83 FR 22303 - Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Continue Listing and Trading Shares of the Cambria Sovereign Bond ETF
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 93 (May 14, 2018)
Federal Register Volume 83, Issue 93 (May 14, 2018)
| Page Range | 22303-22305 | |
| FR Document | 2018-10140 |
[Federal Register Volume 83, Number 93 (Monday, May 14, 2018)] [Notices] [Pages 22303-22305] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10140] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83187; File No. SR-CboeBZX-2018-032] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Continue Listing and Trading Shares of the Cambria Sovereign Bond ETF May 8, 2018. 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 May 1, 2018, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') filed with the Securities and Exchange Commission (``Commission'') the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. 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. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange filed a proposal to amend a representation made in a proposed rule change previously filed with the Commission pursuant to Rule 19b-4 relating to the Cambria Sovereign Bond ETF (the ``Fund'') (f/k/a Cambria Sovereign High Yield Bond ETF). The text of the proposed rule change is available at the Exchange's website at www.markets.cboe.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 Exchange 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. 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 Statutory Basis for, the Proposed Rule Change 1. Purpose The shares of the Fund (the ``Shares'') are listed and traded on the Exchange under Rule 14.11(i), which governs the listing and trading of Managed Fund Shares, pursuant to an immediately effective rule filing.\3\ The Fund is a series of the Cambria ETF Trust (the ``Trust''), which is organized as a Delaware statutory trust and is registered with the Commission as an open-end management investment company.\4\ --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 79618 (December 20, 2016), 81 FR 95252 (December 27, 2016) (SR-BatsBZX-2016-88) (the ``Prior Notice''). The Exchange notes that the Commission previously approved a proposal to list and trade the Shares on NYSE Arca, Inc. See Securities Exchange Act Release No. 75540 (July 28, 2015), 80 FR 46359 (August 4, 2015) (SR-NYSEArca-2015-50) (the ``Arca Approval Order''). \4\ See Registration Statement on Form N-1A for the Trust, dated September 30, 2015 (File Nos. 333-180879 and 811-22704) (the ``Registration Statement''). The Commission has issued an order granting certain exemptive relief to the Trust under the Investment Company Act of 1940 (15 U.S.C 80a-1) (``1940 Act'') (the ``Exemptive Order''). See Investment Company Act Release No. 30340 (January 4, 2013) (File No. 812-13959). The Trust also submitted to the Commission a ``Supplement dated January 20, 2017 to the Summary Prospectus, Statutory Prospectus (collectively, the ``Prospectuses'') and Statement of Additional Information (``SAI'') dated September 1, 2016, as each may be amended or supplemented'' (the ``January 20 Supplement'') outlining the proposed change to the investment strategy as well as a ``Supplement dated August 24, 2017 to the Summary Prospectus, Statutory Prospectus (collectively, the ``Prospectuses'') and Statement of Additional Information (``SAI'') dated September 1, 2016, as each may be amended or supplemented'' in order to provide notice that the investment strategy change had been replaced as described in the January 20 Supplement. See https://www.sec.gov/Archives/edgar/data/1529390/000139834417000671/fp0023454_497.htm and https://www.sec.gov/Archives/edgar/data/1529390/000139834417010795/fp0027628_497.htm, respectively. --------------------------------------------------------------------------- In this proposed rule change, the Exchange proposes to amend a representation made in the Prior Notice relating to changes to the investment strategy of the Fund, as described below.\5\ The Prior Notice (and the Arca Approval Order) contains the following representation regarding the holdings of the Fund: ``under normal market [[Page 22304]] conditions,\6\ at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign high yield bonds (commonly known as ``junk bonds'').\7\'' Based on the changes to the Fund's investment strategy outlined in the January 20 Supplement, the Exchange is proposing to change this representation such that it is consistent with the new investment strategy. The Exchange proposes that the sentence would instead read ``under normal market conditions,\8\ at least 80% of the value of the Fund's net assets (plus borrowings for investment purposes) will be invested in sovereign and quasi-sovereign bonds.'' --------------------------------------------------------------------------- \5\ The Exchange notes that while a change was made to the principal investment strategy, there were no changes to the Fund's investment objective, the method or methods used to select the Fund's portfolio investments, or the Fund's fees and expenses. \6\ The term ``under normal market conditions'' includes, but is not limited to, the absence of extreme volatility or trading halts in the equity markets or the financial markets generally; operational issues causing dissemination of inaccurate market information; or force majeure type events such as systems failure, natural or man- made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance. \7\ Sovereign and quasi-sovereign bonds include securities issued or guaranteed by foreign governments (including political subdivisions) or their authorities, agencies, or instrumentalities or by supra-national