Meketa Infrastructure Fund and Meketa Capital, LLC, 83184-83185 [2023-26117]
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83184
Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act normally does not become operative
for 30 days after the date of its filing.
However, Rule 19b–4(f)(6)(iii) 37 permits
the Commission to designate a shorter
time if such action is consistent with the
protection of investors and the public
interest. The Exchange requested that
the Commission waive the 30-day
operative delay so that the proposal may
become operative immediately upon
filing. The Commission notes it has
approved a proposed rule change
substantially identical to the one
proposed by the Exchange.38 The
proposed change raises no novel legal or
regulatory issues. Therefore, the
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the 30-day
operative delay and designates the
proposed rule change operative upon
filing.39
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.
Comments may be submitted by any of
the following methods:
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–BOX–2023–26. 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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–BOX–2023–26 and should be
submitted on or before December 19,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.40
Christina Z. Milnor,
Assistant Secretary.
Electronic Comments
[FR Doc. 2023–26113 Filed 11–27–23; 8:45 am]
• 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–
BOX–2023–26 on the subject line.
BILLING CODE 8011–01–P
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35056; 812–15506]
Meketa Infrastructure Fund and Meketa
Capital, LLC
lotter on DSK11XQN23PROD with NOTICES1
November 21, 2023.
shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
37 17 CFR 240.19b–4(f)(6)(iii).
38 See supra note 3.
39 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
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Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
AGENCY:
Notice of an application under section
6(c) of the Investment Company Act of
40 17
PO 00000
CFR 200.30–3(a)(12), (59).
Frm 00112
Fmt 4703
Sfmt 4703
1940 (the ‘‘Act’’) for an exemption from
sections 18(a)(2), 18(c) and 18(i) of the
Act, under sections 6(c) and 23(c) of the
Act for an exemption from rule 23c–3
under the Act, and for an order pursuant
to section 17(d) of the Act and rule 17d–
1 under the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit certain
registered closed-end investment
companies to issue multiple classes of
shares and to impose early withdrawal
charges and asset-based distribution
and/or service fees.
APPLICANTS: Meketa Infrastructure Fund
and Meketa Capital, LLC.
FILING DATES: The application was filed
on September 14, 2023, and amended
on October 17, 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 December 18, 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:
Chelsea Childs, Esq., Ropes & Gray LLP,
Chelsea.Childs@ropesgray.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’ application, dated October
17, 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/
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Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 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.
J. Matthew DeLesDernier,
Deputy Secretary.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
[FR Doc. 2023–26117 Filed 11–27–23; 8:45 am]
BILLING CODE 8011–01–P
1. Purpose
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99007; File No. SR–BOX–
2023–28]
Self-Regulatory Organizations; BOX
Exchange LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Establish IM–7600–8
November 21, 2023.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
17, 2023, BOX Exchange LLC (‘‘BOX’’ 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 Exchange. The Exchange filed the
proposed rule change pursuant to
Section 19(b)(3)(A)(iii) of the Act 3 and
Rule 19b–4(f)(6) thereunder.4 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 proposes to
establish IM–7600–8. The text of the
proposed rule change is available from
the principal office of the Exchange, at
the Commission’s Public Reference
Room and also on the Exchange’s
internet website at https://
rules.boxexchange.com/rulefilings.
lotter on DSK11XQN23PROD with NOTICES1
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.
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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
The purpose of the proposed rule
change is to establish IM–7600–8.
Proposed IM–7600–8 codifies current
functionality and proposes an
additional enhancement. Specifically,
the Exchange is proposing to codify
current functionality that, upon order
entry, the system reduces a Complex
QOO Order or multi-leg QOO Order to
its simplest form, which also requires a
corresponding quantity increase and a
price decrease (for example the system
will reduce 6A+3B, 1 time to 2A+B, 3
times for 1⁄3 of the price).5 Additionally,
the Exchange is proposing that, if
reducing the order to its simplest form
results in a net price for the order that
exceeds three decimal places, the
system will round the net price of the
Complex QOO Order or multi-leg QOO
Order to the third decimal place with
the advantage to the initiating side. For
purposes of executing and determining
the priority of the component legs of
Complex QOO or multi-leg QOO Orders,
the system will calculate the quantities
and prices of the component legs in one
cent ($0.01) increments necessary to
achieve the net price of the order. The
component legs of a Complex QOO
Order or multi-leg QOO Order will
execute in one cent ($0.01) increments
and the priority of each component leg
will be determined based on its
execution price. A Complex QOO Order
or multi-leg QOO Order that is reduced
to its simplest form will be executed
pursuant to the provisions in Rule 7600
(Qualified Open Outcry Orders—Floor
Crossing), including Rule 7600(c)
(Submission of QOO Orders).
