Securities and Exchange Commission – Federal Register Recent Federal Regulation Documents
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Exemption for Certain Exchange Members
The Securities and Exchange Commission (``Commission'') is adopting amendments to a rule under the Securities Exchange Act of 1934 (``Act'' or ``Exchange Act'') that exempts certain Commission- registered brokers or dealers from membership in a registered national securities association (``Association''). The amendments replace rule provisions that provide an exemption for proprietary trading with narrower exemptions from Association membership for any registered broker or dealer that is a member of a national securities exchange, carries no customer accounts, and effects transactions in securities otherwise than on a national securities exchange of which it is a member. The amendments create exemptions for such a registered broker or dealer that effects securities transactions otherwise than on an exchange of which it is a member that result solely from orders that are routed by a national securities exchange of which it is a member to comply with order protection regulatory requirements, or are solely for the purpose of executing the stock leg of a stock-option order.
Deregistration Under Section 8(f) of the Investment Company Act of 1940
Applicant, a closed-end investment company, seeks an order declaring that it has ceased to be an investment company. The applicant has transferred its assets to BlackRock MuniYield Quality Fund, Inc., and on May 3, 2021 made a final distribution to its shareholders based on net asset value. Expenses of $184,515 incurred in connection with the reorganization were paid by the applicant. Filing Date: The application was filed on July 21, 2023. Applicant's Address: 100 Bellevue Parkway, Wilmington, Delaware 19809.
Safeguarding Advisory Client Assets; Reopening of Comment Period
The Securities and Exchange Commission (``Commission'') is reopening the comment period for its proposal, Safeguarding Advisory Client Assets, Release No. IA-6240 (Feb. 15, 2023) (``Proposal''), which proposed a new rule under the Investment Advisers Act of 1940 (``Advisers Act'' or ``Act'') that would redesignate and amend the current custody rule. In light of the adoption of the private fund adviser audit rule, which generally requires a registered investment adviser to obtain an annual financial statement audit of each private fund it advises in accordance with the audit provision of the current custody rule, reopening the comment period will allow interested persons additional time to assess the proposed amendments to the current custody rule's audit provision in light of the private fund adviser audit rule.
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