agencies. Supra-national agencies are agencies whose member nations make capital contributions to support the agencies' activities. Examples include the International Bank for Reconstruction and Development (the World Bank), the Asian Development Bank, the European Coal and Steel Community, and the Inter-American Development Bank. \8\ The term ``under normal market conditions'' includes, but is not limited to, the absence of extreme volatility or trading halts in the equity markets or the financial markets generally; operational issues causing dissemination of inaccurate market information; or force majeure type events such as systems failure, natural or man- made disaster, act of God, armed conflict, act of terrorism, riot or labor disruption or any similar intervening circumstance. --------------------------------------------------------------------------- Practically speaking, while the Fund is currently required to hold at least 80% of its net assets in high yield (i.e. lower credit quality) sovereign and quasi-sovereign bonds, this proposed change will additionally allow the Fund to hold investment grade (i.e. higher credit quality) sovereign and quasi-sovereign bonds, thereby increasing the credit quality of the Fund's holdings in sovereign and quasi- sovereign bonds. As noted above, the investment objective of the Fund will remain unchanged. All other statements and representations made in the Prior Notice regarding the description of the portfolio or reference assets, limitations on portfolio holdings or reference assets, dissemination and availability of reference assets and intraday indicative values, and the applicability of Exchange listing rules specified in the Prior Notice remain true and shall continue to constitute continued listing requirements for the Fund. Additionally, the change proposed above will constitute a continued listing requirement for the Fund. 2. Statutory Basis The Exchange believes that the proposal is consistent with Section 6(b) of the Act \9\ in general and Section 6(b)(5) of the Act \10\ in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. Specifically, the Exchange believes that the proposal is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f. \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- As described above, all of the representations from the Prior Notice which formed the basis for the Prior Notice becoming immediately effective remain true and will continue to constitute continued listing requirements for the Fund with the exception of the single representation that the Exchange is proposing to amend. This proposed change will not make any changes to the types of instruments that the Fund can hold, but will allow the Fund to hold those instruments when they are issued by more creditworthy issuers. As such, the Exchange believes that the proposal does not raise any substantive issues that were not previously addressed in the Prior Notice and Arca Approval Order. As proposed, the Fund would be able to continue to hold the same lower credit quality sovereign and quasi-sovereign bonds and the only additional investments that would become available to the Fund would be investment grade sovereign and quasi-sovereign bonds. As such, the Exchange believes that the proposal is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, 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 because there are no substantive issues raised by this proposal that were not otherwise addressed by the Prior Notice and the Arca Approval Order. 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 purpose of the Act. The Exchange believes that the proposal to allow the Fund to amend its investment strategy will enhance competition among both market participants and listing venues, to the benefit of investors and the marketplace. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others The Exchange has neither solicited nor received written comments on 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 \11\ and Rule 19b- 4(f)(6) thereunder.\12\ --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 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 \13\ normally does not become operative for 30 days after the date of its filing. However, Rule 19b-4(f)(6)(iii) \14\ 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 to allow the Fund to immediately improve the credit quality of its bond portfolio while complying with the applicable continued listing representations. The Exchange does not believe that there is any reason for delay when the change is only designed to allow the Fund to hold higher credit quality versions of instruments that it is already allowed to hold. The [[Page 22305]] Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.\15\ --------------------------------------------------------------------------- \13\ 17 CFR 240.19b-4(f)(6). \14\ 17 CFR 240.19b-4(f)(6)(iii). \15\ 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 CboeBZX-2018-032 on the subject line. Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. All submissions should refer to File Number CboeBZX-2018-032. 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 website (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 website 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number CboeBZX-2018-032 and should be submitted on or before June 4, 2018. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10140 Filed 5-11-18; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 83, No. 93 / Monday, May 14, 2018 / Notices 22303
application for registration with the Dated: May 8, 2018. the most significant parts of such
Commission where the Commission is Eduardo A. Aleman, statements.
their ARA. Such transfer agents must Assistant Secretary.
