Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Notices 42869 

31As discussed above, the proposal also allows 

the Exchange to deactivate the Reasonability Check 

for calendar spread strategies. The Exchange will 

notify ATP Holders and ATP Firms by electronic 

message of any such deactivation or re-activation. 

The Exchange believes that this discretion is 

necessary because a corporate action, for example, 

could result in the Reasonability Check for calendar 

spread strategies rejecting an otherwise valid 

strategy. The proposal also provides that the 

Reasonability Check for calendar spread strategies 

will not apply to ECOs that are entered on the 

Trading Floor. The Exchange notes that such orders 

are subject to manual handling by individuals who 

will have evaluated the price of the order based on 

market conditions. The Exchange further notes that 

another exchange has adopted a similar rule. See 

note 19, supra. 

32For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 33 17 CFR 200.30–3(a)(12). 

rejecting orders for vertical and calendar 

spread strategies that are entered at a 

negative price will protect investors 

from executing orders that were likely 

entered in error.31 The Commission 

believes that waiver of the operative 

delay is consistent with the protection 

of investors and the public interest 

because the proposed rules are designed 

to reduce investor confusion and to 

prevent the entry and execution of 

erroneously priced ECOs. Therefore, the 

Commission hereby waives the 

operative delay and designates the 

proposed rule change operative upon 

filing.32

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 Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEAMER–2017–07 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–NYSEAMER–2017–07. 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 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– 

NYSEAMER–2017–07 and should be 

submitted on or before October 3, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.33

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19239 Filed 9–11–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32808; File No. 812–14697] 

Active Weighting Funds ETF Trust and 

Active Weighting Advisors LLC 

September 6, 2017. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application for an order 

under section 12(d)(1)(J) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) for an exemption from sections 

12(d)(1)(A), (B), and (C) of the Act and 

under sections 6(c) and 17(b) of the Act 

for an exemption from sections 17(a)(1) 

and (2) of the Act. The requested order 

would permit certain registered openend investment companies to acquire 

shares of certain registered open-end 

investment companies, registered 

closed-end investment companies, 

business development companies, as 

defined in section 2(a)(48) of the Act 

(‘‘BDCs’’), and registered unit 

investment trusts (collectively, 

‘‘Underlying Funds’’) that are within 

and outside the same group of 

investment companies as the acquiring 

investment companies, in excess of the 

limits in section 12(d)(1) of the Act. 

APPLICANTS: Active Weighting Funds 

ETF Trust (the ‘‘Trust’’), a Delaware 

statutory trust that will be registered 

under the Act as an open-end 

management investment company with 

multiple series, and Active Weighting 

Advisors LLC (the ‘‘Initial Advisor’’), a 

limited liability company organized 

under the laws of the state of Delaware 

that is, or will be, registered as an 

investment adviser under the 

Investment Advisers Act of 1940. 

FILING DATES: The application was filed 

on August 31, 2016, and amended on 

January 13, 2017, and May 25, 2017. 

Applicants have agreed to file an 

amendment during the notice period, 

the substance of which is reflected in 

this notice. 

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 October 2, 2017, and 

should be accompanied by proof of 

service on the 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: Secretary, U.S. Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

Applicants, 490 Royal Lake Drive, Cape 

Girardeau, MO 63701. 


pmangrum on DSK3GDR082PROD with NOTICES1
42870 Federal Register / Vol. 82, No. 175 / Tuesday, September 12, 2017 / Notices 

1Applicants request that the order apply not only 

to any existing series of the Trust, but that the order 

also extend to any future series of the Trust and any 

other existing or future registered open-end 

management investment companies and any series 

thereof that are, or may in the future be, advised 

by the Initial Advisor or its successor or any other 

investment adviser controlling, controlled by, or 

under common control with the Initial Advisor or 

its successor and that are part of the same group of 

investment companies, as defined in section 

12(d)(1)(G)(ii) of the Act, as the Trust (together with 

the existing series of the Trust, each series a ‘‘Fund’’ 

and collectively, the ‘‘Funds’’). For purposes of the 

requested order, ‘‘successor’’ is limited to an entity 

that results from a reorganization into another 

jurisdiction or a change in the type of business 

organization. For purposes of the request for relief, 

the term ‘‘group of investment companies’’ means 

any two or more registered investment companies, 

including closed-end investment companies and 

BDCs, that hold themselves out to investors as 

related companies for purposes of investment and 

investor services. 

2Certain of the Underlying Funds have obtained 

exemptions from the Commission necessary to 

permit their shares to be listed and traded on a 

national securities exchange at negotiated prices 

and, accordingly, to operate as an exchange-traded 

fund (‘‘ETF’’). 

