82 FR 27912 - Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX PEARL Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 116 (June 19, 2017)
Federal Register Volume 82, Issue 116 (June 19, 2017)
| Page Range | 27912-27915 | |
| FR Document | 2017-12587 |
[Federal Register Volume 82, Number 116 (Monday, June 19, 2017)] [Notices] [Pages 27912-27915] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-12587] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-80915; File No. SR-PEARL-2017-29] Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX PEARL Fee Schedule June 13, 2017. 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 June 7, 2017, MIAX PEARL, LLC (``MIAX PEARL'' or ``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 prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange is filing a proposal to amend the MIAX PEARL Fee Schedule (the ``Fee Schedule''). The Exchange initially filed the proposal on May 26, 2017 (SR- PEARL-2017-25). That filing was withdrawn and replaced with the current filing (SR-PEARL-2017-29). The text of the proposed rule change is available on the Exchange's Web site at http://www.miaxoptions.com/rule-filings/pearl 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, the Exchange 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 [[Page 27913]] places specified in Item IV below. The Exchange 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 the Add/Remove Tiered Rebates/Fees set forth in Section 1(a) of the Fee Schedule to decrease the ``Taker'' fees in all Tiers assessable to all orders submitted by a Member for the account of a Priority Customer \3\ for options in Penny classes (as defined below). --------------------------------------------------------------------------- \3\ ``Priority Customer'' means a person or entity that (i) is not a broker or dealer in securities, and (ii) does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial accounts(s). See Exchange Rule 100, including Interpretations and Policies .01. --------------------------------------------------------------------------- The Exchange currently assesses tiered transaction rebates and fees to all market participants which are based upon the total monthly volume executed by the Member \4\ on MIAX PEARL in the relevant, respective origin type (not including Excluded Contracts) \5\ expressed as a percentage of TCV.\6\ In addition, the per contract transaction rebates and fees are applied retroactively to all eligible volume for that origin type once the respective threshold tier (``Tier'') has been reached by the Member. The Exchange aggregates the volume of Members and their Affiliates.\7\ Members that place resting liquidity, i.e., orders resting on the book of the MIAX PEARL System,\8\ are paid the specified ``maker'' rebate (each a ``Maker''), and Members that execute against resting liquidity are assessed the specified ``taker'' fee (each a ``Taker''). For opening transactions and ABBO uncrossing transactions, per contract transaction rebates and fees are waived for all market participants. Finally, Members are assessed lower transaction fees and receive lower rebates for order executions in standard option classes in the Penny Pilot Program \9\ (``Penny classes'') than for order executions in standard option classes which are not in the Penny Pilot Program (``Non-Penny classes''), where Members are assessed higher transaction fees and receive higher rebates. --------------------------------------------------------------------------- \4\ ``Member'' means an individual or organization that is registered with the Exchange pursuant to Chapter II of the Exchange Rules for purposes of trading on the Exchange as an ``Electronic Exchange Member'' or ``Market Maker.'' Members are deemed ``members'' under the Exchange Act. See the Definitions Section of the Fee Schedule and Exchange Rule 100. \5\ ``Excluded Contracts'' means any contracts routed to an away market for execution. See the Definitions Section of the Fee Schedule. \6\ ``TCV'' means total consolidated volume calculated as the total national volume in those classes listed on MIAX PEARL for the month for which the fees apply, excluding consolidated volume executed during the period time in which the Exchange experiences an ``Exchange System Disruption'' (solely in the option classes of the affected Matching Engine (as defined below)). The term Exchange System Disruption, which is defined in the Definitions section of the Fee Schedule, means an outage of a Matching Engine or collective Matching Engines for a period of two consecutive hours or more, during trading hours. The term Matching Engine, which is also defined in the Definitions section of the Fee Schedule, is a part of the MIAX PEARL electronic system that processes options orders and trades on a symbol-by-symbol basis. Some Matching Engines will process option classes with multiple root symbols, and other Matching Engines may be dedicated to one single option root symbol (for example, options on SPY may be processed by one single Matching Engine that is dedicated only to SPY). A particular root symbol may only be assigned to a single designated Matching Engine. A particular root symbol may not be assigned to multiple Matching Engines. The Exchange believes that it is reasonable and appropriate to select two consecutive