also amend their Form TA–1 if the A. Self-Regulatory Organization’s
[FR Doc. 2018–10144 Filed 5–11–18; 8:45 am]
existing information on their Form TA– Statement of the Purpose of, and
BILLING CODE 8011–01–P
1 becomes inaccurate, misleading, or Statutory Basis for, the Proposed Rule
incomplete within 60 days following the Change
date the information became inaccurate, SECURITIES AND EXCHANGE 1. Purpose
misleading or incomplete. Registration COMMISSION
filings on Form TA–1 and amendments The shares of the Fund (the ‘‘Shares’’)
thereto must be filed with the [Release No. 34–83187; File No. SR– are listed and traded on the Exchange
Commission electronically, absent an CboeBZX–2018–032] under Rule 14.11(i), which governs the
exemption, on EDGAR pursuant to listing and trading of Managed Fund
Regulation S–T (17 CFR 232). Self-Regulatory Organizations; Cboe Shares, pursuant to an immediately
The Commission annually receives BZX Exchange, Inc.; Notice of Filing effective rule filing.3 The Fund is a
approximately 186 filings on Form TA– and Immediate Effectiveness of a series of the Cambria ETF Trust (the
1 from transfer agents required to Proposed Rule Change To Continue ‘‘Trust’’), which is organized as a
register as such with the Commission. Listing and Trading Shares of the
Delaware statutory trust and is
Included in this figure are Cambria Sovereign Bond ETF
registered with the Commission as an
approximately 178 amendments made May 8, 2018. open-end management investment
annually by transfer agents to their Pursuant to Section 19(b)(1) of the company.4
Form TA–1 as required by Rule 17Ac2– Securities Exchange Act of 1934 In this proposed rule change, the
1(c) to address information that has (‘‘Act’’),1 and Rule 19b–4 thereunder,2 Exchange proposes to amend a
become inaccurate, misleading, or notice is hereby given that on May 1, representation made in the Prior Notice
incomplete and approximately 8 new 2018, Cboe BZX Exchange, Inc.
applications by transfer agents for relating to changes to the investment
(‘‘Exchange’’ or ‘‘BZX’’) filed with the strategy of the Fund, as described
registration on Form TA–1 as required Securities and Exchange Commission
by Rule 17Ac2–1(a). Based on past below.5 The Prior Notice (and the Arca
(‘‘Commission’’) the proposed rule Approval Order) contains the following
submissions, the staff estimates that on change as described in Items I and II
average approximately twelve hours are representation regarding the holdings of
below, which Items have been prepared the Fund: ‘‘under normal market
required for initial completion of Form by the Exchange. The Commission is
TA–1 and that on average one and one- publishing this notice to solicit 3 See Securities Exchange Act Release No. 79618
half hours are required for an comments on the proposed rule change (December 20, 2016), 81 FR 95252 (December 27,
amendment to Form TA–1 by each such from interested persons. 2016) (SR–BatsBZX–2016–88) (the ‘‘Prior Notice’’).
firm. Thus, the subtotal burden for new The Exchange notes that the Commission
applications for registration filed on I. Self-Regulatory Organization’s previously approved a proposal to list and trade the
Form TA–1 each year is 96 hours (12 Statement of the Terms of Substance of Shares on NYSE Arca, Inc. See Securities Exchange
the Proposed Rule Change Act Release No. 75540 (July 28, 2015), 80 FR 46359
hours times 8 filers) and the subtotal (August 4, 2015) (SR–NYSEArca–2015–50) (the
burden for amendments to Form TA–1 The Exchange filed a proposal to ‘‘Arca Approval Order’’).
