Two Roads Shared Trust and Hypatia Capital Management LLC, 25438-25439 [2023-08754]
Download as PDF
<![CDATA[
25438
Federal Register / Vol. 88, No. 80 / Wednesday, April 26, 2023 / Notices
ddrumheller on DSK120RN23PROD with NOTICES1
advisory opinions on proposed service
standard changes related to the strategic
plan that involved First-Class Mail,
Periodicals, First-Class Package Service,
Retail Ground, and Parcel Select
Ground.3 After providing an
opportunity for a formal on-the-record
hearing, pursuant to 5 U.S.C. 3661(c),
the Commission issued advisory
opinions on the Postal Service’s
proposed service standard changes,
analyzing the estimated impact of the
proposals on the Postal Service’s service
performance, financial condition,
operational flow, transportation
network, customer satisfaction, and mail
volume.4
Most recently, the Postal Service
announced plans to create sorting and
delivery centers (S&DCs).5 The purpose
of the S&DCs is to ‘‘reduce
transportation and mail handling
costs’’ 6 by aggregating delivery units
into ‘‘larger Sort and Delivery Centers
with adequate space, docks and material
handling equipment to operate more
efficiently.’’ 7 The daily operating
function of the S&DC will be essentially
the same as a destination delivery unit
(DDU), ‘‘except on a larger scale and
with much greater efficiency,
operational reliability and staffing
flexibility.’’ 8 The first S&DC opened in
3 See Docket No. N2021–1, United States Postal
Service Request for an Advisory Opinion on
Changes in the Nature of Postal Services, April 21,
2021; Docket No. N2021–2, United States Postal
Service Request for an Advisory Opinion on
Changes in the Nature of Postal Services, June 17,
2021; Docket No. N2022–1, United States Postal
Service’s Request for an Advisory Opinion on
Changes in the Nature of Postal Services, March 21,
2022.
4 Docket No. N2021–1, Advisory Opinion on
Service Changes Associated with First-Class Mail
and Periodicals, July 20, 2021, at 2; Docket No.
N2021–2, Advisory Opinion on the Service
Standard Changes Associated with First-Class
Package Service, September 29, 2021, at 3; Docket
No. N2022–1, Advisory Opinion on the Service
Standard Changes Associated with Retail Ground
and Parcel Select Ground, June 9, 2022, at 2.
5 See United States Postal Service, Video and
Transcript of Postmaster General Louis DeJoy’s
Keynote Address During the 2022 National Postal
Forum, May 18, 2022, available at https://
about.usps.com/newsroom/national-releases/2022/
0518-video-and-transcript-of-pmg-louis-dejoyskeynote-address-during-2022-national-postalforum.htm.
6 See United States Postal Service, Letter to
Edmund A. Carley, National President, United
Postmasters and Managers of America from James
Lloyd, Director, Labor Relations Policies and
Programs, July 29, 2022, available at https://
www.unitedpma.org/docs/default-source/defaultdocument-library/resources/notification0729202246b67af2-353b-48a5-9ca887cf43e95d81.pdf?sfvrsn=6055688d_3.
7 See United States Postal Service, The Eagle
Magazine, Volume 1, Issue 4, July 2022, at 11,
available at https://about.usps.com/resources/
eaglemag/em20220802.pdf.
8 See United States Postal Service, The Eagle
Magazine, Volume 2, Issue 2, Feb. 2023, at 11,
VerDate Sep<11>2014
19:28 Apr 25, 2023
Jkt 259001
Athens, Georgia in November 2022.9
Likewise, the Postal Service anticipates
transforming its network through
standardized Regional Processing and
Distribution Centers (RPDCs) and Local
Processing Centers (LPCs). See Postal
Service DFA PSRA Responses at 9, 20.
The Commission discussed potential
impacts to flats operations and costs due
to the new S&DCs in its Flats Operations
Study Report, largely based on
information provided to stakeholders
and Postal employees.10 However, the
Commission notes that stakeholders
have expressed concerns regarding a
lack of a forum to explore the impacts
of these proposed changes.11 The
Commission previously found that an
advisory opinion on the entirety of the
Postal Service Strategic Plan was not
warranted.12 The instant docket is not
intended as an advisory opinion process
on the Postal Service Strategic Plan.
However, the Commission finds it
beneficial to the interest of transparency
to provide a forum to learn more about
these strategic plan initiatives that may
have a significant impact on the postal
community. Accordingly, the
Commission opens this Public Inquiry
to provide a forum to seek additional
information about the planned S&DCs,
as well as other planned initiatives
associated with the Postal Service
Strategic Plan.
