Institutional Investment Strategy Fund and Buena Capital Advisors, LLC, 87659-87660 [2024-25540]
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Federal Register / Vol. 89, No. 213 / Monday, November 4, 2024 / Notices
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minimum in all relevant currencies to
effect same-day and, where appropriate,
intraday and multiday settlement of
payment obligations with a high degree
of confidence under a wide range of
foreseeable stress scenarios that
includes, but is not limited to, the
default of the participant family that
would generate the largest aggregate
payment obligation for the covered
clearing agency in extreme but plausible
market conditions.10 As previously
noted, LCH SA anticipates the Proposed
Rule Change will strengthen its
Liquidity Coverage Ratio and further
enhance its liquidity risk profile by
incentivizing clearing members to
increase the amount of cash to satisfy
margin requirements. The additional
cash will add to LCH SA’s total liquid
resources, which can be used for the
settlement of daily payment obligations,
including with respect to the default of
the participant family generating the
largest aggregate payment obligation for
LCH SA.
For these reasons, LCH SA believes
the Proposed Rule Change is consistent
with the requirements of Section
17A(b)(3)(D) of the Act 11 in that the
amendments to the cash spreads and
securities fees are reasonable and
equitable among its participants. In
addition, LCH SA believes that the
Proposed Rule Change is consistent
with the requirements of Exchange Act
Rule 17Ad–22(e)(7)(i) 12 by enhancing
LCH SA’s liquidity risk profile.
B. Clearing Agency’s Statement on
Burden on Competition
Section 17A(b)(3)(I) of the Act 13
requires that the rules of a clearing
agency not impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. LCH SA does not
believe that the Proposed Rule Change
would impose any burden on
competition. The Proposed Rule Change
will enhance LCH SA’s ability to
manage the liquidity risks and related
costs associated with converting
securities collateral to cash and will
apply equally to all participants. LCH
SA also believes the proposed increase
in fees for securities collateral will not
be burdensome for participants, as
participants will continue to have the
option of posting securities collateral as
initial margin or instead post cash
collateral subject to the decreased
spread. Therefore, LCH SA does not
believe that the Proposed Rule Change
10 Id.
11 15
U.S.C. 78q–1(b)(3)(D).
CFR 240.17Ad–22(e)(7)(i).
13 15 U.S.C. 78q–1(b)(3)(I).
12 17
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would impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
Written comments relating to the
Proposed Rule Change have not been
solicited or received. LCH SA will
notify the Commission of any written
comments received by LCH SA.
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 and paragraph (f) of Rule
19b–4 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.
87659
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 such filings
will also be available for inspection and
copying at the principal office of LCH
SA and on LCH SA’s website at https://
www.lch.com/resources/rules-andregulations/proposed-rule-changes-0.
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–LCH SA–2024–004 and
should be submitted on or before
November 25, 2024.
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:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules-regulations/self-regulatoryorganization-rulemaking); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
LCH SA–2024–004 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
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–LCH SA–2024–004. 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-regulations/self-regulatoryorganization-rulemaking). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
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[FR Doc. 2024–25533 Filed 11–1–24; 8:45 am]
BILLING CODE 8011–01–P
[Investment Company Act Release No.
35351A; 812–15580]
Institutional Investment Strategy Fund
and Buena Capital Advisors, LLC
October 29, 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 (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 asset-based
14 17
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CFR 200.30–3(a)(12).
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87660
Federal Register / Vol. 89, No. 213 / Monday, November 4, 2024 / Notices
distribution and/or service fees and
early withdrawal charges.1
APPLICANTS: Institutional Investment
Strategy Fund and Buena Capital
Advisors, LLC.
FILING DATES: The application was filed
on May 29, 2024, and amended on
August 28, 2024 and October 25, 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
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 November 25, 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:
Secretarys-Office@sec.gov. Applicants:
Arash Ghodoosi, Institutional
Investment Strategy Fund, arash@
buenacapital.com, with a copy to JoAnn
M. Strasser, Esq., Thompson Hine LLP,
JoAnn.Strasser@ThompsonHine.com,
and Philip B. Sineneng, Esq., Thompson
Hine LLP, Philip.Sineneng@
ThompsonHine.com.
FOR FURTHER INFORMATION CONTACT:
Steven I. Amchan, 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
October 25, 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/
1 The Commission issued a notice of application
on October 8, 2024. Applicants subsequently
amended the application on October 25, 2024, so
a new notice is being issued.