hours as the amount of time necessary to constitute an Exchange System Disruption, as two hours equates to approximately 1.4% of available trading time per month. The Exchange notes that the term ``Exchange System Disruption'' and its meaning have no applicability outside of the Fee Schedule, as it is used solely for purposes of calculating volume for the threshold tiers in the Fee Schedule. See the Definitions Section of the Fee Schedule. \7\ ``Affiliate'' means (i) an affiliate of a Member of at least 75% common ownership between the firms as reflected on each firm's Form BD, Schedule A, or (ii) the Appointed Market Maker of an Appointed EEM (or, conversely, the Appointed EEM of an Appointed Market Maker). An ``Appointed Market Maker'' is a MIAX PEARL Market Maker (who does not otherwise have a corporate affiliation based upon common ownership with an EEM) that has been appointed by an EEM and an ``Appointed EEM'' is an EEM (who does not otherwise have a corporate affiliation based upon common ownership with a MIAX PEARL Market Maker) that has been appointed by a MIAX PEARL Market Maker, pursuant to the process described in the Fee Schedule. See the Definitions Section of the Fee Schedule. \8\ The term ``System'' means the automated trading system used by the Exchange for the trading of securities. See Exchange Rule 100. \9\ See Securities Exchange Act Release No. 79778 (January 12, 2017), 82 FR 6662 (January 19, 2017) (SR-PEARL-2016-01). --------------------------------------------------------------------------- Transaction rebates and fees applicable to orders submitted by a Member for the account of a Priority Customer are currently assessed according to the following table: -------------------------------------------------------------------------------------------------------------------------------------------------------- Per contract rebates/fees for Per contract rebates/fees for penny classes non-penny classes Origin Tier Volume criteria --------------------------------------------------------------- Maker Taker Maker Taker -------------------------------------------------------------------------------------------------------------------------------------------------------- Priority Customer......................... 1 0.00%-0.05%................. ($0.25) $0.49 ($0.85) $0.87 2 Above 0.05%-0.35%........... ($0.40) $0.49 ($1.05) $0.86 3 Above 0.35%-0.50%........... ($0.50) $0.48 ($1.05) $0.85 4 Above 0.50%-0.75%........... ($0.53) $0.48 ($1.05) $0.84 5 Above 0.75%................. ($0.54) $0.48 ($1.05) $0.84 -------------------------------------------------------------------------------------------------------------------------------------------------------- The Exchange proposes to decrease the Taker fees for Priority Customer orders for options in Penny classes in each Tier to $0.38. The purpose of decreasing the Taker fees for Priority Customer orders for options in Penny classes to $0.38 is for business and competitive reasons to attract greater Priority Customer order flow to the Exchange. The Exchange believes that significantly reducing the Taker fees for Priority Customer orders for options in Penny classes to $0.38 per contract fee (regardless of the Tier the Member achieves), will incentivize Members to send greater Priority Customer order flow to the Exchange due to favorable pricing for this liquidity type. 2. Statutory Basis The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act \10\ in general, and furthers the objectives of Section 6(b)(4) of the Act,\11\ in that it is an equitable allocation of reasonable fees and other charges among Exchange members and other persons using its facilities, and 6(b)(5) of the Act,\12\ in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and [[Page 27914]] coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanisms of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b). \11\ 15 U.S.C. 78f(b)(4). \12\ 15 U.S.C. 78f(b)(1) and (b)(5). --------------------------------------------------------------------------- The proposed Taker fee decreases in Penny classes applicable to orders submitted by a Member for the account of a Priority Customers is reasonable, equitable and not unfairly discriminatory because all Priority Customer orders are subject to the same Taker fees and access to the Exchange is offered on terms that are not unfairly discriminatory. The Exchange initially set its Taker fees at the various volume levels based upon business determinations and an analysis of current Taker fees and volume levels at other exchanges. For competitive and business reasons, the Exchange believes that lower Taker fees assessable to Priority Customer transactions in Penny classes in all Tiers will encourage Members to execute more volume in Penny classes on behalf of Priority Customers since they will be assessed reduced fees in all Tiers for Priority Customer orders for options in Penny classes which remove liquidity. The Exchange believes for these reasons that offering the reduced Taker fees for Priority Customer transactions in Penny classes in all Tiers is equitable, reasonable and not unfairly discriminatory, and thus consistent with the Act. The Exchange believes that its proposal to reduce Taker fees assessable to transactions in options in Penny classes and not to reduce Taker fees for transactions in options in Non-Penny classes is consistent with other options markets that also assess different transaction fees for options in Non-Penny classes as compared to Penny classes. The Exchange believes that establishing different pricing for options in Non-Penny classes and Penny classes is reasonable, equitable, and not unfairly discriminatory because options in Penny classes are generally more liquid as compared to Non-Penny classes. Additionally, other competing options exchanges differentiate pricing in a similar manner today.