III. Public Inquiry
The Commission establishes this
proceeding to provide a forum to garner
information regarding proposed changes
related to the Postal Service’s Strategic
Plan. The Commission anticipates that it
will issue information requests to gather
information about the proposed changes
to the network and the impact of recent
changes to the postal network.
Interested parties also may propose
questions by filing motions seeking
information requests following the
procedures listed at 39 CFR part
3010.170(e).
Materials filed in this proceeding will
be available for review on the
Commission’s website, unless the
information contained therein is subject
to an application for non-public
treatment. The Commission’s rules on
non-public materials (including access
to documents filed under seal) appear in
39 CFR part 3011. Additional
information may be accessed via the
Commission’s website at https://
www.prc.gov. Pursuant to 39 U.S.C. 505,
Kenneth R. Moeller will serve as an
officer of the Commission (Public
Representative) to represent the
interests of the general public in this
docket.
IV. Ordering Paragraphs
It is ordered:
1. The Commission establishes Docket
No. PI2023–4 to review issues related to
the Postal Service’s Delivering for
America Strategic Plan.
2. Pursuant to 39 U.S.C. 505, Kenneth
R. Moeller will serve as an officer of the
Commission (Public Representative) to
represent the interests of the general
public in this docket.
3. The Secretary shall arrange for
publication of this Notice in the Federal
Register.
By the Commission.
Erica A. Barker,
Secretary.
[FR Doc. 2023–08762 Filed 4–25–23; 8:45 am]
BILLING CODE 7710–FW–P
available at https://about.usps.com/resources/
eaglemag/em20230131.pdf.
9 See KBTX 3 News, Proposed USPS sorting &
delivery plan could impact mail delivery across the
region, Jan. 23, 2023, available at https://
www.kbtx.com/2023/01/24/proposed-usps-sortingdelivery-plan-could-impact-mail-delivery-acrossregion/.
10 See Docket No. SS2022–1, Flats Operations
Study Report, April 6, 2023, at 198–99.
11 See, e.g., Steve Hutkins, The S&DC rollout rolls
on: Implementation & Impacts of Delivery Network
Transformation, Save the Post Office, Jan. 26, 2023,
available at https://www.savethepostoffice.com/sdcrollout-rolls-on-implementation-impacts-ofdelivery-network-transformation (‘‘Some details
about the plan have been revealed over the past
several months, but the Postal Service has, for the
most part, been reluctant to share much with
stakeholders and the public.’’); Bill McAllister,
USPS outlines plans for new sorting and delivery
centers, LINN’s Stamp News, Sep. 6, 2022, available
at https://www.linns.com/news/us-stamps-postalhistory/usps-outlines-plans-for-new-sorting-anddelivery-centers (‘‘Postal officials have disclosed
few specifics about DeJoy’s plans . . .’’).
12 See Docket No. C2022–1, Order Granting
Motion to Dismiss Complaint, December 17, 2021
(Order No. 6067).
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
34892; 812–15428]
Two Roads Shared Trust and Hypatia
Capital Management LLC
Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
1940 (‘‘Act’’) for an exemption from
section 15(a) of the Act, as well as from
certain disclosure requirements in rule
20a–1 under the Act, Item 19(a)(3) of
Form N–1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of
Schedule 14A under the Securities
Exchange Act of 1934, and sections 6–
E:\FR\FM\26APN1.SGM
26APN1
ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 88, No. 80 / Wednesday, April 26, 2023 / Notices
07(2)(a), (b), and (c) of Regulation S–X
(‘‘Disclosure Requirements’’).
SUMMARY OF APPLICATION: The requested
exemption would permit Applicants to
enter into and materially amend
subadvisory agreements with
subadvisers without shareholder
approval and would grant relief from
the Disclosure Requirements as they
relate to fees paid to the subadvisers.
APPLICANTS: Two Roads Shared Trust
and Hypatia Capital Management LLC.
FILING DATES: The application was filed
on January 24, 2023 and amendments
on March 21, 2023 and April 14, 2023.
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 SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the 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 May 15, 2023, and
should be accompanied by proof of
service on the 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:
Stacy H. Louizos, stacy.louizos@
blankrome.com and Timothy Burdick,
tburdick@ultimusfundsolutions.com.
FOR FURTHER INFORMATION CONTACT:
Trace W. Rakestraw, Senior Special
Counsel, at (202) 551–6825 (Division of
Investment Management, Chief
Counsel’s Office).
SUPPLEMENTARY INFORMATION: For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ amended and restated
application, dated April 14, 2023, 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
VerDate Sep<11>2014
19:28 Apr 25, 2023
Jkt 259001
the SEC’s Public Reference Room at
(202) 551–8090.