filed each year is 267 hours (1.5 hours amend a representation made in a 4 See Registration Statement on Form N–1A for
times 178 filers). The cumulative total is the Trust, dated September 30, 2015 (File Nos. 333–
proposed rule change previously filed 180879 and 811–22704) (the ‘‘Registration
363 burden hours per year (96 hours with the Commission pursuant to Rule Statement’’). The Commission has issued an order
plus 267 hours). 19b–4 relating to the Cambria Sovereign granting certain exemptive relief to the Trust under
An agency may not conduct or Bond ETF (the ‘‘Fund’’) (f/k/a Cambria the Investment Company Act of 1940 (15 U.S.C
sponsor, and a person is not required to 80a–1) (‘‘1940 Act’’) (the ‘‘Exemptive Order’’). See
Sovereign High Yield Bond ETF). Investment Company Act Release No. 30340
respond to, a collection of information The text of the proposed rule change (January 4, 2013) (File No. 812–13959). The Trust
under the PRA unless it displays a is available at the Exchange’s website at also submitted to the Commission a ‘‘Supplement
currently valid OMB control number. www.markets.cboe.com, at the principal dated January 20, 2017 to the Summary Prospectus,
The public may view background Statutory Prospectus (collectively, the
office of the Exchange, and at the ‘‘Prospectuses’’) and Statement of Additional
documentation for this information Commission’s Public Reference Room. Information (‘‘SAI’’) dated September 1, 2016, as
collection at the following website: each may be amended or supplemented’’ (the
www.reginfo.gov. Comments should be II. Self-Regulatory Organization’s ‘‘January 20 Supplement’’) outlining the proposed
directed to: (i) Desk Officer for the Statement of the Purpose of, and change to the investment strategy as well as a
Securities and Exchange Commission, Statutory Basis for, the Proposed Rule ‘‘Supplement dated August 24, 2017 to the
Change Summary Prospectus, Statutory Prospectus
Office of Information and Regulatory (collectively, the ‘‘Prospectuses’’) and Statement of
Affairs, Office of Management and In its filing with the Commission, the Additional Information (‘‘SAI’’) dated September 1,
Budget, Room 10102, New Executive Exchange included statements 2016, as each may be amended or supplemented’’
in order to provide notice that the investment
Office Building, Washington, DC 20503, concerning the purpose of and basis for strategy change had been replaced as described in
or by sending an email to: Shagufta_ the proposed rule change and discussed the January 20 Supplement. See https://
Ahmed@omb.eop.gov; and (ii) Pamela any comments it received on the www.sec.gov/Archives/edgar/data/1529390/0001
Dyson, Director/Chief Information proposed rule change. The text of these 39834417000671/fp0023454_497.htm and https://
amozie on DSK3GDR082PROD with NOTICES
www.sec.gov/Archives/edgar/data/1529390/000
Officer, Securities and Exchange statements may be examined at the 139834417010795/fp0027628_497.htm,
Commission, c/o Remi Pavlik-Simon, places specified in Item IV below. The respectively.
100 F Street NE, Washington, DC 20549, Exchange has prepared summaries, set 5 The Exchange notes that while a change was
or by sending an email to: forth in Sections A, B, and C below, of made to the principal investment strategy, there
were no changes to the Fund’s investment objective,
PRA_Mailbox@sec.gov. Comments the method or methods used to select the Fund’s
must be submitted to OMB within 30 1 15 U.S.C. 78s(b)(1). portfolio investments, or the Fund’s fees and
days of this notice. 2 17 CFR 240.19b–4. expenses.
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![Federal Register / Vol. 83, No. 93 / Monday, May 14, 2018 / Notices 22305
Commission believes that waiver of the public in accordance with the also requires a fund to enter into written
30-day operative delay is consistent provisions of 5 U.S.C. 552, will be agreements with their financial
with the protection of investors and the available for website viewing and intermediaries (such as broker-dealers
public interest. Accordingly, the printing in the Commission’s Public and retirement plan administrators)
Commission hereby waives the 30-day Reference Room, 100 F Street, NE, under which the fund, upon request,
operative delay and designates the Washington, DC 20549, on official can obtain certain shareholder identity
proposed rule change operative upon business days between the hours of and trading information from the
filing.15 10:00 a.m. and 3:00 p.m. Copies of the intermediaries. The written agreement
At any time within 60 days of the filing also will be available for must also allow the fund to direct the
filing of the proposed rule change, the inspection and copying at the principal intermediary to prohibit further
Commission summarily may office of the Exchange. All comments purchases or exchanges by specific
temporarily suspend such rule change if received will be posted without change. shareholders that the fund has
it appears to the Commission that such Persons submitting comments are identified as being engaged in
action is necessary or appropriate in the cautioned that we do not redact or edit transactions that violate the fund’s
public interest, for the protection of personal identifying information from market timing policies. These
investors, or otherwise in furtherance of comment submissions. You should requirements enable funds to obtain the
the purposes of the Act. If the submit only information that you wish information that they need to monitor
Commission takes such action, the to make available publicly. All the frequency of short-term trading in
Commission shall institute proceedings submissions should refer to File omnibus accounts and enforce their
to determine whether the proposed rule Number CboeBZX–2018–032 and should market timing policies.
