Information on SBA Secondary Market Program, 66750-66751 [2024-18377]
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Federal Register / Vol. 89, No. 159 / Friday, August 16, 2024 / Notices
and assessment of the Sales Value Fee
as a result of the proposed changes.
Rather, the proposed changes will
provide a more complete and accurate
description of the Sales Value Fee
(including an explanation of the Fee and
how it is collected) to all Members. The
Exchange believes the proposed change
represents an equitable allocation of fees
and is not unfairly discriminatory
because it applies uniformly to all
Members.
to determine whether the proposed rule
change should be approved or
disapproved.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe the proposed
changes will impose any burden on
intramarket competition. Particularly,
the proposed change applies uniformly
to all Members, in that the Sales Value
Fee will continue to be applied
uniformly to all Members’ applicable
orders.
The Exchange does not believe that
the proposed rule changes will impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
As noted above, assessing a sales fee to
defray the cost of fees assessed under
Section 31 of the Act is common
practice among the national securities
exchanges and associations.11
Electronic Comments
lotter on DSK11XQN23PROD with NOTICES1
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and paragraph (f) of Rule
19b–4 13 thereunder. 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 will institute proceedings
11 See, e.g., ISE Options 7, Section 12; NASDAQ
Options 7, Section 8; NYSE Rule 393; and Cboe
Options Fees Schedule, Sales Value Fee.
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f).
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17:33 Aug 15, 2024
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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:
• 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–
CboeEDGX–2024–049 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–CboeEDGX–2024–049. 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–CboeEDGX–2024–049 and should be
submitted on or before September 6,
2024.
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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–18341 Filed 8–15–24; 8:45 am]
BILLING CODE 8011–01–P
SMALL BUSINESS ADMINISTRATION
Information on SBA Secondary Market
Program
U.S. Small Business
Administration.
ACTION: Update to secondary market
program.
AGENCY:
The purpose of this Notice is
to inform the public that the Small
Business Administration (SBA) is
making a change to its Secondary
Market Loan Pooling Program. SBA is
decreasing the minimum maturity ratio
for both SBA Standard Pools and
Weighted-Average Coupon (WAC) Pools
by 300 basis points, to 89.0%. The
minimum maturity ratio covers the
estimated cost of the timely payment
guaranty for newly formed SBA 7(a)
loan pools. This update will be
incorporated, as needed, into the SBA
Secondary Market Program Guide and
all other appropriate SBA Secondary
Market documents.
DATES: The update will apply to SBA
7(a) loan pools with an issue date on or
after October 1, 2024.
ADDRESSES: Address comments
concerning this Notice to David Parrish,
Chief Secondary Market Division, Office
of Financial Assistance, U.S. Small
Business Administration, 409 3rd Street
SW, Washington, DC 20416; or
david.parrish@sba.gov.
FOR FURTHER INFORMATION CONTACT:
David Parrish, Chief Secondary Market
Division, Office of Financial Assistance
at (202) 205–6346; or david.parrish@
sba.gov. If you are deaf, hard of hearing,
or have a speech disability, please dial
7–1–1 to access telecommunications
relay services.
SUPPLEMENTARY INFORMATION: The
Secondary Market Improvements Act of
1984, 15 U.S.C. 634(f) through (h),
authorized SBA to guarantee the timely
payment of principal and interest on
Pool Certificates. A Pool Certificate
represents a fractional undivided
interest in a ‘‘Pool,’’ which is an
aggregation of SBA guaranteed portions
of loans made by SBA Lenders under
section 7(a) of the Small Business Act,
15 U.S.C. 636(a). In order to support the
SUMMARY:
14
17 CFR 200.30–3(a)(12).
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Federal Register / Vol. 89, No. 159 / Friday, August 16, 2024 / Notices
timely payment guaranty requirement,
SBA established the Master Reserve
Fund (MRF), which serves as a
mechanism to cover the cost of SBA’s
timely payment guaranty. Borrower
payments on the guaranteed portions of
pooled loans, as well as SBA guaranty
payments on defaulted pooled loans, are
deposited into the MRF. Funds are held
in the MRF until distributions are made
to investors (Registered Holders) of Pool
Certificates. The interest earned on the
borrower payments and the SBA
guaranty payments deposited into the
MRF supports the timely payments
made to Registered Holders.
From time to time, SBA provides
guidance to SBA Pool Assemblers on
the required loan and pool
characteristics necessary to form a Pool.
These characteristics include, among
other things, the minimum number of
guaranteed portions of loans required to
form a Pool, the allowable difference
between the highest and lowest gross
and net note rates of the guaranteed
portions of loans in a Pool, and the
minimum maturity ratio of the
guaranteed portions of loans in a Pool.
