing the report and providing ongoing administrative, functional and technical support to subscribers, while still being priced at an amount that should allow it to be accessible to interested parties. FINRA also notes that, for a qualifying tax-exempt organization, the fee for the TRACE Security Activity Report will be $250 per month. Where feasible, FINRA generally endeavors to provide TRACE data products to qualifying tax-exempt organizations at a reduced subscription fee to encourage access to TRACE data to facilitate bond market research. --------------------------------------------------------------------------- \9\ See letter to Brent J. Fields, Secretary, Commission, from Bennett Golub, Chief Risk Officer, and Alexis Rosenblum, Director, BlackRock, Inc., dated July 20, 2017; and letter to Robert W. Errett, Deputy Secretary, Commission, from Sean Davy, Managing Director, Capital Markets Division, Securities Industry and Financial Markets Association, dated July 20, 2017. \10\ 17 CFR 270.22e-4. --------------------------------------------------------------------------- The End-of-Day TRACE Transaction File will be made available to subscribers for a fee of $750 per month per data set, $250 per month per data set for qualifying tax-exempt organizations, or at no cost to subscribers to the Vendor Real-Time Data Feed for the Vendor Real-Time data set(s) to which they have subscribed. FINRA believes that the proposed fees are reasonable. FINRA currently charges $1,500 per month per data set for the Vendor Real-Time Data Feed. The End-of-Day TRACE Transaction File will provide access to all of the transactions that were disseminated via the Real-Time Data Feed throughout the trading day, but in a single file only available at the end of the trading day. This option not only provides a lower-priced alternative to the Vendor Real-Time Data Feed, it also requires less technological infrastructure from subscribers. Given the current fees established for this somewhat related product, FINRA believes that the proposed fee of $750 per month per data set is reasonable, which is half of the cost of the Vendor Real-Time Data Feed. FINRA also believes this fee is reasonable given the costs to be incurred by FINRA in developing the report and providing ongoing administrative, functional and technical support to subscribers. FINRA also notes that any current subscribers to Vendor Real-Time Data will not be charged a fee for receipt of the End-of-Day TRACE Transaction File for the Vendor Real-Time data set(s) to which they have subscribed. FINRA cannot at this time estimate the number of persons that may subscribe to the product; however, as stated in the Notice, some market participants have indicated that a simpler alternative that allows them to receive transaction information once a day in an end-of-day file would be useful.\11\ As is the case with the TRACE Security Activity Report, FINRA will make the End-of-Day TRACE Transaction File available to qualifying tax-exempt organizations at a reduced subscription fee (of $250 per month per data set) to encourage access to TRACE data to facilitate bond market research. --------------------------------------------------------------------------- \11\ See Securities Exchange Act Release No. 80805 (May 30, 2017), 82 FR 25862 (June 5, 2017) (Notice of Filing of File No. SR- FINRA-2017-015) (``Notice''). --------------------------------------------------------------------------- FINRA believes that the proposed fees are reasonable, and notes that the fees will be applied equally to all similarly situated interested parties that choose to subscribe to either data product. Thus, FINRA believes that the proposed rule change is consistent with the Act. B. Self-Regulatory Organization's Statement on Burden on Competition FINRA does not believe that the proposed rule change will result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposal to establish fees in connection with the new TRACE Security Activity Report and End-of- Day TRACE Transaction File applies only to members that choose to subscribe to these data products, and the proposed fees for each data product will apply equally to all similarly situated subscribers. Subscribers to the Vendor Real-Time Data Feed will not be charged a fee to receive the End-of-Day TRACE Transaction File for the Vendor Real- Time data set(s) to which they have subscribed. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others Written comments were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \12\ and paragraph (f)(2) of Rule 19b-4 thereunder.\13\ 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 should be approved or disapproved. --------------------------------------------------------------------------- \12\ 15 U.S.C. 78s(b)(3)(A). \13\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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-FINRA-2017-033 on the subject line. Paper Comments Send paper comments in triplicate to Robert W. Errett, Deputy Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-FINRA-2017-033. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for Web site viewing and printing in the Commission's Public Reference Room, 100 F Street NE., Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of such filing also will be available for inspection and copying at the principal office of FINRA. All comments received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal [[Page 51660]] identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-FINRA-2017-033 and should be submitted on or before November 28, 2017. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-24131 Filed 11-6-17; 8:45 am] BILLING CODE 8011-01-P
![51658 Federal Register / Vol. 82, No. 214 / Tuesday, November 7, 2017 / Notices
SECURITIES AND EXCHANGE and C below, of the most significant which case FINRA would charge $250
COMMISSION aspects of such statements. per month per data set. However,
subscribers to the Vendor Real-Time
A. Self-Regulatory Organization’s
[Release No. 34–81995; File No. SR–FINRA– Data Feed will not be charged a fee to
Statement of the Purpose of, and
2017–033] receive the End-of-Day TRACE
Statutory Basis for, the Proposed Rule
Change Transaction File for the Vendor Real-
Self-Regulatory Organizations; Time data set(s) to which they have
Financial Industry Regulatory 1. Purpose subscribed. FINRA believes that these
Authority, Inc.; Notice of Filing and FINRA’s TRACE data product fees are reasonable, and notes that
Immediate Effectiveness of Proposed offerings, set forth in Rule 7730 (Trade subscribing to each product is optional
Rule Change To Establish Fees for the Reporting and Compliance Engine for members and others.
