Jefferies Credit Management LLC and Jefferies Credit Partners BDC Inc., 12875-12876 [2025-04647]
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Federal Register / Vol. 90, No. 52 / Wednesday, March 19, 2025 / Notices
prevents the other options exchanges
from proposing similar rules to list and
trade options on Commodity-Based
Trust Shares. As noted herein, ISE,
NYSE American, NYSE Arca and Cboe
have submitted a proposal to adopt an
identical rule to allow ISE, NYSE
American, NYSE Arca, and Cboe list
and trade options on Commodity-Based
Trust Shares without the need for
additional approvals.38
Furthermore, the Exchange notes that
listing and trading options on a
Commodity-Based Trust Share on the
Exchange will subject such options to
transparent exchange-based rules as
well as price discovery and liquidity, as
opposed to alternatively trading such
options in the OTC market. The
Exchange believes that the proposed
rule change may relieve any burden on,
or otherwise promote, competition as it
is designed to increase competition for
order flow on the Exchange in a manner
that is beneficial to investors by
providing them with a lower-cost option
to hedge their investment portfolios in
a timely manner.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
lotter on DSK11XQN23PROD with NOTICES1
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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:
• Send an email to rule-comments@
sec.gov. Please include file number SR–
MIAX–2025–07 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–MIAX–2025–07. 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–MIAX–2025–07 and should be
submitted on or before April 9, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.39
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–04511 Filed 3–18–25; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
38 See
supra note 5.
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12875
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35499; File No. 812–15707]
Jefferies Credit Management LLC and
Jefferies Credit Partners BDC Inc.
March 14, 2025.
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 Sections 18(a)(2), 18(c), 18(i), and
61(a) of the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit certain
registered closed-end investment
companies that have elected to be
regulated as business development
companies to issue multiple classes of
shares with varying sales loads and
asset-based distribution and/or service
fees.
APPLICANTS: Jefferies Credit
Management LLC and Jefferies Credit
Partners BDC Inc.
FILING DATES: The application was filed
on February 24, 2025 and amended on
March 13, 2025 and March 14, 2025.
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
April 8, 2025 and should be
accompanied by proof of service on
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 at SecretarysOffice@sec.gov.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
Adam Klepack, Esq., General Counsel,
Jefferies Finance LLC, 520 Madison
Avenue, 12th Floor, New York, New
York 10022; Ryan P. Brizek, Esq.,
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12876
Federal Register / Vol. 90, No. 52 / Wednesday, March 19, 2025 / Notices
Simpson Thacher & Bartlett LLP, 900 G
Street NW, Washington, DC 20001.
FOR FURTHER INFORMATION CONTACT:
Laura J. Riegel, Senior Counsel, or
Thomas Ahmadifar, 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’ Second Amended and
Restated Application, dated March 14,
2025, 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/
companysearch. You may also call the
SEC’s Office of Investor Education and
Advocacy at (202) 551–8090.
For the Commission, by the Division
of Investment Management, under
delegated authority.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–04647 Filed 3–18–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102659; File No. SR–
PEARL–2025–08]
Self-Regulatory Organizations; Notice
of Filing of a Proposed Rule Change,
as Modified by Partial Amendment
Nos. 1 and 2, by MIAX PEARL, LLC To
Amend Exchange Rule 402, Criteria for
Underlying Securities, To List and
Trade Options on Commodity-Based
Trust Shares
March 13, 2025.
lotter on DSK11XQN23PROD with NOTICES1
Pursuant to the provisions of 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 March 5, 2025, MIAX PEARL, LLC
(‘‘MIAX Pearl’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I, II, and III below, which Items
have been substantially prepared by the
Exchange.3 The Commission is
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 On March 11, 2025, the Exchange filed Partial
Amendment No. 1 to the proposed rule change. In
addition to the changes described herein, Partial
Amendment No. 1 corrected a marking error in
proposed changes to the rule text in Exhibit 5 and
corrected the header of the Exhibit 1. On March 12,
2025, the Exchange filed Partial Amendment No. 2
2 17
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publishing this notice to solicit
comments on the proposed rule change,
as modified by Partial Amendments
Nos. 1 and 2, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Exchange Rule 402, Criteria for
Underlying Securities, to list and trade
options on Commodity-Based Trust
Shares.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
us-equities/pearl-equities/rule-filings, at
MIAX Pearl’s principal office, 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,
MIAX Pearl 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. MIAX
Pearl has prepared summaries, set forth
in sections 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 Exchange proposes to amend
Exchange Rule 402, Criteria for
Underlying Securities,4 to allow the
listing and trading of options on units
that represent interests in a trust that in
a Commodity-Based Trust. This is a
competitive filing substantively
identical to proposals submitted by
Nasdaq ISE, LLC (‘‘ISE’’), NYSE
American, LLC (‘‘NYSE American’’),
NYSE Arca Inc. (‘‘NYSE Arca’’) and
Cboe Exchange, Inc. (‘‘Cboe’’), which are
currently pending with the Securities
to the proposed rule change to correct a marking
error in proposed changes to the rule text in Exhibit
5 as modified by Partial Amendment No. 1.
