Nysa Series Trust, 57279-57280 [2020-20268]
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Federal Register / Vol. 85, No. 179 / Tuesday, September 15, 2020 / Notices
jbell on DSKJLSW7X2PROD with NOTICES
As described above OCC, proposes to
use its authority to alter the time when
OCC will close out a defaulting Clearing
Member’s open stock loan positions.
The proposed change would move the
point in time by which OCC can close
out open stock loan positions closer to
the point in time by which OCC would
seek to close the defaulting Clearing
Member’s non-stock loan positions and
liquidate the defaulting Clearing
Member’s collateral via an auction.
Aligning the timeframes for closing out
stock loan positions and non-stock loan
positions and collateral would reduce
the potential for significant market
movements occurring between the time
by which OCC closes out positions and
liquidates collateral related to such
positions. Avoiding the potential for
such market movements would, in turn,
increase the likelihood that such
collateral would be sufficient to mitigate
losses arising out of the close out of
stock loan positions.
OCC also proposes to terminate stock
loan positions not closed out through
buy-in or sell-out transactions based on
end of day prices from the same day on
which OCC instructed the Clearing
Member to execute buy-in or sell-out
transactions. As described above, such
prices would likely represent the last
market price received before OCC would
auction off the rest of the defaulting
Clearing Member’s portfolio prior to the
market open on the following morning.
Similar to the change in the time by
which Clearing Members would be
instructed to execute buy-in or sell-out
transactions, the proposed change in
termination price would mitigate losses
arising out of the close out of open stock
loan positions by reducing the potential
for significant market movements
between the close out of positions and
liquidation of related collateral. Taken
together, the Commission believes that
proposed changes regarding the close
out a defaulting Clearing Member’s open
stock loan positions would enhance
OCC’s authority to take timely action to
contain losses.
Accordingly, the Commission believes
that Advance Notice would be
consistent with Rule 17Ad–22(e)(13)
under the Exchange Act.33
IV. Conclusion
It is therefore noticed, pursuant to
Section 806(e)(1)(I) of the Clearing
Supervision Act, that the Commission
does not object to Advance Notice (SR–
OCC–2020–805) and that OCC is
authorized to implement the proposed
change as of the date of this notice or
the date of an order by the Commission
33 17
CFR 240.17Ad–22(e)(13).
VerDate Sep<11>2014
16:57 Sep 14, 2020
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approving proposed rule change SR–
OCC–2020–008 whichever is later.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–20252 Filed 9–14–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34005; File No. 811–07963]
Nysa Series Trust
September 9, 2020.
Securities and Exchange
Commission (‘‘Commission’’).
ACTION: Notice.
AGENCY:
Notice of an application for
deregistration under Section 8(f) of the
Investment Company Act of 1940
(‘‘Act’’).
SUMMARY OF APPLICATION: Applicant
seeks an order declaring that it has
ceased to be an investment company.
APPLICANT: Nysa Series Trust (‘‘Trust’’).
FILING DATE: The application was filed
on September 9, 2020.
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 emailing the
Commission’s Secretary at SecretarysOffice@sec.gov and serving Applicant
with a copy of the request by email.
Hearing requests should be received by
the Commission by 5:30 p.m. on
September 28, 2020, and should be
accompanied by proof of service on the
Applicant, 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
by emailing the Commission’s Secretary.
ADDRESSES: Secretary, U.S. Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090;
Applicant, Joseph Masella, 507 Plum
Street, Suite 120, Syracuse, NY 13204.
FOR FURTHER INFORMATION CONTACT:
Chief Counsel’s Office at (202) 551–
6821; SEC, Division of Investment
Management, Chief Counsel’s Office,
100 F Street NE, Washington, DC
20549–8010.
SUPPLEMENTARY INFORMATION: The
following is a summary of the
application. The complete application
PO 00000
Frm 00099
Fmt 4703
Sfmt 4703
57279
may be obtained via the Commission’s
website by searching for the file
number, or for an applicant using the
Company name box, at https://
www.sec.gov/search/search.htm or by
calling (202) 551–8090.
Applicant’s Representations
1. Applicant, an open-end
management investment company
registered under the Act, seeks an order
declaring that it has ceased to be an
investment company. Applicant
consists of a single series, the NYSA
Fund (‘‘Fund’’).
