Symetra Life Insurance Company, et al.; Notice of Application
Federal Information & News Dispatch, Inc. |
Summary of the Application: Applicants request an order that would (a) permit certain series of registered open-end management investment companies to acquire shares of other registered open-end management investment companies and unit investment trusts ("UITs") that are within or outside the same "group of investment companies," as defined in section 12(d)(1)(G)(ii) of the Act, as the acquiring company and (b) permit certain series of registered open-end management investment companies relying on rule 12d1-2 under the Act to invest in certain financial instruments.
Applicants:
DATES: Filing Dates: The application was filed on
Hearing or Notification of Hearing: An order granting the application 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
ADDRESSES: The Commission: Secretary,
FOR FURTHER INFORMATION CONTACT:
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' Representations
1. The Trust is a
FOOTNOTE 1 Applicants request that the order extend to any existing or future Series of the Trust and any existing or future registered open-end management investment company or series thereof that currently or subsequently is part of the same "group of investment companies," as defined in section 12(d)(1)(G)(ii) of the Act, as the Trust, and is, or will be, advised by the Manager or any other investment adviser controlling, controlled by, or under common control with the Manager (each, a "Series"). All entities that currently intend to rely on the requested 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 application. END FOOTNOTE
2. The Manager is a
3. The Distributor is a
4. Applicants request relief to permit: (a) Certain Series (each, a "Fund of Funds," and collectively, the "Funds of Funds") to acquire shares of registered open-end management investment companies and UITs that are not part of the same "group of investment companies," as defined in section 12(d)(1)(G)(ii) of the Act, as the Funds of Funds (the "Unaffiliated Investment Companies" and "Unaffiliated Trusts," respectively, and together, the "Unaffiliated Funds"); /2/ (b) the Unaffiliated Investment Companies, their principal underwriters and any broker or dealer registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act", and any such broker or dealer, a "Broker"), to sell shares of the Unaffiliated Investment Companies to the Funds of Funds in excess of the limitations in section 12(d)(1)(B) of the Act; (c) the Funds of Funds to acquire shares of certain other Series in the same "group of investment companies," as defined in section 12(d)(1)(G)(ii) of the Act, as the Fund of Funds (the "Affiliated Funds," and together with the Unaffiliated Funds, the "Underlying Funds"); /3/ and (d) the Affiliated Funds, their principal underwriters and any Broker to sell shares of the Affiliated Funds to the Fund of Funds in excess of the limitations in section 12(d)(1)(B) of the Act. Applicants also request an order under sections 6(c) and 17(b) of the Act exempting the transactions described in (a) through (d) above from section 17(a) of the Act to the extent necessary to permit an
FOOTNOTE 2 Certain of the Unaffiliated Funds may have received exemptive relief or are otherwise permitted to list and trade their shares on a national securities exchange at negotiated prices ("ETFs"). END FOOTNOTE
FOOTNOTE 3 Certain of the Underlying Funds may pursue their investment objectives through a master-feeder arrangement in reliance on section 12(d)(1)(E) of the Act. In accordance with condition A.12, a Fund of Funds may not invest in an
5. Applicants also request an exemption to the extent necessary to permit a Fund of Funds that invests in Underlying Funds in reliance on section 12(d)(1)(G) of the Act (a "Section 12(d)(1)(G)
Applicants' Legal Analysis
A. Investments in Underlying Funds--Section 12(d)(1)
1. Section 12(d)(1)(A) of the Act prohibits a registered investment company (an "acquiring company") from acquiring shares of another investment company (an "acquired company") if the securities represent more than 3% of the total outstanding voting stock of the acquired company, more than 5% of the total assets of the acquiring company, or, together with the securities of any other investment companies, more than 10% of the total assets of the acquiring company. Section 12(d)(1)(B) of the Act prohibits a registered open-end investment company, its principal underwriter and any Broker from selling the shares of the investment company to another investment company if the sale will cause the acquiring company to own more than 3% of the acquired company's voting stock, or if the sale will cause more than 10% of the acquired company's voting stock to be owned by investment companies generally.
--This is a summary of a
Notice of application for an order under section 12(d)(1)(J) of the Investment Company Act of 1940, as amended (the "Act"), for an exemption from sections 12(d)(1)(A) and (B) of the Act, under sections 6(c) and 17(b) of the Act for an exemption from section 17(a) of the Act, and under section 6(c) of the Act for an exemption from rule 12d1-2(a) under the Act.
Citation: "78 FR 5841"
Document Number: "Investment Company Act Release No. 30353; File No. 812-14082"
Federal Register Page Number: "5841"
"Notices"
Copyright: | (c) 2013 Federal Information & News Dispatch, Inc. |
Wordcount: | 1590 |
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News