The RBB Fund, Inc., et al., 11498-11499 [2023-03777]

Download as PDF 11498 Federal Register / Vol. 88, No. 36 / Thursday, February 23, 2023 / Notices legacy/companysearch.html. You may also call the SEC’s Public Reference Room at (202) 551–8090. For the Commission, by the Division of Investment Management, under delegated authority. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–03776 Filed 2–22–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meetings Notice is hereby given, pursuant to the provisions of the Government in the Sunshine Act, Public Law 94–409, that the Securities and Exchange Commission Investor Advisory Committee will hold a public meeting on Thursday, March 2, 2023. The meeting will begin at 10:00 a.m. (ET) and will be open to the public. PLACE: The meeting will be conducted by remote means. Members of the public may watch the webcast of the meeting on the Commission’s website at www.sec.gov. STATUS: This Sunshine Act notice is being issued because a majority of the Commission may attend the meeting. Public Comment: The public is invited to submit written statements to the Committee. Written statements should be received on or before March 1, 2023. Written statements may be submitted by any of the following methods: TIME AND DATE: Electronic Statements • Use the Commission’s internet submission form (https://www.sec.gov/ rules/other.shtml); or • Send an email message to rulescomments@sec.gov. Please include File No. 265–28 on the subject line; or lotter on DSK11XQN23PROD with NOTICES1 Paper Electronic Statements • Send paper statements to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549–1090. All submissions should refer to File No. 265–28. This file number should be included on the subject line if email is used. To help us process and review your statement more efficiently, please use only one method. Statements also will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Room 1503, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. All statements VerDate Sep<11>2014 17:12 Feb 22, 2023 Jkt 259001 received will be posted without change. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. MATTERS TO BE CONSIDERED: The agenda for the meeting includes: welcome and introductory remarks; opening remarks; introduction of the new Investor Advocate; approval of previous meeting minutes; a panel discussion examining the growth of private markets relative to the public markets; a panel discussion regarding the oversight of investment advisers; a panel discussion regarding the open-end fund liquidity risk management/swing pricing rule proposal; a discussion of a recommendation regarding improving customer account statements to better serve investors; subcommittee reports; access and inclusion working group report, and a non-public administrative session. CONTACT PERSON FOR MORE INFORMATION: For further information and to ascertain what, if any, matters have been added, deleted or postponed; please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551–5400. Authority: 5 U.S.C. 552b. Dated: February 21, 2023. Vanessa A. Countryman, Secretary. [FR Doc. 2023–03873 Filed 2–21–23; 4:15 pm] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34836; File No. 812–15356] The RBB Fund, Inc., et al. February 17, 2023. Securities and Exchange Commission (‘‘Commission’’). ACTION: Notice. AGENCY: Notice of an application under section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c–1 under the Act and under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the Act. SUMMARY OF APPLICATION: Applicants request an order (‘‘Order’’) that permits: (a) The Funds (as defined in the Applicants’ application) to issue shares (‘‘Shares’’) redeemable in large aggregations only (‘‘creation units’’); (b) secondary market transactions in Shares to occur at negotiated market prices PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 rather than at net asset value; (c) certain Funds to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; and (d) certain affiliated persons of a Fund to deposit securities into, and receive securities from, the Fund in connection with the purchase and redemption of creation units. The relief in the Order would incorporate by reference terms and conditions of the same relief of a previous order granting the same relief sought by applicants, as that order may be amended from time to time (‘‘Reference Order’’).1 APPLICANTS: The RBB Fund, Inc.; Summit Global Investments, LLC; and Quasar Distributors, LLC. FILING DATES: The application was filed on June 22, 2022, and amended on September 26, 2022, November 1, 2022, and November 29, 2022. 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 on any application by emailing the Commission’s Secretary at Secretarys-Office@sec.gov and serving applicants with a copy of the request by email, if an email address is listed for the relevant applicant below, or personally or by mail, if a physical address is listed for the relevant applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on March 14, 2023, 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. