RegAlert2018-11-20
Added · Updated
SEC Division of Trading and Markets no-action letter: Causeway ETMF Trust
The SEC staff will not recommend enforcement action under Rules 15c1-5 and 15c1-6 for broker-dealers executing creation or redemption transactions in shares of Causeway Global Value NextShares and Causeway International Value NextShares without disclosing control relationships or participation in primary or secondary distributions of portfolio positions. This relief applies strictly to the NextShares Funds, a Delaware statutory trust and its series, and authorized participants engaging in these specific transactions. The staff explicitly excludes secondary market transactions from this no-action position and notes that the relief is based solely on the representations and facts presented regarding the composite nature of the fund shares.
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y~'9~cy~c UNITED STATES
S SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549 o
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DIVISION OF
TRADING AND MARKETS
November 20, 2018
Adam Teufel
Dechert LLP
1900 K Street, NW
Washington, DC 20006-1110
Re: Request for Exemptive, Interpretive or No-Action Relief regarding Rules 15c1-5 and 15c1-6 promulgated under the Securities Exchange Act of 1934 for Causeway ETMF Trust Dear Mr. Teufel:
In your letter dated November 20, 2018, Causeway ETMF Trust, a Delaware statutory trust (the "Trust"), requested exemptive, interpretive or no-action relief on behalf of itself, broker-dealers that execute creation or redemption transactions in Shares, its series, Causeway Global Value NextShares and Causeway International Value NextShares, as well as in Shares of any future exchange traded managed fund that is a series of the Trust or another registered openend management investment company advised by the Adviser (the "NextShares Funds"). Specifically, the letter requested that the Securities and Exchange Commission (the "Commission") grant exemptive, interpretive or no-action relief from Rules 15c1-5 and 15c1-6 of t11e Secu~cities Excharrige Act of 1934 (the "Exchange Act"). This letter responds to your request. We have enclosed a photocopy of your letter. Each defined term in this letter has the same meaning as defined in your letter, unless we note otherwise. In your letter, you represented that the NextShares Funds will issue and redeem Shares in Creation Units. Subject to certain exceptions described in your letter, Creation Units of the NextShares Funds will be purchased by making a deposit of the instruments specified by the applicable NextShares Fund for making a purchase ("Deposit Instruments"), and shareholders redeeming Creation Units will receive a transfer of instruments specified by the applicable NextShares Fund for meeting a redemption ("Redemption Instruments"). On any given business day, the names and quantities of the instruments that constitute the Deposit Instruments and the names and quantities of the instruments that constitute the Redemption Instruments are expected to be identical and are referred to herein as the "Basket." Deposit Instruments and Redemption Instruments may include cash, securities and/or other transferable investment assets. To the ~ `~ ~ ~ ~ ~ ~~
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