2. On September 8, 2020, Applicant
made a cash distribution of 64.4% of its
assets to its shareholders on the basis of
net assets. Applicant’s board of trustees
(‘‘Board’’), including a majority of
disinterested Board members,
determined that it was in the best
interests of its shareholders to deregister
the Applicant under the Act. The Board
also determined that Applicant should
remain in existence temporarily for the
limited purposes of (i) holding an
illiquid asset pending (a) a liquidity
event regarding such asset that will
provide the Applicant with cash to
distribute to shareholders or (b) the
Board’s determination that such asset
has no value; and (ii) continuing as
plaintiff in a pending lawsuit. Applicant
will maintain a cash reserve of $188,565
to be used for expenses in connection
with its dissolution.
Applicant’s Legal Analysis
1. In relevant part, Section 8(f) of the
Act provides that ‘‘[w]henever the
Commission, on its own motion or upon
application, finds that a registered
investment company has ceased to be an
investment company, it shall so declare
by order and upon the taking effect of
such order the registration of such
company shall cease to be in effect. If
necessary for the protection of investors,
an order under this subsection may be
made upon appropriate conditions.’’
Applicant has filed an application for an
order under Section 8(f). In support of
its request, Applicant states that it has
made a cash distribution of 64.4% of its
assets to its shareholders on the basis of
net assets, and has retained certain
illiquid assets and cash temporarily for
the limited purposes noted above.
Applicant further states that the cash
distribution of its assets was made
pursuant to a provision in its
Declaration of Trust that permits the
Trust to redeem shares if the Board
determines in its sole discretion that
failure to redeem the shares may have
materially adverse consequences to all
or any of the Trust’s shareholders.
Applicant states that at a meeting held
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57280
Federal Register / Vol. 85, No. 179 / Tuesday, September 15, 2020 / Notices
jbell on DSKJLSW7X2PROD with NOTICES
on August 28, 2020, the Board
unanimously determined that failure to
redeem the Fund’s shares would likely
result in adverse consequences to all of
the Fund’s shareholders.
Applicant’s Conditions
Applicant has agreed to the following
as conditions to deregistration under the
Act:
1. Applicant will continue to
maintain its internet website and shall
post its semi-annual (unaudited) and
annual (audited by the Applicant’s
independent accountants) financial
statements to its website. As of the date
of the filing of the application,
Applicant has not engaged an
independent accounting firm to audit
the Applicant. However, the Board and
Applicant’s management are actively
seeking a firm to perform any required
audits. The Applicant’s financial
statements will be prepared in
conformity with generally accepted
accounting practices in the United
States of America and comply with
Regulation S–X, as if the Applicant were
a registered management investment
company, and will be posted to the
Applicant’s website within 60 days of
the period’s end. Within 60 days of the
period’s end, Applicant will send
notifications to the shareholders (i)
informing them that its financial
statements are available online, (ii)
providing the internet address where
the financial statements can be found
and (iii) offering to send them a paper
copy, free of charge, upon their request.
2. Applicant will continue to
maintain a Board that complies with the
fund governance standards under Rule
0–1(a)(7) under the Act as if Applicant
were a registered management
investment company. The Applicant’s
Board will continue to meet no less
frequently than quarterly. The Board
shall continue to approve the selection
of the Applicant’s independent public
accountant in accordance with Rule
32a–4 under the Act as if the Applicant
were a registered management
investment company. No less frequently
than quarterly, the Applicant’s Board
shall determine the fair value of the
illiquid asset in a manner consistent
with Section 2(a)(41) of the Act. In the
event that the value ascribed to that
asset decreases 25% or more with
respect to its prior value, such decrease
shall be promptly communicated in
writing to (i) the shareholders and (ii)
staff of the Commission’s Division of
Investment Management.
3. Applicant shall continue to
maintain and implement the policies
and procedures required by Rules 17j–
1 and 38a–1 under the Act as if it were
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16:57 Sep 14, 2020
Jkt 250001
a registered management investment
company.
4. Applicant will comply with the
books and records provisions of Section
31 of the Act, and the rules thereunder
as set forth in the response to Item 7 of
the application. Such books and records
shall promptly be made available to the
staff of the Commission as requested.
5. Applicant will operate in
compliance with Section 17 of the Act
as if it were a registered management
investment company.