New TRACE Security Activity Report (TRACE)), include both real-time as well FINRA has filed the proposed rule
and End-of-Day TRACE Transaction as historic data for most TRACE-eligible change for immediate effectiveness. The
File securities.5 The SEC recently approved effective date of the proposed rule
November 1, 2017. a new (i) TRACE Security Activity change will be the date of effectiveness
Report and (ii) End-of-Day TRACE of the TRACE Security Activity Report
Pursuant to Section 19(b)(1) of the
Transaction File.6 The new TRACE and End-of-Day TRACE Transaction
Securities Exchange Act of 1934
Security Activity Report is a monthly File.7
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on October report that provides aggregated statistics 2. Statutory Basis
24, 2017, Financial Industry Regulatory by security for TRACE-Eligible
Securities that are Corporate and FINRA believes that the proposed rule
Authority, Inc. (‘‘FINRA’’) filed with the
Agency Bonds (‘‘CA Bonds’’). The report change is consistent with the provisions
Securities and Exchange Commission
will contain basic descriptive security of Section 15A(b)(5) of the Act,8 which
(‘‘SEC’’ or ‘‘Commission’’) the proposed
elements, aggregate par value volume requires, among other things, that
rule change as described in Items I, II,
information, number of transactions, FINRA rules provide for the equitable
and III below, which Items have been
number of unique market participant allocation of reasonable dues, fees and
prepared by FINRA. FINRA has
identifiers (‘‘MPIDs’’), and top 5 other charges among members and
designated the proposed rule change as
statistics for disseminated transactions issuers and other persons using any
‘‘establishing or changing a due, fee or
in CA Bonds. The new End-of-Day facility or system that FINRA operates
other charge’’ under Section
TRACE Transaction File is a daily file or controls.
19(b)(3)(A)(ii) of the Act 3 and Rule 19b–
available after the TRACE system closes Pursuant to the proposal, FINRA will
4(f)(2) thereunder,4 which renders the
that includes all transaction data establish fees for (i) the TRACE Security
proposal effective upon receipt of this
disseminated as part of Real-Time Activity Report that will provide
filing by the Commission. The
TRACE transaction data on that day and interested parties with a means for
Commission is publishing this notice to
is separately available for each data set receiving aggregated statistics by
solicit comments on the proposed rule
for which Real-Time TRACE transaction security for CA Bonds, and (ii) the End-
change from interested persons.
data is available (i.e., the Corporate of-Day TRACE Transaction File that will
I. Self-Regulatory Organization’s Bond Data Set, Agency Data Set, SP Data provide interested parties with an
Statement of the Terms of Substance of Set, and Rule 144A Data Set). alternative means of receiving the
the Proposed Rule Change FINRA is now proposing to amend transaction information disseminated
FINRA is proposing to amend Rule Rule 7730 to establish fees for the each trading day as part of the Real-
7730 to establish fees for the new TRACE Security Activity Report and the Time TRACE transaction data product.
TRACE Security Activity Report and End-of-Day TRACE Transaction File. The TRACE Security Activity Report
End-of-Day TRACE Transaction File. FINRA is proposing to establish a fee of will be made available to subscribers for
The text of the proposed rule change $750 per month for receipt of the a fee of $750 per month, or $250 per
is available on FINRA’s Web site at TRACE Security Activity Report, unless month for qualifying tax-exempt
http://www.finra.org, at the principal the subscriber is a qualifying tax-exempt organizations. FINRA believes that the
office of FINRA and at the organization, in which case FINRA proposed fees are reasonable.