\13\ --------------------------------------------------------------------------- \13\ See NASDAQ OMX PHLX LLC Pricing Schedule, Section II; NYSE Amex Options Fee Schedule, p. 6; Chicago Board Options Exchange, Incorporated, Fee Schedule, p. 1. See also Securities Exchange Act Release No. 68556 (January 2, 2013), 78 FR 1293 (January 8, 2013) (SR-BX-2012-074). --------------------------------------------------------------------------- Further, the Exchange believes that it is equitable and not unfairly discriminatory to assess lower fees to Priority Customer orders than to non-Priority Customer orders. A Priority Customer is by definition not a broker or dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s). This limitation does not apply to participants on the Exchange whose behavior is substantially similar to that of market professionals, including non- Priority Customers, MIAX PEARL Market Makers, Firms, and Broker- Dealers, who will generally submit a higher number of orders (many of which do not result in executions) than Priority Customers. Furthermore, the proposed decrease to the Taker fees in Penny classes for Priority Customer transactions in all Tiers promotes just and equitable principles of trade, fosters cooperation and coordination with persons engaged in facilitating transactions in securities, and protects investors and the public interest because the proposed decrease in the fees will encourage Members to send more orders to the Exchange even if it is an order which takes liquidity since they will be assessed a reduced Taker fee in each Tier. To the extent that Priority Customer order flow in Penny classes is increased by the proposal, market participants will increasingly compete for the opportunity to trade on the Exchange, including sending more orders which will have the potential to be assessed lower fees and higher rebates. The resulting increased volume and liquidity will benefit all Exchange participants by providing more trading opportunities and tighter spreads. B. Self-Regulatory Organization's Statement on Burden on Competition MIAX PEARL does not believe that the proposed rule changes will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed Taker fee decreases are intended to encourage liquidity. Further, the proposed elimination of any Taker fee differential amongst the Tiers should enable the Exchange to attract and compete for order flow with other exchanges which do assess higher Taker fees in the lower Tiers thereby adding liquidity. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues if they deem fee levels at a particular venue to be excessive. In such an environment, the Exchange must continually adjust its rebates and fees to remain competitive with other exchanges and to attract order flow. The Exchange believes that the proposed rule change reflects this competitive environment because it modifies the Exchange's fees in a manner that encourages market participants to send order flow to the Exchange. 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. 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)(ii) of the Act,\14\ and Rule 19b-4(f)(2) \15\ 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 shall institute proceedings to determine whether the proposed rule should be approved or disapproved. --------------------------------------------------------------------------- \14\ 15 U.S.C. 78s(b)(3)(A)(ii). \15\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- 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 CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-PEARL-2017-29 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-PEARL-2017-29. 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 Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent [[Page 27915]] 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 Web site 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 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-PEARL-2017-29 and should be submitted on or before July 10, 2017. --------------------------------------------------------------------------- \16\ 17 CFR 200.30-3(a)(12). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\16\ Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-12587 Filed 6-16-17; 8:45 am] BILLING CODE 8011-01-P
![27912 Federal Register / Vol. 82, No. 116 / Monday, June 19, 2017 / Notices
options is increased by the proposal, whether the proposed rule should be For the Commission, by the Division of
market participants will increasingly approved or disapproved. Trading and Markets, pursuant to delegated
compete for the opportunity to trade on authority.19
the Exchange, including sending more IV. Solicitation of Comments Eduardo A. Aleman,
orders which will have the potential to Assistant Secretary.