3Applicants are not requesting relief for a Fund 

of Funds to invest in BDCs and registered closedend investment companies that are not listed and 

traded on a national securities exchange. 

4Applicants note that a Fund of Funds generally 

would purchase and sell shares of an Underlying 

Fund that operates as an ETF or closed-end fund 

through secondary market transactions rather than 

through principal transactions with the Underlying 

Fund. Applicants nevertheless request relief from 

sections 17(a)(l) and (2) to permit each Fund of 

Funds that is an affiliated person, or an affiliated 

person of an affiliated person, as defined in section 

2(a)(3) of the 1940 Act, of an ETF or closed-end 

fund to purchase or redeem shares from the ETF or 

closed-end fund. Applicants are not seeking relief 

from section 17(a) for, and the requested relief will 

not apply to, transactions where an ETF, BDC or 

closed-end fund could be deemed an affiliated 

person, or an affiliated person of an affiliated 

person, of a Fund of Funds because an investment 

adviser to the ETF, BDC or closed-end fund or an 

entity controlling, controlled by or under common 

control with the investment adviser to the ETF, 

BDC or closed-end fund is also an investment 

adviser to the Fund of Funds. 

FOR FURTHER INFORMATION CONTACT: 

Christine Y. Greenlees, Senior Counsel, 

at (202) 551–6879, or Robert H. Shapiro, 

Branch Chief, 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. 

Summary of the Application 

1. Applicants request an order to 

permit (a) each Fund 1 (each a ‘‘Fund of 

Funds’’) to acquire shares of Underlying 

Funds 2 in excess of the limits in 

sections 12(d)(1)(A) and (C) of the Act 

and (b) each Underlying Fund that is a 

registered open-end management 

investment company or series thereof, 

their principal underwriters and any 

broker or dealer registered under the 

Securities Exchange Act of 1934 to sell 

shares of the Underlying Funds to the 

Fund of Funds in excess of the limits in 

section 12(d)(1)(B) of the Act.3

Applicants also request an order of 

exemption under sections 6(c) and 17(b) 

of the Act from the prohibition on 

certain affiliated transactions in section 

17(a) of the Act to the extent necessary 

to permit the Underlying Funds to sell 

their shares to, and redeem their shares 

from, the Funds of Funds.4 Applicants 

state that such transactions will be 

consistent with the policies of each 

Fund of Funds and each Underlying 

Fund and with the general purposes of 

the Act and will be based on the net 

asset values of the Underlying Funds. 

2. Applicants agree that any order 

granting the requested relief will be 

subject to the terms and conditions 

stated in the application. Such terms 

and conditions are designed to, among 

other things, help prevent any potential 

(i) undue influence over an Underlying 

Fund that is not in the same ‘‘group of 

investment companies’’ as the Fund of 

Funds through control or voting power, 

or in connection with certain services, 

transactions, and underwritings, (ii) 

excessive layering of fees, and (iii) 

overly complex fund structures, which 

are the concerns underlying the limits 

in sections 12(d)(1)(A), (B), and (C) of 

the Act. 

3. 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. 

Section 17(b) of the Act authorizes the 

Commission to grant an order 

permitting a transaction otherwise 

prohibited by section 17(a) if it finds 

that (a) the terms of the proposed 

transaction are fair and reasonable and 

do not involve overreaching on the part 

of any person concerned; (b) the 

proposed transaction is consistent with 

the policies of each registered 

investment company involved; and (c) 

the proposed transaction is consistent 

with the general purposes of the Act. 

Section 6(c) of the Act permits the 

Commission to exempt any persons or 

transactions from any provision of the 

Act if 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. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–19236 Filed 9–11–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Proposed Collection; Comment 

Request 

Upon Written Request, Copies Available 

From: U.S. Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE., Washington, DC 

20549–2736 

Extension: 

Rule 15c1–6, SEC File No. 270–423, OMB 

Control No. 3235–0472 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15c1–6 (17 CFR 

240.15c1–6) under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 

seq.) (‘‘Exchange Act’’). The 

Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 15c1–6 states that any brokerdealer trying to sell to or buy from a 

customer a security in a primary or 

secondary distribution in which the 

broker-dealer is participating or is 

otherwise financially interested must 

give the customer written notification of 

the broker-dealer’s participation or 

interest at or before completion of the 

transaction. The Commission estimates 

that 394 respondents collect information 

annually under Rule 15c1–6 and that 

each respondent would spend 

approximately 10 hours annually 

complying with the collection of 

information requirement (approximately 

3,940 hours in aggregate). 

Written comments are invited on: (a) 

Whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information to be collected; and 

(d) ways to minimize the burden of the 


pmangrum on DSK3GDR082PROD with NOTICES1