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Steven Plump, The RBB Fund, Inc., splump@rbbfund.com; Jillian L. Bosmann, Esq., Faegre Drinker Biddle & Reath LLP, jillian.bosmann@ faegredrinker.com. FOR FURTHER INFORMATION CONTACT: Stephan N. Packs, Senior Counsel, or Terri G. Jordan, Branch Chief, at (202) 551–6825 (Chief Counsel’s Office, Division of Investment Management). SUPPLEMENTARY INFORMATION: For Applicants’ representations, legal 1 Blue Tractor ETF Trust and Blue Tractor Group, LLC, Investment Company Act Rel. Nos. 33682 (Nov. 14, 2019) (notice) and 33710 (Dec. 10, 2019) (order). E:\FR\FM\23FEN1.SGM 23FEN1 Federal Register / Vol. 88, No. 36 / Thursday, February 23, 2023 / Notices analysis, and conditions, please refer to Applicants’ third amended and restated application, dated November 29, 2022, which may be obtained via the Commission’s website by searching for the file number at the top of this document, or for an Applicant using the Company name search field, on the SEC’s EDGAR system. The SEC’s EDGAR system may be searched at https://www.sec.gov/edgar/searchedgar/ legacy/companysearch.html. You may also call the SEC’s Public Reference Room at (202) 551–8090. For the Commission, by the Division of Investment Management, under delegated authority. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–03777 Filed 2–22–23; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96940; File No. SR–MRX– 2022–30] Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Withdrawal of Proposed Rule Change To Amend Options 7, Section 7 To Add Market Data Fees February 16, 2023. On December 19, 2022, Nasdaq MRX, LLC (‘‘MRX’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 1 and Rule 19b–4 thereunder,2 a proposed rule change to assess market data fees. The proposed rule change was published for comment in the Federal Register on December 28, 2022.3 On February 6, 2023, MRX withdrew the proposed rule change (SR–MRX– 2022–30). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.4 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023–03696 Filed 2–22–23; 8:45 am] lotter on DSK11XQN23PROD with NOTICES1 BILLING CODE 8011–01–P 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 96561 (December 21, 2022), 87 FR 79915. 4 17 CFR 200.30–3(a)(12). SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96944; File No. SR–NYSE– 2023–11] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify Rule 7.44 Relating to the Retail Liquidity Program February 16, 2023. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that on February 14, 2023, New York Stock Exchange LLC (‘‘NYSE’’ 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 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 Rule 7.44 relating to the Retail Liquidity Program. 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 Exchange proposes to modify Rule 7.44, which sets forth the Exchange’s Retail Liquidity Program 2 17 VerDate Sep<11>2014 17:12 Feb 22, 2023 Jkt 259001 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 PO 00000 Frm 00097 Fmt 4703 Sfmt 4703 11499 (the ‘‘Program’’).4 The purpose of the Program is to attract retail order flow to the Exchange and allow such order flow to receive potential price improvement. Under Rule 7.44, a class of market participants called Retail Liquidity Providers (‘‘RLPs’’) and non-RLP member organizations are able to provide potential price improvement to retail investor orders in the form of a non-displayed order that is priced better than the best protected bid or offer, called a Retail Price Improvement Order (‘‘RPI Order’’).5 When there is an RPI Order in a particular security, the Exchange disseminates an indicator, known as the Retail Liquidity Identifier, that such interest exists.6 Retail Member Organizations (‘‘RMOs’’) can submit a Retail Order to the Exchange, which interacts, to the extent possible, with available contra-side RPI Orders and then may interact with other liquidity on the Exchange or elsewhere, depending on the Retail Order’s instructions.7 The segmentation in the Program allows retail order flow to receive potential price improvement as a result of their order flow being deemed more desirable by liquidity providers. The Exchange recently modified the Program to be available for all securities traded on the Exchange.8 Rule 7.44(k) currently describes the operation of a Retail Order pursuant to the Program, which is defined in Rule 7.44(a)(3) as an agency order or a riskless principal order that meets the criteria of FINRA Rule 5320.03 that originates from a natural person and is submitted to the Exchange by an RMO, provided that no change is made to the 4 The Program was established on a pilot basis in 2012 and was approved by the Commission to operate on a permanent basis in 2019. See Securities Exchange Act Release No. 85160 (February 15, 2019), 84 FR 5754 (February 22, 2019) (SR–NYSE–2018–28). In connection with the Commission’s approval of the Program on a pilot basis, the Commission granted the Exchange’s request for exemptive relief from Rule 612 of Regulation NMS, 17 CFR 242.612 (the ‘‘Sub-Penny Rule’’), which, among other things, prohibits a national securities exchange from accepting or ranking orders priced greater than $1.00 per share in an increment smaller than $0.01. See Securities Exchange Act Release No. 67347 (July 3, 2012), 77 FR 40673 (July 10, 2012) (SR–NYSE–2011–55). The Exchange notes that the change proposed in this filing has no substantive impact under the SubPenny Rule and thus does not require an update or revision to the exemptive relief previously granted by the Commission. 5 See Rules 7.44(a)(1) (defining an RLP) and 7.44(a)(4) (defining RPI Order). 6 See Rule 7.44(j). 7 See Rule 7.44(a)(2) (defining RMO); Rules 7.44(a)(3) and 7.44(k) (describing Retail Orders). 8 See Securities Exchange Act Release No. 96112 (October 20, 2022), 87 FR 64831 (October 26, 2022) (SR–NYSE–2022–47) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Modify Rule 7.44). E:\FR\FM\23FEN1.SGM 23FEN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 88, Number 36 (Thursday, February 23, 2023)]
[Notices]
[Pages 11498-11499]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-03777]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34836; File No. 812-15356]