4 The Exchange notes that its affiliate options
exchanges, Miami International Securities
Exchange, LLC (‘‘MIAX ’’) and MIAX Sapphire, LLC
(‘‘MIAX Sapphire’’), submitted (or will submit)
substantively similar proposals. The Exchange
notes that the rules of Chapter IV of MIAX,
including Exchange Rule 402, are incorporated by
reference into the MIAX Emerald, LLC (‘‘MIAX
Emerald’’) rulebook.
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and Exchange Commission (the
‘‘Commission’’).5
The Exchange proposes to allow the
listing and trading of options on units
that represent interests in a trust that in
a Commodity-Based Trust. A
Commodity-Based Trust is defined at
The Nasdaq Stock Market LLC Rule
5711(d)(iv), NYSE Arca Rule 8.201(c),
and Cboe BZX Exchange, Inc.
14.11(e)(4) as a security that is issued by
a trust that holds (i) a specified
commodity deposited with the Trust, or
(ii) a specified commodity and, in
addition to such specified commodity,
cash; (b) that is issued by such Trust in
a specified aggregate minimum number
in return for a deposit of a quantity of
the underlying commodity and/or cash;
and (c) that, when aggregated in the
same specified minimum number, may
be redeemed at a holder’s request by
such Trust which will deliver to the
redeeming holder the quantity of the
underlying commodity and/or cash
(‘‘Commodity-Based Trust Share’’).
The Exchange proposes to amend
Exchange Rule 402(i) to provide that
(i) Securities deemed appropriate for
options trading shall include shares or other
securities (‘‘Exchange-Traded Fund Shares’’)
that are traded on a national securities
exchange and are defined as an ‘‘NMS stock’’
under Rule 600 of Regulation NMS, and that
. . . (4) represent interests in (i) a security
issued by a trust that holds (A) a specified
commodity deposited with the trust, or (B) a
specified commodity and, in addition to such
specified commodity, cash; (ii) that is issued
by such trust in a specified aggregate
minimum number in return for a deposit of
a quantity of the underlying commodity and/
or cash; and (iii) that, when aggregated in the
same specified minimum number, may be
redeemed at a holder’s request by such trust
which will deliver to the redeeming holder
the quantity of the underlying commodity
and/or cash (‘‘Commodity-Based Trust
Share’’).6
The Exchange proposes to insert this
rule text and remove references to the
SPDR® Gold Trust, the iShares COMEX
Gold Trust, the iShares Silver Trust, the
Aberdeen Standard Silver ETF Trust,
the Aberdeen Standard Physical Gold
Trust, the Aberdeen Standard Palladium
ETF Trust, the Aberdeen Standard
Platinum ETF Trust, the Goldman Sachs
Physical Gold ETF, the Sprott Physical
Gold Trust, the iShares Bitcoin Trust,
the Grayscale Bitcoin Trust, the
Grayscale Bitcoin Mini Trust, the
5 See Securities Exchange Act Release No. 102465
(February 20, 2025) (SR–ISE–2025–08);
SRNYSEArca–2025–16 (February 24, 2025); and
SR–NYSEAmerican–2025–07 (February 24, 2025)
and SR–CBOE–2025–014. Partial Amendment No. 1
added the citation to SR–CBOE–2025–014.
6 Partial Amendment No. 1 removed text
incorrectly included in the block quote describing
proposed Exchange Rule 402(i).
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[Federal Register Volume 90, Number 52 (Wednesday, March 19, 2025)]
[Notices]
[Pages 12875-12876]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-04647]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35499; File No. 812-15707]
Jefferies Credit Management LLC and Jefferies Credit Partners BDC
Inc.
March 14, 2025.
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 Sections 18(a)(2),
18(c), 18(i), and 61(a) of the Act.
Summary of Application: Applicants request an order to permit certain
registered closed-end investment companies that have elected to be
regulated as business development companies to issue multiple classes
of shares with varying sales loads and asset-based distribution and/or
service fees.
Applicants: Jefferies Credit Management LLC and Jefferies Credit
Partners BDC Inc.
Filing Dates: The application was filed on February 24, 2025 and
amended on March 13, 2025 and March 14, 2025.
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, 2025 and should be accompanied by proof of service on
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 at
[email protected].
ADDRESSES: The Commission: [email protected]. Applicants: Adam
Klepack, Esq., General Counsel, Jefferies Finance LLC, 520 Madison
Avenue, 12th Floor, New York, New York 10022; Ryan P. Brizek, Esq.,
[[Page 12876]]
Simpson Thacher & Bartlett LLP, 900 G Street NW, Washington, DC 20001.
FOR FURTHER INFORMATION CONTACT: Laura J. Riegel, Senior Counsel, or
Thomas Ahmadifar, 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' Second Amended
and Restated Application, dated March 14, 2025, 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/companysearch. You
may also call the SEC's Office of Investor Education and Advocacy at
(202) 551-8090.
For the Commission, by the Division of Investment Management, under
delegated authority.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-04647 Filed 3-18-25; 8:45 am]
BILLING CODE 8011-01-P
