James Alpha Funds Trust d/b/a Easterly Funds Trust and Easterly Investment Partners LLC, 18978-18979 [2024-05595]
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18978
Federal Register / Vol. 89, No. 52 / Friday, March 15, 2024 / Notices
khammond on DSKJM1Z7X2PROD with NOTICES
is not necessary or appropriate in
furtherance of the purposes of the Act.
The proposed change is designed to
continue to encourage LMMs to increase
liquidity directed to the Exchange by
increasing the credits available to LMMs
on posted liquidity in Penny issues
other than SPY. Although the proposed
change would eliminate the volumebased Rights Fee discounts, it would
offer increased posting credits to LMMs
that are not based on volume achieved.
The proposed change would apply to all
similarly-situated market participants
and would not impose a disparate
burden on competition. The Exchange
does not believe that maintaining the
current posted liquidity credits for the
LMM in SPY would impose a disparate
burden on competition given the unique
incentives available to Market Makers in
SPY.10 The Exchange further believes
that, to the extent the proposed change
results in increased liquidity on the
Exchange, it would improve market
quality for the benefit of all market
participants.
The Exchange also does not believe
that the proposed change would impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the Act; as order
execution venues are free to modify
their own fees in response to
competitors’ fees, the Exchange believes
that the degree to which the proposed
change could impose any burden on
competition is limited. The Exchange
further believes that the proposed
change could promote competition
between the Exchange and other
execution venues to the extent the
proposed change encourages increased
order flow to the Exchange, thereby
making the Exchange a more attractive
venue for, among other things, order
execution. Finally, the Exchange notes
that it operates in a highly competitive
market in which market participants can
readily favor competing venues. In such
an environment, the Exchange must
continually review, and consider
adjusting, its fees and credits to remain
competitive with other exchanges. For
the reasons described above, the
Exchange believes that the proposed
rule change reflects this competitive
environment.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change is effective
upon filing pursuant to Section
19(b)(3)(A) 11 of the Act and
subparagraph (f)(2) of Rule 19b–4 12
thereunder, because it establishes a due,
fee, or other charge imposed by the
Exchange.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 13 of the Act to
determine whether the proposed rule
change 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:
Electronic Comments
• 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–
NYSEARCA–2024–24 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–NYSEARCA–2024–24. 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
11 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(2).
13 15 U.S.C. 78s(b)(2)(B).
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–NYSEARCA–2024–24 and should be
submitted on or before April 5, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–05490 Filed 3–14–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35153; 812–15531]
James Alpha Funds Trust d/b/a
Easterly Funds Trust and Easterly
Investment Partners LLC
March 12, 2024.
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–
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 certain
subadvisors without shareholder
approval and grant relief from the
Disclosure Requirements as they relate
to fees paid to the subadvisors.
12 17
10 See
id.
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CFR 200.30–3(a)(12).
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Federal Register / Vol. 89, No. 52 / Friday, March 15, 2024 / Notices
James Alpha Funds Trust
d/b/a Easterly Funds Trust and Easterly
Investment Partners LLC.
APPLICANTS:
The application was filed
on December 8, 2023, and amended on
February 9, 2024.
FILING DATES:
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 April 8, 2024, 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.
The Commission:
Secretarys-Office@sec.gov. Applicants:
Darrell Crate, dcrate@easterlyam.com;
Matthew DiClemente, Esq.,
mdiclemente@stradley.com; and
Michael W. Mundt, Esq., mmundt@
stradley.com.
ADDRESSES:
Jill
Ehrlich, Senior Counsel, or Lisa Reid
Ragen, Branch Chief, at (202) 551–6825
(Division of Investment Management,
Chief Counsel’s Office).
FOR FURTHER INFORMATION CONTACT:
khammond on DSKJM1Z7X2PROD with NOTICES
[FR Doc. 2024–05595 Filed 3–14–24; 8:45 am]
BILLING CODE 8011–01–P
HEARING OR NOTIFICATION OF HEARING:
For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ amended application, dated
February 9, 2024, 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.
