High Income Securities Fund, 51397-51398 [2021-19820]

Download as PDF Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices fulfill its statutory obligations to protect investors and maintain fair and orderly markets that would otherwise result if the temporary amendments were to expire on August 31, 2021.18 Importantly, extending the relief provided in SR–NASDAQ–2021–033 immediately upon filing and without a 30-day operative delay will allow the Exchange to continue critical adjudicatory and review processes in a reasonable and fair manner and meet its critical investor protection goals, while also following best practices with respect to the health and safety of its employees.19 The Commission also notes that this proposal extends without change the temporary relief previously provided by SR–NASDAQ–2021–033.20 As proposed, the changes would be in place through December 31, 2021 and the amended rules will revert back to their original state at the conclusion of the temporary relief period and, if applicable, any extension thereof.21 For these reasons, the Commission believes that waiver of the 30-day operative delay for this proposal is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposal operative upon filing.22 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 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. 18 See supra Item II. FINRA Filing, 86 FR at 47171 (noting the same in granting FINRA’s request to waive the 30day operative delay so that SR–FINRA–2021–019 would become operative immediately upon filing). 20 See supra note 5. 21 See supra note 4. As noted above, the Exchange states that if it requires temporary relief from the rule requirements identified in this proposal beyond December 31, 2021, it may submit a separate rule filing to extend the effectiveness of the temporary relief under these rules. 22 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule change’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). khammond on DSKJM1Z7X2PROD with NOTICES 19 See VerDate Sep<11>2014 17:08 Sep 14, 2021 Jkt 253001 51397 Comments may be submitted by any of the following methods: SECURITIES AND EXCHANGE COMMISSION Electronic Comments [Investment Company Act Release No. 34373; File No. 812–15230] • Use the Commission’s internet comment form (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include File Number SR– NASDAQ–2021–067 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File Number SR–NASDAQ–2021–067. 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 website (https://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 website 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– NASDAQ–2021–067 and should be submitted on or before October 6, 2021. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23 J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–19856 Filed 9–14–21; 8:45 am] BILLING CODE 8011–01–P 23 17 PO 00000 CFR 200.30–3(a)(12). Frm 00060 Fmt 4703 Sfmt 4703 High Income Securities Fund September 9, 2021. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: Notice of an application under section 6(c) of the Investment Company Act of 1940 (‘‘Act’’) for an exemption from section 19(b) of the Act and rule 19b–1 under the Act to permit a registered closed-end investment company to make periodic distributions of long-term capital gains more frequently than permitted by section 19(b) or rule 19b–1. Applicant: High Income Securities Fund, a Massachusetts business trust that is an internally managed registered closed-end diversified management investment company (the ‘‘Fund’’ or the ‘‘Applicant’’).1 Filing Dates: The application was filed on May 13, 2021, and amended on July 7, 2021. 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 applicants with a copy of the request by email. Hearing requests should be received by the Commission by 5:30 p.m. on October 4, 2021, and should be accompanied by proof of service on 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 emailing the Commission’s Secretary at SecretarysOffice@sec.gov. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: c/o Thomas R. Westle, Esq., Blank Rome LLP, twestle@blankrome.com. FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at (202) 551–6876 or Trace W. Rakestraw, 1 Applicants request that the order also apply to any successor in interest to the Fund. A successor in interest is limited to entities that result from a reorganization into another jurisdiction or a change in the type of business organization. E:\FR\FM\15SEN1.SGM 15SEN1 khammond on DSKJM1Z7X2PROD with NOTICES 51398 Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices Branch Chief, at (202) 551–6825 (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 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. Summary of the Application: 1. Section 19(b) of the Act generally makes it unlawful for any registered