Commission’s Public Reference Room. would charge $250 per month. FINRA The TRACE Security Activity Report
also is proposing to establish a fee of is an entirely new report and is not
II. Self-Regulatory Organization’s $750 per month per data set for receipt comparable to any current FINRA
Statement of the Purpose of, and of the End-of-Day TRACE Transaction TRACE data product offering. FINRA
Statutory Basis for, the Proposed Rule File, unless the subscriber is a cannot at this time estimate the number
Change qualifying tax-exempt organization, in of persons that may subscribe to the
In its filing with the Commission, product. However, as indicated by the
FINRA included statements concerning
5 Rule 6710 (Definitions) provides that a ‘‘TRACE-
comment letters received by the
Eligible Security’’ is a debt security that is United Commission on the proposal to adopt
the purpose of and basis for the States (‘‘U.S.’’) dollar-denominated and issued by a
proposed rule change and discussed any U.S. or foreign private issuer, and, if a ‘‘restricted
comments it received on the proposed security’’ as defined in Securities Act Rule 7 See Securities Exchange Act Release No. 81318
rule change. The text of these statements 144(a)(3), sold pursuant to Securities Act Rule (August 4, 2017), 82 FR 37484 (August 10, 2017)
144A; or is a debt security that is U.S. dollar- (Order Approving File No. SR–FINRA–2017–021);
may be examined at the places specified
ethrower on DSK3G9T082PROD with NOTICES
denominated and issued or guaranteed by an see also Securities Exchange Act Release No. 81114
in Item IV below. FINRA has prepared Agency as defined in paragraph (k) or a (July 11, 2017), 82 FR 32728 (July 17, 2017) (Order
summaries, set forth in sections A, B, Government-Sponsored Enterprise as defined in Approving File No. SR–FINRA–2017–015). FINRA
paragraph (n); or a U.S. Treasury Security as will announce the effective date of each data
defined in paragraph (p). ‘‘TRACE-Eligible product in a Regulatory Notice. The effective date
1 15 U.S.C. 78s(b)(1). Security’’ does not include a debt security that is will be no later than 365 days following
2 17 CFR 240.19b–4. issued by a foreign sovereign or a Money Market Commission approval of each respective data
3 15 U.S.C. 78s(b)(3)(A)(ii). Instrument as defined in paragraph (o). product.
4 17 CFR 240.19b–4(f)(2). 6 Id. [sic] 8 15 U.S.C. 78o–3(b)(5).
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![51660 Federal Register / Vol. 82, No. 214 / Tuesday, November 7, 2017 / Notices
identifying information from comment investment trusts outside of the same Summary of the Application
submissions. You should submit only group of investment companies as the
1. The Trust is registered as an open-
information that you wish to make series to acquire Shares; and (f) certain
end management investment company
available publicly. All submissions series to create and redeem Shares in
under the Act and is a statutory trust
should refer to File Number SR–FINRA– kind in a master-feeder structure. The
organized under the laws of Delaware.
2017–033 and should be submitted on Order would incorporate by reference
Applicants seek relief with respect to
or before November 28, 2017. terms and conditions of a previous order
Reinhart Intermediate Bond NextShares
For the Commission, by the Division of granting the same relief sought by
(the ‘‘Initial Fund’’). The portfolio
Trading and Markets, pursuant to delegated applicants, as that order may be
positions of each Fund (as defined
authority.14 amended from time to time (‘‘Reference
below) will consist of securities and
Eduardo A. Aleman, Order’’).1
other assets selected and managed by its
Assistant Secretary. FILING DATE:The application was filed Adviser or Subadviser (as defined
[FR Doc. 2017–24131 Filed 11–6–17; 8:45 am] on October 4, 2017 and amended on below) to pursue the Fund’s investment
BILLING CODE 8011–01–P October 12, 2017. objective.
2. The Adviser, a Wisconsin
HEARING OR NOTIFICATION OF HEARING: An
corporation, will be the investment
SECURITIES AND EXCHANGE order granting the requested relief will
adviser to the Initial Fund. An Adviser
COMMISSION be issued unless the Commission orders
(as defined below) will serve as
a hearing. Interested persons may
[Investment Company Act Release No. investment adviser to each Fund. The
request a hearing by writing to the
32892; 812–14830] Adviser is, and any other Adviser will
Commission’s Secretary and serving
be, registered as an investment adviser
applicants with a copy of the request,
Reinhart Partners, Inc., et al. under the Investment Advisers Act of
personally or by mail. Hearing requests
1940 (‘‘Advisers Act’’). The Adviser may
November 1, 2017. should be received by the Commission
retain one or more subadvisers (each a
AGENCY: Securities and Exchange by 5:30 p.m. on November 27, 2017, and
‘‘Subadviser’’) to manage the portfolios
Commission (‘‘Commission’’). should be accompanied by proof of
of the Funds. Any Subadviser will be
ACTION: Notice. service on applicants, in the form of an
registered, or not subject to registration,
affidavit or, for lawyers, a certificate of
under the Advisers Act.