SUPPLEMENTARY INFORMATION:
For the Commission, by the Division of
Investment Management, under delegated
authority.
Sherry R. Haywood,
Assistant Secretary.
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99704; File No. SR–
NYSEARCA–2024–21]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify Rule 7.31–E
March 11, 2024.
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
26, 2024, 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 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify
Rule 7.31–E regarding Primary Pegged
Orders. 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.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
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18979
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 amend
Rule 7.31–E regarding Primary Pegged
Orders.
Rule 7.31–E(h) defines a Pegged Order
as a Limit Order that does not route
with a working price that is pegged to
a dynamic reference price. If the
designated reference price is higher
(lower) than the limit price of a Pegged
Order to buy (sell), the working price
will be the limit price of the order.
Rule 7.31–E(h)(2) defines a Primary
Pegged Order as a Pegged Order to buy
(sell) with a working price that is
pegged to the PBB (PBO), with no offset
allowed. A Primary Pegged Order to buy
(sell) will be rejected on arrival, or
cancelled when resting, if there is no
PBB (PBO) against which to peg. A
Primary Pegged Order is eligible to
participate in auctions at the limit price
of the order, provided that, a Primary
Pegged Order is not eligible to
participate in the Closing Auction.
Rule 7.31–E(h)(2)(A) currently
provides that a Primary Pegged Order
must include a minimum of one round
lot displayed. Rule 7.31–E(h)(2)(A)
further provides that the working price
of a Primary Pegged Order equals the
display price, the display quantity is
ranked Priority 2—Display Orders, and
the reserve interest is ranked Priority
3—Non-Display Orders.
Rule 7.31–E(h)(2)(B) provides that a
Primary Pegged Order will be rejected if
the PBBO is locked or crossed. If the
PBBO is locked or crossed when the
display quantity of a Primary Pegged
Reserve Order is replenished, the entire
order will be cancelled. If after arrival,
the PBBO becomes locked or crossed,
the Primary Pegged Order will wait for
a PBBO that is not locked or crossed
before the display and working price are
adjusted and remains eligible to trade at
its current working price.
The Exchange proposes to modify
Rule 7.31–E(h)(2)(A) to permit Primary
Pegged Orders to be entered in any size
and thus proposes to eliminate rule text
currently providing that a Primary
Pegged Order must include a minimum
of one round lot displayed. The
Exchange believes that requiring
Primary Pegged Orders to be entered in
round lots is unnecessary and that
providing ETP Holders with the option
to enter Primary Pegged Orders in odd
lots could increase liquidity and
enhance opportunities for order
execution on the Exchange. The
Exchange notes that permitting odd-lot
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]]>Agencies
[Federal Register Volume 89, Number 52 (Friday, March 15, 2024)]
[Notices]
[Pages 18978-18979]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-05595]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35153; 812-15531]
James Alpha Funds Trust d/b/a Easterly Funds Trust and Easterly
Investment Partners LLC
March 12, 2024.
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 6-07(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 certain subadvisors without shareholder approval and grant relief
from the Disclosure Requirements as they relate to fees paid to the
subadvisors.
[[Page 18979]]
Applicants: James Alpha Funds Trust d/b/a Easterly Funds Trust and
Easterly Investment Partners LLC.
Filing Dates: The application was filed on December 8, 2023, and
amended on February 9, 2024.
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 April 8,
2024, 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:
Darrell Crate, [email protected]; Matthew DiClemente, Esq.,
[email protected]; and Michael W. Mundt, Esq.,
[email protected].
FOR FURTHER INFORMATION CONTACT: Jill Ehrlich, Senior Counsel, or Lisa
Reid Ragen, Branch Chief, 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
application, dated February 9, 2024, 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. 2024-05595 Filed 3-14-24; 8:45 am]
BILLING CODE 8011-01-P
