82 FR 8886 - Causeway ETMF Trust, et al.; Notice of Application

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 19 (January 31, 2017)

Page Range		8886-8887
FR Document		2017-01998

Federal Register, Volume 82 Issue 19 (Tuesday, January 31, 2017)

[Federal Register Volume 82, Number 19 (Tuesday, January 31, 2017)]
[Notices]
[Pages 8886-8887]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-01998]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 32435; 812-14729]


Causeway ETMF Trust, et al.; Notice of Application

January 25, 2017.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice of an application for an order under section 6(c) of the 
Investment Company Act of 1940 (``Act'') for an exemption from sections 
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the 
Act, under sections 6(c) and 17(b) of the Act for an exemption from 
sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J) 
of the Act for an exemption from sections 12(d)(1)(A) and (B) of the 
Act.

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Applicants: Causeway ETMF Trust (the ``Trust''), Causeway Capital 
Management LLC (the ``Adviser'') and SEI Investments Distribution Co. 
(the ``Distributor'').

Summary of Application: Applicants request an order (``Order'') that 
permits: (a) Actively managed series of certain open-end management 
investment companies to issue shares (``Shares'') redeemable in large 
aggregations only (``Creation Units''); (b) secondary market 
transactions in Shares to occur at the next-determined net asset value 
plus or minus a market-determined premium or discount that may vary 
during the trading day; (c) certain series to pay redemption proceeds, 
under certain circumstances, more than seven days from the tender of 
Shares for redemption; (d) certain affiliated persons of the series to 
deposit securities into, and receive securities from, the series in 
connection with the purchase and redemption of Creation Units; (e) 
certain registered management investment companies and unit investment 
trusts outside of the same group of investment companies as the series 
to acquire Shares; and (f) certain series to create and redeem Shares 
in kind in a master-feeder structure. The Order would incorporate by 
reference terms and conditions of a previous order granting the same 
relief sought by applicants, as that order may be amended from time to 
time (``Reference Order'').\1\
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    \1\ Eaton Vance Management, et al., Investment Company Act Rel. 
Nos. 31333 (Nov. 6, 2014) (notice) and 31361 (Dec. 2, 2014) (order).

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Filing Date: The application was filed on December 28, 2016.

Hearing or Notification of Hearing:  An order granting the requested 
relief will 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 February 21, 2017, and should be accompanied by proof of 
service on 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: The Commission: Secretary, U.S. Securities and Exchange

[[Page 8887]]

Commission, 100 F Street NE., Washington, DC 20549-1090. Applicants: 
Causeway ETMF Trust, Causeway Capital Management LLC, 11111 Santa 
Monica Boulevard, 15th Floor, Los Angeles, CA 90025; SEI Investments 
Distribution Co., One Freedom Valley Drive, Oaks, PA 19456.

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, or 
Daniele Marchesani, Assistant Chief Counsel, 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.

Applicants

    1. The Trust will be registered as an open-end management 
investment company under the Act and is a statutory trust organized 
under the laws of the State of Delaware. Applicants seek relief with 
respect to three Funds (as defined below, and those Funds, the 
``Initial Funds''). The portfolio positions of each Fund will consist 
of securities and other assets selected and managed by its Adviser or 
Subadviser (as defined below) to pursue the Fund's investment 
objective.
    2. The Adviser, a Delaware limited liability company, will be the 
investment adviser to the Initial Funds. An Adviser (as defined below) 
will serve as investment adviser to each Fund. The Adviser is, and any 
other Adviser will be, registered as an investment adviser under the 
Investment Advisers Act of 1940 (``Advisers Act''). The Adviser and the 
Trust may retain one or more subadvisers (each a ``Subadviser'') to 
manage the portfolios of the Funds. Any Subadviser will be registered, 
or not subject to registration, under the Advisers Act.
    3. The Distributor is a Pennsylvania corporation and a broker-
dealer registered under the Securities Exchange Act of 1934 and will 
act as the principal underwriter of Shares of the Funds. Applicants 
request that the requested relief apply to any distributor of Shares, 
whether affiliated or unaffiliated with the Adviser (included in the 
term ``Distributor''). Any Distributor will comply with the terms and 
conditions of the Order.