investment company to make long-term capital gains distributions more than once every twelve months. Rule 19b–1 under the Act limits to one the number of capital gain dividends, as defined in section 852(b)(3)(C) of the Internal Revenue Code of 1986 (‘‘Code,’’ and such dividends, ‘‘distributions’’), that a registered investment company may make with respect to any one taxable year, plus a supplemental distribution made pursuant to section 855 of the Code not exceeding 10% of the total amount distributed for the year, plus one additional capital gain dividend made in whole or in part to avoid the excise tax under section 4982 of the Code. 2. Applicant believes that investors in certain closed-end funds may prefer an investment vehicle that provides regular current income through a fixed distribution policy (‘‘Distribution Policy’’). Applicant proposes that the Fund be permitted to adopt a Distribution Policy, pursuant to which the Fund would distribute periodically to its shareholders a fixed percentage of the market price of the Fund’s common shares at a particular point in time or a fixed percentage of net asset value (‘‘NAV’’) at a particular time or a fixed amount per share of common shares, any of which may be adjusted from time to time. 3. Applicant requests an order under section 6(c) of the Act granting an exemption from section 19(b) of the Act and rule 19b–1 to permit a Fund to distribute periodic capital gain dividends (as defined in section 852(b)(3)(C) of the Code) as frequently as twelve times in any one taxable year in respect of its common shares (and as often as specified by, or determined in accordance with the terms of, any preferred shares issued by the Fund).2 Section 6(c) of the Act provides, in relevant part, that the Commission may exempt any person or transaction from 2 Although the Fund does not currently intend to issue preferred shares, the board may authorize the issuance of preferred shares in the future. VerDate Sep<11>2014 17:08 Sep 14, 2021 Jkt 253001 any provision of the Act to the extent that 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. 4. Applicant states that any order granting the requested relief will be subject to the terms and conditions stated in the application, which generally are designed to address the concerns underlying section 19(b) and rule 19b–1, including concerns about proper disclosures and shareholders’ understanding of the source(s) of a Fund’s distributions and concerns about improper sales practices. Among other things, such terms and conditions require that (1) the board of trustees of the Fund (the ‘‘Board’’) request and evaluate, and the Fund will furnish, such information as may be reasonably necessary to make an informed determination of whether to adopt the proposed Distribution Policy and that the Board periodically review the amount of the distributions in light of the investment experience of the Fund, and (2) that the Fund’s shareholders receive appropriate disclosures concerning the distributions. For the Commission, by the Division of Investment Management, under delegated authority. J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021–19820 Filed 9–14–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–92917; No. SR–NYSEArca– 2021–79] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule September 9, 2021. 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 1, 2021, NYSE Arca, Inc. (‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the selfregulatory organization. The 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to modify the NYSE Arca Options Fee Schedule (‘‘Fee Schedule’’) regarding certain pricing incentives. The Exchange proposes to implement the fee change effective September 1, 2021. The proposed rule change is available on the Exchange’s website at www.nyse.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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization’s Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to amend the Fee Schedule to modify certain pricing incentives. Specifically, the Exchange proposes to modify the ‘‘Discount in Take Liquidity Fees for Professional Customer and NonCustomer Liquidity Removing Interest,’’ the ‘‘Market Maker Penny and SPY Posting Credit Tiers,’’ and the ‘‘Market Maker Incentive For Non-Penny Issues,’’ as described below. The Exchange proposes to implement the fee change effective September 1, 2021. Discount in Take Liquidity Fees for Professional Customers and NonCustomer Liquidity Removing Interest (the ‘‘Take Fee Discount’’) If an OTP Holder or OTP Firm (collectively ‘‘OTP Holders’’) executes a transaction that removes or ‘‘takes’’ liquidity on the Exchange, the OTP Holder is charged a ‘‘Take Liquidity’’ fee (referred to herein as ‘‘Take Fees’’) and such liquidity may be referred to as ‘‘Liquidity Removing’’ or liquidity E:\FR\FM\15SEN1.SGM 15SEN1