change should be approved or be submitted on or before June 4, 2018. The rule includes three ‘‘collections
disapproved. of information’’ within the meaning of
For the Commission, by the Division of
IV. Solicitation of Comments Trading and Markets, pursuant to delegated the Paperwork Reduction Act of 1995
authority.16 (‘‘PRA’’).1 First, the rule requires boards
Interested persons are invited to to either approve a redemption fee of up
submit written data, views, and Eduardo A. Aleman,
Assistant Secretary. to two percent or determine that
arguments concerning the foregoing, imposition of a redemption fee is not
including whether the proposed rule [FR Doc. 2018–10140 Filed 5–11–18; 8:45 am]
necessary or appropriate for the fund.
change is consistent with the Act. BILLING CODE 8011–01–P
Second, funds must enter into
Comments may be submitted by any of information sharing agreements with all
the following methods: of their ‘‘financial intermediaries’’ 2 and
SECURITIES AND EXCHANGE
Electronic Comments COMMISSION maintain a copy of the written
• Use the Commission’s internet information sharing agreement with
[SEC File No. 270–541, OMB Control No. each intermediary in an easily
comment form (http://www.sec.gov/ 3235–0620]
rules/sro.shtml); or accessible place for six years. Third,
• Send an email to rule-comments@ pursuant to the information sharing
Submission for OMB Review;
sec.gov. Please include File Number agreements, funds must have systems
Comment Request
CboeBZX–2018–032 on the subject line. that enable them to request frequent
Upon Written Request, Copies Available trading information upon demand from
Paper Comments From: Securities and Exchange their intermediaries, and to enforce any
• Send paper comments in triplicate Commission, Office of FOIA Services, restrictions on trading required by funds
to Secretary, Securities and Exchange 100 F Street NE, Washington, DC under the rule.
Commission, 100 F Street, NE, 20549–2736. The collections of information created
Washington, DC 20549–1090. Extension: by rule 22c–2 are necessary for funds to
All submissions should refer to File Rule 22c–2. effectively assess redemption fees,
Number CboeBZX–2018–032. This file enforce their policies in frequent
Notice is hereby given that pursuant trading, and monitor short-term trading,
number should be included on the to the Paperwork Reduction Act of 1995
subject line if email is used. To help the including market timing, in omnibus
(44 U.S.C. 3501 et seq.) the Securities accounts. These collections of
Commission process and review your and Exchange Commission (the
comments more efficiently, please use information are mandatory for funds
‘‘Commission’’) has submitted to the that redeem shares within seven days of
only one method. The Commission will Office of Management and Budget a
post all comments on the Commission’s purchase. The collections of information
request for extension of the previously
internet website (http://www.sec.gov/ approved collection of information 1 44 U.S.C. 3501–3520.
rules/sro.shtml). Copies of the discussed below. 2 The rule defines a Financial Intermediary as: (i)
submission, all subsequent Rule 22c–2 (17 CFR 270.22c–2) under Any broker, dealer, bank, or other person that holds
amendments, all written statements the Investment Company Act of 1940 securities issued by the fund in nominee name; (ii)
with respect to the proposed rule (15 U.S.C. 80a) (the ‘‘Investment a unit investment trust or fund that invests in the
change that are filed with the fund in reliance on section 12(d)(i)(E) of the Act;
Company Act’’ or ‘‘Act’’) requires the and (iii) in the case of a participant directed
Commission, and all written board of directors (including a majority employee benefit plan that owns the securities
communications relating to the of independent directors) of most issued by the fund, a retirement plan’s
proposed rule change between the registered open-end investment administrator under section 316(A) of the Employee
amozie on DSK3GDR082PROD with NOTICES
Commission and any person, other than Retirement Security Act of 1974 (29 U.S.C.
companies (‘‘funds’’) to either approve a 1002(16)(A) or any person that maintains the plans’
those that may be withheld from the redemption fee of up to two percent or participant records. Financial Intermediary does not
determine that imposition of a include any person that the fund treats as an
15 For purposes only of waiving the 30-day individual investor with respect to the fund’s
redemption fee is not necessary or
operative delay, the Commission has also policies established for the purpose of eliminating
considered the proposed rule’s impact on appropriate for the fund. Rule 22c–2 or reducing any dilution of the value of the
efficiency, competition, and capital formation. See outstanding securities issued by the fund. Rule 22c–
15 U.S.C. 78c(f). 16 17 CFR 200.30–3(a)(12). 2(c)(1).
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Document Created: 2018-05-12 01:11:42
Document Modified: 2018-05-12 01:11:42
| 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 | 83 FR 22303 |
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