Applicants' Requested Exemptive Relief

    4. Applicants seek the requested Order under section 6(c) of the 
Act for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) 
of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) 
of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the 
Act, and under section 12(d)(1)(J) of the Act for an exemption from 
sections 12(d)(1)(A) and (B) of the Act. The requested Order would 
permit applicants to offer exchange-traded managed funds. Because the 
relief requested is the same as the relief granted by the Commission 
under the Reference Order and because the Adviser has entered into, or 
anticipates entering into, a licensing agreement with Eaton Vance 
Management, or an affiliate thereof in order to offer exchange-traded 
managed funds,\2\ the Order would incorporate by reference the terms 
and conditions of the Reference Order.
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    \2\ Eaton Vance Management has obtained patents with respect to 
certain aspects of the Funds' method of operation as exchange-traded 
managed funds.
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    5. Applicants request that the Order apply to the Initial Funds and 
to any other existing or future open-end management investment company 
or series thereof that: (a) Is advised by the Adviser or any entity 
controlling, controlled by, or under common control with the Adviser 
(any such entity included in the term ``Adviser''); and (b) operates as 
an exchange-traded managed fund as described in the Reference Order; 
and (c) complies with the terms and conditions of the Order and of the 
Reference Order, which is incorporated by reference herein (each such 
company or series and Initial Fund, a ``Fund'').\3\
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    \3\ All entities that currently intend to rely on the Order are 
named as applicants. Any other entity that relies on the Order in 
the future will comply with the terms and conditions of the Order 
and of the Reference Order, which is incorporated by reference 
herein.
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    6. Section 6(c) of the Act provides that the Commission may exempt 
any person, security or transaction, or any class of persons, 
securities or transactions, from any provisions of the Act, if and to 
the extent that 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. 
Section 17(b) of the Act authorizes the Commission to exempt a proposed 
transaction from section 17(a) of the Act if evidence establishes that 
the terms of the transaction, including the consideration to be paid or 
received, are reasonable and fair and do not involve overreaching on 
the part of any person concerned, and the proposed transaction is 
consistent with the policies of the registered investment company and 
the general purposes of the Act. 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.
    7. Applicants submit that for the reasons stated in the Reference 
Order: (1) With respect to the relief requested pursuant to section 
6(c) of the Act, the relief is 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; (2) with respect to 
the relief request pursuant to section 17(b) of the Act, the proposed 
transactions are reasonable and fair and do not involve overreaching on 
the part of any person concerned, are consistent with the policies of 
each registered investment company concerned and consistent with the 
general purposes of the Act; and (3) with respect to the relief 
requested pursuant to section 12(d)(1)(J) of the Act, the relief is 
consistent with the public interest and the protection of investors.

    By the Division of Investment Management, pursuant to delegated 
authority.
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-01998 Filed 1-30-17; 8:45 am]
 BILLING CODE 8011-01-P