Agencies

[Federal Register Volume 86, Number 176 (Wednesday, September 15, 2021)]
[Notices]
[Pages 51397-51398]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-19820]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34373; File No. 812-15230]


High Income Securities Fund

September 9, 2021.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice.

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    Notice of an application under section 6(c) of the Investment 
Company Act of 1940 (``Act'') for an exemption from section 19(b) of 
the Act and rule 19b-1 under the Act to permit a registered closed-end 
investment company to make periodic distributions of long-term capital 
gains more frequently than permitted by section 19(b) or rule 19b-1.
    Applicant: High Income Securities Fund, a Massachusetts business 
trust that is an internally managed registered closed-end diversified 
management investment company (the ``Fund'' or the ``Applicant'').\1\
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    \1\ Applicants request that the order also apply to any 
successor in interest to the Fund. A successor in interest is 
limited to entities that result from a reorganization into another 
jurisdiction or a change in the type of business organization.
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    Filing Dates: The application was filed on May 13, 2021, and 
amended on July 7, 2021.
    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 applicants with a 
copy of the request by email. Hearing requests should be received by 
the Commission by 5:30 p.m. on October 4, 2021, and should be 
accompanied by proof of service on 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 emailing the Commission's Secretary at [email protected].

ADDRESSES: The Commission: [email protected]. Applicants: c/o 
Thomas R. Westle, Esq., Blank Rome LLP, [email protected].

FOR FURTHER INFORMATION CONTACT:  Deepak T. Pai, Senior Counsel, at 
(202) 551-6876 or Trace W. Rakestraw,

[[Page 51398]]

Branch Chief, at (202) 551-6825 (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 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.
    Summary of the Application:
    1. Section 19(b) of the Act generally makes it unlawful for any 
registered investment company to make long-term capital gains 
distributions more than once every twelve months. Rule 19b-1 under the 
Act limits to one the number of capital gain dividends, as defined in 
section 852(b)(3)(C) of the Internal Revenue Code of 1986 (``Code,'' 
and such dividends, ``distributions''), that a registered investment 
company may make with respect to any one taxable year, plus a 
supplemental distribution made pursuant to section 855 of the Code not 
exceeding 10% of the total amount distributed for the year, plus one 
additional capital gain dividend made in whole or in part to avoid the 
excise tax under section 4982 of the Code.
    2. Applicant believes that investors in certain closed-end funds 
may prefer an investment vehicle that provides regular current income 
through a fixed distribution policy (``Distribution Policy''). 
Applicant proposes that the Fund be permitted to adopt a Distribution 
Policy, pursuant to which the Fund would distribute periodically to its 
shareholders a fixed percentage of the market price of the Fund's 
common shares at a particular point in time or a fixed percentage of 
net asset value (``NAV'') at a particular time or a fixed amount per 
share of common shares, any of which may be adjusted from time to time.
    3. Applicant requests an order under section 6(c) of the Act 
granting an exemption from section 19(b) of the Act and rule 19b-1 to 
permit a Fund to distribute periodic capital gain dividends (as defined 
in section 852(b)(3)(C) of the Code) as frequently as twelve times in 
any one taxable year in respect of its common shares (and as often as 
specified by, or determined in accordance with the terms of, any 
preferred shares issued by the Fund).\2\ Section 6(c) of the Act 
provides, in relevant part, that the Commission may exempt any person 
or transaction from any provision of the Act to the extent that 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.
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    \2\ Although the Fund does not currently intend to issue 
preferred shares, the board may authorize the issuance of preferred 
shares in the future.
---------------------------------------------------------------------------

    4. Applicant states that any order granting the requested relief 
will be subject to the terms and conditions stated in the application, 
which generally are designed to address the concerns underlying section 
19(b) and rule 19b-1, including concerns about proper disclosures and 
shareholders' understanding of the source(s) of a Fund's distributions 
and concerns about improper sales practices. Among other things, such 
terms and conditions require that (1) the board of trustees of the Fund 
(the ``Board'') request and evaluate, and the Fund will furnish, such 
information as may be reasonably necessary to make an informed 
determination of whether to adopt the proposed Distribution Policy and 
that the Board periodically review the amount of the distributions in 
light of the investment experience of the Fund, and (2) that the Fund's 
shareholders receive appropriate disclosures concerning the 
distributions.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-19820 Filed 9-14-21; 8:45 am]
BILLING CODE 8011-01-P
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