The minimum maturity ratio is equal to
the ratio of the shortest and the longest
remaining term to maturity of the
guaranteed portions of loans in a Pool.
Based on SBA’s expectations as to the
performance of future Pools, SBA Pool
Assemblers may increase the difference
between the shortest and the longest
remaining term of the guaranteed
portions of loans in a Pool by 3
percentage points (i.e., decreasing the
minimum maturity ratio by 300 basis
points). SBA does not expect a 3percentage point decrease in the
minimum maturity ratio to have an
adverse impact on either the program or
the participants in the program.
Therefore, effective October 1, 2024, all
guaranteed portions of loans in
Standard Pools and WAC Pools
presented for settlement with SBA’s
Fiscal Transfer Agent will be required to
have a minimum maturity ratio of at
least 89.0%.
SBA will continue to monitor loan
and pool characteristics and will
provide notification of additional
changes as necessary. It is important to
note that there is no change to SBA’s
obligation to honor its guaranty of the
amounts owed to Registered Holders of
Pool Certificates and that such guaranty
continues to be backed by the full faith
and credit of the United States.
This program change will be
incorporated as necessary into SBA’s
Secondary Market Guide and all other
appropriate SBA Secondary Market
documents. As indicated above, this
change will be effective for Standard
Pools and WAC Pools with an issue date
on or after October 1, 2024.
David Parrish,
Chief, Secondary Market Division.
[FR Doc. 2024–18377 Filed 8–15–24; 8:45 am]
BILLING CODE P
SMALL BUSINESS ADMINISTRATION
Small Business Investment Company
Licensing and Examination Fees
Inflation Adjustment
U.S. Small Business
Administration.
ACTION: Notice of inflation adjustment of
SBIC licensing and examination fees.
AGENCY:
The U.S. Small Business
Administration (SBA) is providing
SUMMARY:
notice of the annual Inflation
Adjustment to the Licensing and
Examination Fees charged in the Small
Business Investment Company (SBIC)
program, required under the SBIC
program regulations.
DATES: The SBIC program Licensing and
Examination Fees identified in this
notice will become effective on October
1, 2024, and will not require further
Inflation Adjustment prior to the release
of the June 2025 Consumer Price Index
for All Urban Consumers (CPI–U), as
calculated by the U.S. Bureau of Labor
Statistics (BLS).
FOR FURTHER INFORMATION CONTACT:
Gretchen L. Kittel, Office of Investment
and Innovation, at 202–578–5502 or
oii.frontoffice@sba.gov. If you are deaf,
hard of hearing, or have a speech
disability, please dial 7–1–1 to access
telecommunications relay services.
SUPPLEMENTARY INFORMATION: The SBIC
program regulations at 13 CFR
107.300(c)(4), 107.692(b)(2), and
107.692(e) require SBA to annually
adjust the SBIC program Licensing and
Examination Fees using the Inflation
Adjustment defined in 13 CFR 107.50.
The current Licensing Fees payable by
SBIC Applicants became effective on
August 17, 2023, as part of the SBIC
Investment Diversification and Growth
Final Rule, and the current Examination
Fees payable by SBICs became effective
on October 1, 2023. This document
provides notice of the annual Inflation
Adjustment based on the release of the
June 2024 BLS CPI–U.
The table below identifies the
Licensing Fees payable by SBIC License
Applicants and Examination Fees
payable by SBICs, effective as of October
1, 2024.
SBIC fee type
Fund sequence
Licensing Fees (effective under § 107.300):
Initial Licensing Fee § 107.300(a) .........................................................................................
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Final Licensing Fee § 107.300(b) ..........................................................................................
Licensing Resubmission Penty Fee § 107.300(c)(3) 1 ..........................................................
Examination Fees (effective under § 107.692):
Minimum Base Fee (§ 107.692(b)(2)) ...................................................................................
Maximum Base Fee for non-Leveraged SBICs (§ 107.692(b)(2)) ........................................
Maximum Base Fee for Leveraged SBICs (§ 107.692(b)(2)) ...............................................
Delay Fee (§ 107.692(e)) ......................................................................................................
66751
Fees amounts
(effective October
1, 2024)
Fund I .................................
Fund II ................................
Fund III ...............................
Fund IV+ .............................
Fund I .................................
Fund II ................................
Fund III ...............................
Fund IV+ .............................
.............................................
$5,100
10,300
15,400
20,600
10,300
15,400
25,700
30,900
10,300
All
All
All
All
11,000
36,000
53,600
800
Funds
Funds
Funds
Funds
.............................
.............................
.............................
.............................