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17:28 Nov 01, 2024
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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. 2024–25540 Filed 11–1–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–437, OMB Control No.
3235–0494]
Proposed Collection; Comment
Request; Extension: Rule 30e–2
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.) (‘‘Paperwork
Reduction Act’’), the Securities and
Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 30e–2 (17 CFR 270.30e–2) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (‘‘Investment
Company Act’’) requires registered unit
investment trusts (‘‘UITs’’) that invest
substantially all of their assets in shares
of a management investment company
(‘‘fund’’) to send their unitholders
annual and semiannual reports
containing financial information on the
underlying company. Specifically, rule
30e–2 requires that the report contain
all the applicable information and
financial statements or their equivalent,
required by rule 30e–1 under the
Investment Company Act (17 CFR
270.30e–1) to be included in reports of
the underlying fund for the same fiscal
period. Rule 30e–1 requires that the
underlying fund’s report contain, among
other things, the information that is
required to be included in such reports
by the fund’s registration statement form
under the Investment Company Act.
The purpose of this requirement is to
apprise current shareholders of the
operational and financial condition of
the UIT. Absent the requirement to
disclose all material information in
reports, investors would be unable to
obtain accurate information upon which
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to base investment decisions and
consumer confidence in the securities
industry might be adversely affected.
Requiring the submission of these
reports to the Commission permits us to
verify compliance with securities law
requirements.
Rule 30e–2, however, permits, under
certain conditions, delivery of a single
shareholder report to investors who
share an address (‘‘householding’’).
Specifically, rule 30e–2 permits
householding of annual and semiannual reports by UITs to satisfy the
delivery requirements of rule 30e–2 if,
in addition to the other conditions set
forth in the rule, the UIT has obtained
from each applicable investor written or
implied consent to the householding of
shareholder reports at such address. The
rule requires UITs that wish to
household shareholder reports with
implied consent to send a notice to each
applicable investor stating that the
investors in the household will receive
one report in the future unless the
investors provide contrary instructions.
In addition, at least once a year, UITs
relying on the rule for householding
must explain to investors who have
provided written or implied consent
how they can revoke their consent. The
purpose of the notice and annual
explanation requirements associated
with the householding provisions of the
rule is to ensure that investors who wish
to receive individual copies of
shareholder reports are able to do so.
The Commission estimates that the
annual burden associated with rule 30e–
2 is 15 hours per respondent. The
Commission estimates that there are
currently approximately 660 UITs that
file 1342 reports per year. Therefore, the
Commission estimates that the total
hour burden is approximately 10,065
hours. In addition to the burden hours,
the Commission estimates that the
annual cost of contracting for outside
services associated with rule 30e–2 is
$6,667 per respondent, for a total cost of
approximately $4,495,700.
Estimates of average burden hours are
made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
30e–2 is mandatory. The information
provided under rule 30e–2 will not be
kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to, a collection of
information unless it displays a
currently valid OMB control number.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
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]]>Agencies
[Federal Register Volume 89, Number 213 (Monday, November 4, 2024)]
[Notices]
[Pages 87659-87660]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-25540]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35351A; 812-15580]
Institutional Investment Strategy Fund and Buena Capital
Advisors, LLC
October 29, 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 (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 asset-based
[[Page 87660]]
distribution and/or service fees and early withdrawal charges.\1\
---------------------------------------------------------------------------
\1\ The Commission issued a notice of application on October 8,
2024. Applicants subsequently amended the application on October 25,
2024, so a new notice is being issued.
Applicants: Institutional Investment Strategy Fund and Buena Capital
---------------------------------------------------------------------------
Advisors, LLC.
Filing Dates: The application was filed on May 29, 2024, and amended on
August 28, 2024 and October 25, 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 November
25, 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: Arash
Ghodoosi, Institutional Investment Strategy Fund,
[email protected], with a copy to JoAnn M. Strasser, Esq.,
Thompson Hine LLP, [email protected], and Philip B.
Sineneng, Esq., Thompson Hine LLP, [email protected].
FOR FURTHER INFORMATION CONTACT: Steven I. Amchan, 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 October 25, 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. 2024-25540 Filed 11-1-24; 8:45 am]
BILLING CODE 8011-01-P