6. Neither (i) the Applicant’s
investment adviser, (ii) any ‘‘affiliated
person’’ (as defined in the Act) of the
investment adviser, (iii) any affiliated
person of the Applicant, nor (iv) any
affiliated person of the persons
described in clauses (ii) or (iii) will
receive any fee or other payment,
directly or indirectly, from Applicant;
provided, however, that Applicant is
permitted to make pro rata liquidation
distributions.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–20268 Filed 9–14–20; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–89796; File No. SR–IEX–
2020–13]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Correct Two
Typographical Errors in IEX Rules
2.220(a)(7) and 11.410(a)
September 9, 2020.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
September 3, 2020, the Investors
Exchange LLC (‘‘IEX’’ or the
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the proposed rule
change as described in Items I, and II
below, which Items have been prepared
by the self-regulatory organization. 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).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
PO 00000
Frm 00100
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Pursuant to the provisions of Section
19(b)(1) under the Act,4 and Rule 19b–
4 thereunder,5 IEX is filing is filing with
the Commission a proposed rule change
to correct two typographical errors in
IEX Rules 2.220(a)(7) and 11.410(a). The
Exchange has designated this rule
change as ‘‘non-controversial’’ under
Section 19(b)(3)(A) of the Act 6 and
provided the Commission with the
notice required by Rule 19b–4(f)(6)
thereunder.7
The text of the proposed rule change
is available at the Exchange’s website at
www.iextrading.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
self-regulatory organization 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 statement [sic] may be
examined at the places specified in Item
IV below. The self-regulatory
organization has prepared summaries,
set forth in Sections A, B, and C below,
of the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange recently filed a
proposed rule change to amend, in part,
IEX Rules 2.220(a)(7) and 11.410(a) to
include MIAX PEARL LLC (‘‘MIAX
PEARL’’) in the list of away trading
centers to which the Exchange routes
and the market data sources the
Exchange will use to determine Top of
Book 8 quotations, in anticipation of
MIAX PEARL’s planned launch of
equities trading on September 25, 2020 9
(the ‘‘Original Filing’’).10 The Original
Filing introduced identical
typographical errors in IEX Rules
4 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4.
8 See IEX Rule 11.410(a)(1).
9 See https://www.miaxoptions.com/alerts/2020/
07/20/miax-pearl-equities-updated-dom-andesesm-interface-specifications.
10 See Securities Exchange Act Release No. 89705
(August 28, 2020) (SR–IEX–2020–12).
5 17
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]]>Agencies
[Federal Register Volume 85, Number 179 (Tuesday, September 15, 2020)]
[Notices]
[Pages 57279-57280]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20268]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 34005; File No. 811-07963]
Nysa Series Trust
September 9, 2020.
AGENCY: Securities and Exchange Commission (``Commission'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application for deregistration under Section 8(f) of
the Investment Company Act of 1940 (``Act'').
Summary of Application: Applicant seeks an order declaring that it has
ceased to be an investment company.
Applicant: Nysa Series Trust (``Trust'').
Filing Date: The application was filed on September 9, 2020.
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 emailing the Commission's
Secretary at [email protected] and serving Applicant with a
copy of the request by email. Hearing requests should be received by
the Commission by 5:30 p.m. on September 28, 2020, and should be
accompanied by proof of service on the Applicant, 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 by emailing
the Commission's Secretary.
ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 100 F
Street NE, Washington, DC 20549-1090; Applicant, Joseph Masella, 507
Plum Street, Suite 120, Syracuse, NY 13204.
FOR FURTHER INFORMATION CONTACT: Chief Counsel's Office at (202) 551-
6821; SEC, Division of Investment Management, Chief Counsel's Office,
100 F Street NE, Washington, DC 20549-8010.
SUPPLEMENTARY INFORMATION: The following is a summary of the
application. The complete application may be obtained via the
Commission's website by searching for the file number, or for an
applicant using the Company name box, at https://www.sec.gov/search/search.htm or by calling (202) 551-8090.
Applicant's Representations
1. Applicant, an open-end management investment company registered
under the Act, seeks an order declaring that it has ceased to be an
investment company. Applicant consists of a single series, the NYSA
Fund (``Fund'').
2. On September 8, 2020, Applicant made a cash distribution of
64.4% of its assets to its shareholders on the basis of net assets.