Notice of an application for an order service. Pursuant to rule 0–5 under the
under section 6(c) of the Investment 3. The Distributor is a Delaware
Act, hearing requests should state the
Company Act of 1940 (‘‘Act’’) for an limited liability company and a broker-
nature of the writer’s interest, any facts
exemption from sections 2(a)(32), dealer registered under the Securities
bearing upon the desirability of a
5(a)(1), 22(d) and 22(e) of the Act and Exchange Act of 1934 and will act as the
hearing on the matter, the reason for the
rule 22c–1 under the Act, under principal underwriter of Shares of the
request, and the issues contested.
sections 6(c) and 17(b) of the Act for an Funds. Applicants request that the
Persons who wish to be notified of a
exemption from sections 17(a)(1) and requested relief apply to any distributor
hearing may request notification by
(a)(2) of the Act, and under section of Shares, whether affiliated or
writing to the Commission’s Secretary.
12(d)(1)(J) of the Act for an exemption unaffiliated with the Adviser (included
from sections 12(d)(1)(A) and (B) of the ADDRESSES: Secretary, U.S. Securities in the term ‘‘Distributor’’). Any
Act. and Exchange Commission, 100 F Street Distributor will comply with the terms
NE., Washington, DC 20549–1090. and conditions of the Order.
APPLICANTS: Reinhart Partners, Inc. (the
Applicants: Reinhart Partners, Inc., 1500
‘‘Adviser’’), Managed Portfolio Series Requested Exemptive Relief
West Market Street, Suite 100, Mequon,
(the ‘‘Trust’’), and Quasar Distributors, Wisconsin 53092; Managed Portfolio 4. Applicants seek the requested
LLC (the ‘‘Distributor’’). Series, 615 East Michigan Street, 4th Order under section 6(c) of the Act for
SUMMARY OF APPLICATION: Applicants Floor, Milwaukee, Wisconsin 53202; an exemption from sections 2(a)(32),
request an order (‘‘Order’’) that permits: Quasar Distributors, LLC, 777 East 5(a)(1), 22(d) and 22(e) of the Act and
(a) Actively managed series of certain Wisconsin Avenue, 6th Floor, rule 22c–1 under the Act, under
open-end management investment Milwaukee, Wisconsin 53202. sections 6(c) and 17(b) of the Act for an
companies to issue shares (‘‘Shares’’) exemption from sections 17(a)(1) and
redeemable in large aggregations only FOR FURTHER INFORMATION CONTACT:
17(a)(2) of the Act, and under section
(‘‘Creation Units’’); (b) secondary market Courtney S. Thornton, Senior Counsel,
12(d)(1)(J) of the Act for an exemption
transactions in Shares to occur at the at (202) 551–6812, or Robert H. Shapiro,
from sections 12(d)(1)(A) and (B) of the
next-determined net asset value plus or Branch Chief, at (202) 551–6821
Act. The requested Order would permit
minus a market-determined premium or (Division of Investment Management,
applicants to offer exchange-traded
discount that may vary during the Chief Counsel’s Office).
managed funds. Because the relief
trading day; (c) certain series to pay SUPPLEMENTARY INFORMATION: The requested is the same as the relief
redemption proceeds, under certain following is a summary of the granted by the Commission under the
circumstances, more than seven days application. The complete application Reference Order and because the
from the tender of Shares for may be obtained via the Commission’s Adviser has entered into, or anticipates
redemption; (d) certain affiliated Web site by searching for the file entering into, a licensing agreement
persons of the series to deposit number, or for an applicant using the with Eaton Vance Management, or an
ethrower on DSK3G9T082PROD with NOTICES
securities into, and receive securities Company name box, at http:// affiliate thereof in order to offer
from, the series in connection with the www.sec.gov/search/search.htm or by exchange-traded managed funds,2 the
purchase and redemption of Creation calling (202) 551–8090. Order would incorporate by reference
Units; (e) certain registered management
investment companies and unit 1 Eaton Vance Management, et al., Investment 2 Eaton Vance Management has obtained patents
Company Act Rel. Nos. 31333 (Nov. 6, 2014) with respect to certain aspects of the Funds’ method
14 17 CFR 200.30–3(a)(12). (notice) and 31361 (Dec. 2, 2014) (order). of operation as exchange-traded managed funds.
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Document Created: 2018-10-25 10:26:59
Document Modified: 2018-10-25 10:26:59
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 51658 |
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