1 Resubmission Penalty Fee. The Resubmission Penalty Fee means a $10,000 penalty fee assessed to an applicant that has previously withdrawn or is otherwise not approved for a license that must be paid in addition to the Initial and Final Licensing Fees at the time the applicant resubmits its application.
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]]>Agencies
[Federal Register Volume 89, Number 159 (Friday, August 16, 2024)]
[Notices]
[Pages 66750-66751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-18377]
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-----------------------------------------------------------------------
SMALL BUSINESS ADMINISTRATION
Information on SBA Secondary Market Program
AGENCY: U.S. Small Business Administration.
ACTION: Update to secondary market program.
-----------------------------------------------------------------------
SUMMARY: The purpose of this Notice is to inform the public that the
Small Business Administration (SBA) is making a change to its Secondary
Market Loan Pooling Program. SBA is decreasing the minimum maturity
ratio for both SBA Standard Pools and Weighted-Average Coupon (WAC)
Pools by 300 basis points, to 89.0%. The minimum maturity ratio covers
the estimated cost of the timely payment guaranty for newly formed SBA
7(a) loan pools. This update will be incorporated, as needed, into the
SBA Secondary Market Program Guide and all other appropriate SBA
Secondary Market documents.
DATES: The update will apply to SBA 7(a) loan pools with an issue date
on or after October 1, 2024.
ADDRESSES: Address comments concerning this Notice to David Parrish,
Chief Secondary Market Division, Office of Financial Assistance, U.S.
Small Business Administration, 409 3rd Street SW, Washington, DC 20416;
or [email protected].
FOR FURTHER INFORMATION CONTACT: David Parrish, Chief Secondary Market
Division, Office of Financial Assistance at (202) 205-6346; or
[email protected]. If you are deaf, hard of hearing, or have a
speech disability, please dial 7-1-1 to access telecommunications relay
services.
SUPPLEMENTARY INFORMATION: The Secondary Market Improvements Act of
1984, 15 U.S.C. 634(f) through (h), authorized SBA to guarantee the
timely payment of principal and interest on Pool Certificates. A Pool
Certificate represents a fractional undivided interest in a ``Pool,''
which is an aggregation of SBA guaranteed portions of loans made by SBA
Lenders under section 7(a) of the Small Business Act, 15 U.S.C. 636(a).
In order to support the
[[Page 66751]]
timely payment guaranty requirement, SBA established the Master Reserve
Fund (MRF), which serves as a mechanism to cover the cost of SBA's
timely payment guaranty. Borrower payments on the guaranteed portions
of pooled loans, as well as SBA guaranty payments on defaulted pooled
loans, are deposited into the MRF. Funds are held in the MRF until
distributions are made to investors (Registered Holders) of Pool
Certificates. The interest earned on the borrower payments and the SBA
guaranty payments deposited into the MRF supports the timely payments
made to Registered Holders.
From time to time, SBA provides guidance to SBA Pool Assemblers on
the required loan and pool characteristics necessary to form a Pool.
These characteristics include, among other things, the minimum number
of guaranteed portions of loans required to form a Pool, the allowable
difference between the highest and lowest gross and net note rates of
the guaranteed portions of loans in a Pool, and the minimum maturity
ratio of the guaranteed portions of loans in a Pool. The minimum
maturity ratio is equal to the ratio of the shortest and the longest
remaining term to maturity of the guaranteed portions of loans in a
Pool.
Based on SBA's expectations as to the performance of future Pools,
SBA Pool Assemblers may increase the difference between the shortest
and the longest remaining term of the guaranteed portions of loans in a
Pool by 3 percentage points (i.e., decreasing the minimum maturity
ratio by 300 basis points). SBA does not expect a 3-percentage point
decrease in the minimum maturity ratio to have an adverse impact on
either the program or the participants in the program. Therefore,
effective October 1, 2024, all guaranteed portions of loans in Standard
Pools and WAC Pools presented for settlement with SBA's Fiscal Transfer
Agent will be required to have a minimum maturity ratio of at least
89.0%.
SBA will continue to monitor loan and pool characteristics and will
provide notification of additional changes as necessary. It is
important to note that there is no change to SBA's obligation to honor
its guaranty of the amounts owed to Registered Holders of Pool
Certificates and that such guaranty continues to be backed by the full
faith and credit of the United States.
This program change will be incorporated as necessary into SBA's
Secondary Market Guide and all other appropriate SBA Secondary Market
documents. As indicated above, this change will be effective for
Standard Pools and WAC Pools with an issue date on or after October 1,
2024.
David Parrish,
Chief, Secondary Market Division.
[FR Doc. 2024-18377 Filed 8-15-24; 8:45 am]
BILLING CODE P