The RBB Fund, Inc., et al.

February 17, 2023.
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 (the ``Act'') for an exemption from sections 
2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the 
Act and under sections 6(c) and 17(b) of the Act for an exemption from 
sections 17(a)(1) and 17(a)(2) of the Act.

Summary of Application: Applicants request an order (``Order'') that 
permits: (a) The Funds (as defined in the Applicants' application) to 
issue shares (``Shares'') redeemable in large aggregations only 
(``creation units''); (b) secondary market transactions in Shares to 
occur at negotiated market prices rather than at net asset value; (c) 
certain Funds to pay redemption proceeds, under certain circumstances, 
more than seven days after the tender of Shares for redemption; and (d) 
certain affiliated persons of a Fund to deposit securities into, and 
receive securities from, the Fund in connection with the purchase and 
redemption of creation units. The relief in the Order would incorporate 
by reference terms and conditions of the same relief of a previous 
order granting the same relief sought by applicants, as that order may 
be amended from time to time (``Reference Order'').\1\
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    \1\ Blue Tractor ETF Trust and Blue Tractor Group, LLC, 
Investment Company Act Rel. Nos. 33682 (Nov. 14, 2019) (notice) and 
33710 (Dec. 10, 2019) (order).

Applicants: The RBB Fund, Inc.; Summit Global Investments, LLC; and 
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Quasar Distributors, LLC.

Filing Dates: The application was filed on June 22, 2022, and amended 
on September 26, 2022, November 1, 2022, and November 29, 2022.

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 on any application by emailing 
the Commission's Secretary at [email protected] and serving 
applicants with a copy of the request by email, if an email address is 
listed for the relevant applicant below, or personally or by mail, if a 
physical address is listed for the relevant applicant below. Hearing 
requests should be received by the Commission by 5:30 p.m. on March 14, 
2023, 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.

ADDRESSES: The Commission: [email protected]. Applicants: 
Steven Plump, The RBB Fund, Inc., [email protected]; Jillian L. 
Bosmann, Esq., Faegre Drinker Biddle & Reath LLP, 
[email protected].

FOR FURTHER INFORMATION CONTACT: Stephan N. Packs, Senior Counsel, or 
Terri G. Jordan, Branch Chief, at (202) 551-6825 (Chief Counsel's 
Office, Division of Investment Management).

SUPPLEMENTARY INFORMATION: For Applicants' representations, legal

[[Page 11499]]

analysis, and conditions, please refer to Applicants' third amended and 
restated application, dated November 29, 2022, which may be obtained 
via the Commission's website by searching for the file number at the 
top of this document, or for an Applicant using the Company name search 
field, on the SEC's EDGAR system. The SEC's EDGAR system may be 
searched at https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You may also call the SEC's Public Reference Room 
at (202) 551-8090.

    For the Commission, by the Division of Investment Management, 
under delegated authority.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-03777 Filed 2-22-23; 8:45 am]
BILLING CODE 8011-01-P

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