For the Commission, by the Division of
Investment Management, under delegated
authority.
Dated: April 20, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–08754 Filed 4–25–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–97341; File No. SR–IEX–
2023–05]
Self-Regulatory Organizations;
Investors Exchange LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Allow NonDisplayed Discretionary Limit Orders
To Be Submitted With a Minimum
Quantity Instruction
April 20, 2023.
Pursuant to section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on April 7,
2023, the Investors Exchange LLC
(‘‘IEX’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) the proposed
rule change as described in Items I, II
and III below, which Items have been
prepared by the Exchange. 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
Pursuant to the provisions of 19(b)(1)
under the Act,3 and Rule 19b–4
thereunder,4 IEX is filing with the
Commission a proposal to allow nondisplayed Discretionary Limit orders to
be submitted with a minimum quantity
instruction. The Exchange has
designated this proposal as noncontroversial and provided the
Commission with the notice required by
Rule 19b–4(f)(6)(iii) under the Act.5
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.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(1).
4 17 CFR 240.19b–4.
5 17 CFR 240.19b–4(f)(6)(iii).
2 17
PO 00000
Frm 00082
Fmt 4703
Sfmt 4703
25439
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 statements may be examined at
the places specified in Item IV below.
The self-regulatory organization has
prepared summaries, set forth in s 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 purpose of this proposed rule
filing is to amend IEX Rule 11.190(b)(7)
to offer Members 6 the option of
including a Minimum Quantity
(‘‘MQTY’’) 7 instruction on a nondisplayed 8 Discretionary Limit (‘‘DLimit’’) order. As proposed, a nondisplayed D-Limit MQTY order would
function exactly like any other MQTY
order at IEX.
Background
Since the approval of its exchange
application, IEX, like other equities
exchanges,9 has offered Members 10 the
option of including a MQTY instruction
on a non-displayed order. IEX’s
rulebook defines a MQTY order as a
non-displayed, non-routable order that
enables a Member to specify an
‘‘effective minimum quantity’’, which is
the minimum share amount at which
the order will execute.11 A MQTY order
will not execute unless the volume of
contra-side liquidity available to
execute against the order meets or
exceeds the effective minimum
quantity.
IEX understands that some market
participants use MQTY orders as part of
a trading strategy designed to limit the
price impact on a security when
passively executing larger orders. In
other words, MQTY orders are often
used to reduce the likelihood of a larger
resting order interacting with small
orders entered by professional traders,
6 See
IEX Rule 1.160(s).
IEX Rule 11.190(b)(11).
8 See IEX Rule 11.190(b)(3).
9 See, e.g., Cboe BZX Exchange, Inc. Rule
11.9(c)(5); MEMX, LLC Rule 11.6(f); The Nasdaq
Stock Market LLC Rule 4703(e); and New York
Stock Exchange LLC Rule 7.31(i)(3).
10 See IEX Rule 1.160(s).
11 See IEX Rule 11.190(b)(11).
7 See
E:\FR\FM\26APN1.SGM
26APN1
]]>Agencies
[Federal Register Volume 88, Number 80 (Wednesday, April 26, 2023)]
[Notices]
[Pages 25438-25439]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-08754]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 34892; 812-15428]
Two Roads Shared Trust and Hypatia Capital Management LLC
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act, as well as from certain disclosure requirements in rule 20a-1
under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the
Securities Exchange Act of 1934, and sections 6-
[[Page 25439]]
07(2)(a), (b), and (c) of Regulation S-X (``Disclosure Requirements'').
Summary of Application: The requested exemption would permit
Applicants to enter into and materially amend subadvisory agreements
with subadvisers without shareholder approval and would grant relief
from the Disclosure Requirements as they relate to fees paid to the
subadvisers.
Applicants: Two Roads Shared Trust and Hypatia Capital Management LLC.
Filing Dates: The application was filed on January 24, 2023 and
amendments on March 21, 2023 and April 14, 2023.
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 SEC's Secretary at [email protected] and serving the
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 May 15,
2023, and should be accompanied by proof of service on the 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: Stacy
H. Louizos, [email protected] and Timothy Burdick,
[email protected].
FOR FURTHER INFORMATION CONTACT: Trace W. Rakestraw, Senior Special
Counsel, at (202) 551-6825 (Division of Investment Management, Chief
Counsel's Office).
SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' amended and
restated application, dated April 14, 2023, 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.
Dated: April 20, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-08754 Filed 4-25-23; 8:45 am]
BILLING CODE 8011-01-P
