ARK Venture Fund and its adviser, ARK Investment Management LLC, have filed a second amended exemptive application with the U.S. Securities and Exchange Commission, seeking permission to expand the fund’s multi-class structure. The filing proposes a new Exchange Class that could be listed on a national securities exchange, along with a Tokenized Class that would be recorded on distributed ledger technology and traded through a registered alternative trading system, other over-the-counter trading system, or quotation system.
The application also asks that the exemptive relief be extended to future interval funds operating under Rule 23c-3 or Rule 13e-4. Under the request, those funds would be allowed to charge asset-based distribution or service fees and impose early withdrawal charges, so long as they remain within the Investment Company Act’s limits on senior securities and multiple classes. The filing says those early withdrawal charges would not apply to the proposed exchange-listed and tokenized share classes. For the tokenized class, holdings and transfers would be limited to whitelisted wallets that have passed KYC and AML review.
ARK Venture Fund and its adviser, ARK Investment Management LLC, have submitted a second amended exemptive application to the U.S. Securities and Exchange Commission, according to an SEC filing. The request would add two new share classes to the fund’s existing multi-class structure: an Exchange Class to be listed on a national securities exchange, and a Tokenized Class recorded on distributed ledger technology and traded through a registered alternative trading system or other over-the-counter trading or quotation system.
Scope of the request
The application also seeks to apply the exemptive relief to future interval funds operating under Rule 23c-3 or Rule 13e-4.
The filing asks for permission to charge asset-based distribution and service fees, and to impose early withdrawal charges, provided the structure does not violate the Investment Company Act’s restrictions on senior securities and multiple share classes. It also states that the early withdrawal charges would not apply to the proposed exchange-listed and tokenized share classes.
Tokenized share access
For the Tokenized Class, the filing says holdings and trading would be available only to whitelisted wallets that have completed KYC and AML screening.
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