Background
Today, BOX Participants may submit
a Complex QOO Order or multi-leg
QOO Order with leg ratios that have not
been reduced by the highest common
denominator for the component legs of
the order. Upon receipt of such a
Complex QOO Order or multi-leg QOO
Order, the system will reduce the order
to its simplest form by dividing the leg
quantities by their highest common
1 15
2 17
VerDate Sep<11>2014
17:19 Nov 27, 2023
5 The strategy 6A+3B, 1 time for X price is equal
to the strategy 2A+B, 3 times for X/3 of the price.
See also infra note 5.
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83185
denominator.6 The system makes a
corresponding reduction to the price of
the strategy and a corresponding
increase to the quantity of the strategy
so that the net price of the order before
and after the reduction by the highest
common denominator is economically
equivalent.7 The order is then accepted
into the system and processed according
to Exchange rules. The Exchange
reduces such strategy orders to their
simplest form to avoid populating the
Complex Order Book 8 with multiple
versions of economically equivalent
strategies which may cause confusion
and result in unnecessary demands on
system resources. Currently, when this
process of reducing an order to its
simplest form results in a net price with
more than three decimal places (i.e.,
1.666...) (‘‘non-conforming strategy
price’’), the system rejects the Complex
QOO Order or multi-leg QOO Order
back to the submitting Participant.9
Proposal
The Exchange now proposes a system
enhancement to accept a Complex QOO
Order or multi-leg QOO Order with a
non-conforming strategy price. Under
this proposal, when reducing the leg
ratios of the Complex QOO Order or
multi-leg QOO Order, the system will
now round a non-conforming strategy
price to a net price with three decimals
to the advantage of the initiating side
instead of rejecting such orders. The
order can then be accepted and
processed pursuant to Exchange rules.
The Exchange notes that the current
priority rules for Complex QOO Orders
and multi-leg QOO Orders will continue
to apply. As discussed above, if the
6 For example, a Complex QOO Order is
submitted as 6A+3B. The system will reduce the
strategy to its simplest form by dividing each leg by
their highest common denominator (i.e., 3),
resulting in 2A+B (6A/3 + 3B/3). This operation is
performed so that the system is not replete with
multiple versions of economically equivalent
strategies which would populate the Complex
Order Book and may cause confusion and result in
unnecessary demands on system resources.
7 For example, if the above Complex Order of
6A+3B was submitted with a price of 3.30 for the
strategy, in addition to dividing each leg by 3, the
system will divide the price by the same value,
resulting in a price of 1.10 (3.30/3) for the reduced
strategy of 2A+B. Additionally, the system would
multiply the quantity of the strategy by 3 so that
the net result is a strategy for 2A+B for 1.10, 3
times. In summary, the strategy 6A+3B, 1 time for
3.30 is economically equivalent to 2A+B, 3 times
for 1.10.
8 The term ‘‘Complex Order Book’’ means the
electronic book of Complex Orders maintained by
the BOX Trading Host. See BOX Rule 7240(a)(8).
9 The Exchange notes that currently when
reducing strategy orders to their simplest form
results in a net price with three or fewer decimal
places, the Complex QOO Order or multi-leg QOO
Order is executed pursuant to the provisions in
Rule 7600.
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]]>Agencies
[Federal Register Volume 88, Number 227 (Tuesday, November 28, 2023)]
[Notices]
[Pages 83184-83185]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-26117]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35056; 812-15506]
Meketa Infrastructure Fund and Meketa Capital, LLC
November 21, 2023.
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 (the ``Act'') for an exemption from sections
18(a)(2), 18(c) and 18(i) of the Act, under sections 6(c) and 23(c) of
the Act for an exemption from rule 23c-3 under the Act, and for an
order pursuant to section 17(d) of the Act and rule 17d-1 under the
Act.
Summary of Application: Applicants request an order to permit certain
registered closed-end investment companies to issue multiple classes of
shares and to impose early withdrawal charges and asset-based
distribution and/or service fees.
Applicants: Meketa Infrastructure Fund and Meketa Capital, LLC.
Filing Dates: The application was filed on September 14, 2023, and
amended on October 17, 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 December
18, 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:
Chelsea Childs, Esq., Ropes & Gray LLP, [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' application,
dated October 17, 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/
[[Page 83185]]
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.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2023-26117 Filed 11-27-23; 8:45 am]
BILLING CODE 8011-01-P