Applicant's board of trustees (``Board''), including a majority of
disinterested Board members, determined that it was in the best
interests of its shareholders to deregister the Applicant under the
Act. The Board also determined that Applicant should remain in
existence temporarily for the limited purposes of (i) holding an
illiquid asset pending (a) a liquidity event regarding such asset that
will provide the Applicant with cash to distribute to shareholders or
(b) the Board's determination that such asset has no value; and (ii)
continuing as plaintiff in a pending lawsuit. Applicant will maintain a
cash reserve of $188,565 to be used for expenses in connection with its
dissolution.
Applicant's Legal Analysis
1. In relevant part, Section 8(f) of the Act provides that
``[w]henever the Commission, on its own motion or upon application,
finds that a registered investment company has ceased to be an
investment company, it shall so declare by order and upon the taking
effect of such order the registration of such company shall cease to be
in effect. If necessary for the protection of investors, an order under
this subsection may be made upon appropriate conditions.'' Applicant
has filed an application for an order under Section 8(f). In support of
its request, Applicant states that it has made a cash distribution of
64.4% of its assets to its shareholders on the basis of net assets, and
has retained certain illiquid assets and cash temporarily for the
limited purposes noted above. Applicant further states that the cash
distribution of its assets was made pursuant to a provision in its
Declaration of Trust that permits the Trust to redeem shares if the
Board determines in its sole discretion that failure to redeem the
shares may have materially adverse consequences to all or any of the
Trust's shareholders. Applicant states that at a meeting held
[[Page 57280]]
on August 28, 2020, the Board unanimously determined that failure to
redeem the Fund's shares would likely result in adverse consequences to
all of the Fund's shareholders.
Applicant's Conditions
Applicant has agreed to the following as conditions to
deregistration under the Act:
1. Applicant will continue to maintain its internet website and
shall post its semi-annual (unaudited) and annual (audited by the
Applicant's independent accountants) financial statements to its
website. As of the date of the filing of the application, Applicant has
not engaged an independent accounting firm to audit the Applicant.
However, the Board and Applicant's management are actively seeking a
firm to perform any required audits. The Applicant's financial
statements will be prepared in conformity with generally accepted
accounting practices in the United States of America and comply with
Regulation S-X, as if the Applicant were a registered management
investment company, and will be posted to the Applicant's website
within 60 days of the period's end. Within 60 days of the period's end,
Applicant will send notifications to the shareholders (i) informing
them that its financial statements are available online, (ii) providing
the internet address where the financial statements can be found and
(iii) offering to send them a paper copy, free of charge, upon their
request.
2. Applicant will continue to maintain a Board that complies with
the fund governance standards under Rule 0-1(a)(7) under the Act as if
Applicant were a registered management investment company. The
Applicant's Board will continue to meet no less frequently than
quarterly. The Board shall continue to approve the selection of the
Applicant's independent public accountant in accordance with Rule 32a-4
under the Act as if the Applicant were a registered management
investment company. No less frequently than quarterly, the Applicant's
Board shall determine the fair value of the illiquid asset in a manner
consistent with Section 2(a)(41) of the Act. In the event that the
value ascribed to that asset decreases 25% or more with respect to its
prior value, such decrease shall be promptly communicated in writing to
(i) the shareholders and (ii) staff of the Commission's Division of
Investment Management.
3. Applicant shall continue to maintain and implement the policies
and procedures required by Rules 17j-1 and 38a-1 under the Act as if it
were a registered management investment company.
4. Applicant will comply with the books and records provisions of
Section 31 of the Act, and the rules thereunder as set forth in the
response to Item 7 of the application. Such books and records shall
promptly be made available to the staff of the Commission as requested.
5. Applicant will operate in compliance with Section 17 of the Act
as if it were a registered management investment company.
6. Neither (i) the Applicant's investment adviser, (ii) any
``affiliated person'' (as defined in the Act) of the investment
adviser, (iii) any affiliated person of the Applicant, nor (iv) any
affiliated person of the persons described in clauses (ii) or (iii)
will receive any fee or other payment, directly or indirectly, from
Applicant; provided, however, that Applicant is permitted to make pro
rata liquidation distributions.
For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20268 Filed 9-14-20; 8:45 am]
BILLING CODE 8011-01-P