8886 Federal Register / Vol. 82, No. 19 / Tuesday, January 31, 2017 / Notices

that is not necessary or appropriate in comments more efficiently, please use APPLICANTS: Causeway ETMF Trust (the
furtherance of the purposes of the Act only one method. The Commission will ‘‘Trust’’), Causeway Capital
because the proposed change only post all comments on the Commission’s Management LLC (the ‘‘Adviser’’) and
affects trading on CBOE. To the extent Internet Web site (http://www.sec.gov/ SEI Investments Distribution Co. (the
that the proposed change makes CBOE rules/sro.shtml). Copies of the ‘‘Distributor’’).
a more attractive marketplace for market submission, all subsequent SUMMARY OF APPLICATION: Applicants
participants at other exchanges, such amendments, all written statements request an order (‘‘Order’’) that permits:
market participants are welcome to with respect to the proposed rule (a) Actively managed series of certain
become CBOE market participants. change that are filed with the open-end management investment
Commission, and all written companies to issue shares (‘‘Shares’’)
C. Self-Regulatory Organization’s communications relating to the
Statement on Comments on the redeemable in large aggregations only
proposed rule change between the (‘‘Creation Units’’); (b) secondary market
Proposed Rule Change Received From Commission and any person, other than
Members, Participants, or Others transactions in Shares to occur at the
those that may be withheld from the next-determined net asset value plus or
The Exchange neither solicited nor public in accordance with the minus a market-determined premium or
received comments on the proposed provisions of 5 U.S.C. 552, will be discount that may vary during the
rule change. available for Web site viewing and trading day; (c) certain series to pay
printing in the Commission’s Public redemption proceeds, under certain
III. Date of Effectiveness of the
Reference Room, 100 F Street NE., circumstances, more than seven days
Proposed Rule Change and Timing for
Washington, DC 20549, on official from the tender of Shares for
Commission Action business days between the hours of redemption; (d) certain affiliated
The foregoing rule change has become 10:00 a.m. and 3:00 p.m. Copies of such persons of the series to deposit
effective pursuant to Section 19(b)(3)(A) filing also will be available for securities into, and receive securities
of the Act 17 and paragraph (f) of Rule inspection and copying at the principal from, the series in connection with the
19b–4 18 thereunder. At any time within office of the Exchange. All comments purchase and redemption of Creation
60 days of the filing of the proposed rule received will be posted without change; Units; (e) certain registered management
change, the Commission summarily may the Commission does not edit personal investment companies and unit
temporarily suspend such rule change if identifying information from investment trusts outside of the same
it appears to the Commission that such submissions. You should submit only group of investment companies as the
action is necessary or appropriate in the information that you wish to make series to acquire Shares; and (f) certain
public interest, for the protection of available publicly. All submissions series to create and redeem Shares in
investors, or otherwise in furtherance of should refer to File Number SR–CBOE– kind in a master-feeder structure. The
the purposes of the Act. If the 2017–007 and should be submitted on Order would incorporate by reference
Commission takes such action, the or before February 21, 2017. terms and conditions of a previous order
Commission will institute proceedings For the Commission, by the Division of granting the same relief sought by
to determine whether the proposed rule Trading and Markets, pursuant to delegated applicants, as that order may be
change should be approved or authority.19 amended from time to time (‘‘Reference
disapproved. Eduardo A. Aleman, Order’’).1
Solicitation of Comments Assistant Secretary. FILING DATE: The application was filed
[FR Doc. 2017–01999 Filed 1–30–17; 8:45 am] on December 28, 2016.
Interested persons are invited to
BILLING CODE 8011–01–P
submit written data, views, and HEARING OR NOTIFICATION OF HEARING:
arguments concerning the foregoing, An order granting the requested relief
including whether the proposed rule SECURITIES AND EXCHANGE will be issued unless the Commission
change is consistent with the Act. COMMISSION orders a hearing. Interested persons may
Comments may be submitted by any of request a hearing by writing to the
the following methods: [Investment Company Act Release No. Commission’s Secretary and serving
32435; 812–14729] applicants with a copy of the request,
Electronic Comments personally or by mail. Hearing requests
• Use the Commission’s Internet Causeway ETMF Trust, et al.; Notice of
should be received by the Commission
comment form (http://www.sec.gov/ Application
by 5:30 p.m. on February 21, 2017, and
rules/sro.shtml); or January 25, 2017. should be accompanied by proof of
• Send an email to rule-comments@ AGENCY: Securities and Exchange service on applicants, in the form of an
sec.gov. Please include File Number SR– Commission (‘‘Commission’’). affidavit or, for lawyers, a certificate of
CBOE–2017–007 on the subject line. ACTION: Notice of an application for an service. Pursuant to rule 0–5 under the
Paper Comments order under section 6(c) of the Act, hearing requests should state the
Investment Company Act of 1940 nature of the writer’s interest, any facts
• Send paper comments in triplicate bearing upon the desirability of a
(‘‘Act’’) for an exemption from sections
to Brent J. Fields, Secretary, Securities hearing on the matter, the reason for the
2(a)(32), 5(a)(1), 22(d) and 22(e) of the
and Exchange Commission, 100 F Street request, and the issues contested.
Act and rule 22c–1 under the Act, under
NE., Washington, DC 20549.
asabaliauskas on DSK3SPTVN1PROD with NOTICES

sections 6(c) and 17(b) of the Act for an Persons who wish to be notified of a
All submissions should refer to File exemption from sections 17(a)(1) and hearing may request notification by
Number SR–CBOE–2017–007. This file (a)(2) of the Act, and under section writing to the Commission’s Secretary.
number should be included on the 12(d)(1)(J) of the Act for an exemption ADDRESSES: The Commission: Secretary,
subject line if email is used. To help the from sections 12(d)(1)(A) and (B) of the U.S. Securities and Exchange
Commission process and review your Act.
1 Eaton Vance Management, et al., Investment
17 15 U.S.C. 78s(b)(3)(A). Company Act Rel. Nos. 31333 (Nov. 6, 2014)
18 17 CFR 240.19b–4(f). 19 17 CFR 200.30–3(a)(12). (notice) and 31361 (Dec. 2, 2014) (order).

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Document Created: 2017-01-31 00:19:55
Document Modified: 2017-01-31 00:19:55

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
Action		Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J) of the Act for an exemption from sections 12(d)(1)(A) and (B) of the Act.
Dates		The application was filed on December 28, 2016.
Contact		Deepak T. Pai, Senior Counsel, or Daniele Marchesani, Assistant Chief Counsel, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office).
FR Citation		82 FR 8886