Interested persons are invited to
be assessed lower fees and higher submit written data, views, and [FR Doc. 2017–12586 Filed 6–16–17; 8:45 am]
rebates. The resulting increased volume arguments concerning the foregoing, BILLING CODE 8011–01–P
and liquidity will benefit all Exchange including whether the proposed rule
participants by providing more trading change is consistent with the Act.
opportunities and tighter spreads. Comments may be submitted by any of SECURITIES AND EXCHANGE
the following methods: COMMISSION
B. Self-Regulatory Organization’s
Statement on Burden on Competition [Release No. 34–80915; File No. SR–
Electronic Comments PEARL–2017–29]
MIAX PEARL does not believe that
the proposed rule changes will impose • Use the Commission’s Internet Self-Regulatory Organizations; MIAX
any burden on competition not comment form (http://www.sec.gov/ PEARL, LLC; Notice of Filing and
necessary or appropriate in furtherance rules/sro.shtml); or Immediate Effectiveness of a Proposed
of the purposes of the Act. The • Send an email to rule-comments@ Rule Change To Amend the MIAX
proposed Taker fee decrease is intended sec.gov. Please include File Number SR– PEARL Fee Schedule
to encourage liquidity and should PEARL–2017–30 on the subject line.
enable the Exchange to attract and June 13, 2017.
compete for order flow with other Paper Comments Pursuant to the provisions of Section
exchanges which assess higher Priority 19(b)(1) of the Securities Exchange Act
• Send paper comments in triplicate of 1934 (‘‘Act’’) 1 and Rule 19b–4
Customer Taker fees for SPY options.
The Exchange notes that it operates in to Secretary, Securities and Exchange thereunder,2 notice is hereby given that
a highly competitive market in which Commission, 100 F Street NE., on June 7, 2017, MIAX PEARL, LLC
market participants can readily favor Washington, DC 20549–1090. (‘‘MIAX PEARL’’ or ‘‘Exchange’’) filed
competing venues if they deem fee All submissions should refer to File with the Securities and Exchange
levels at a particular venue to be Number SR–PEARL–2017–30. This file Commission (‘‘Commission’’) a
excessive. In such an environment, the number should be included on the proposed rule change as described in
Exchange must continually adjust its subject line if email is used. To help the Items I, II, and III below, which Items
rebates and fees to remain competitive Commission process and review your have been prepared by the Exchange.
with other exchanges and to attract comments more efficiently, please use The Commission is publishing this
order flow. The Exchange believes that only one method. The Commission will notice to solicit comments on the
the proposed rule change reflects this post all comments on the Commission’s proposed rule change from interested
competitive environment because it Internet Web site (http://www.sec.gov/ persons.
modifies the Exchange’s fees in a rules/sro.shtml). Copies of the I. Self-Regulatory Organization’s
manner that encourages market submission, all subsequent Statement of the Terms of Substance of
participants to send order flow to the amendments, all written statements the Proposed Rule Change
Exchange. with respect to the proposed rule
change that are filed with the The Exchange is filing a proposal to
C. Self-Regulatory Organization’s amend the MIAX PEARL Fee Schedule
Statement on Comments on the Commission, and all written
(the ‘‘Fee Schedule’’).
Proposed Rule Change Received From communications relating to the
The Exchange initially filed the
Members, Participants, or Others proposed rule change between the
proposal on May 26, 2017 (SR–PEARL–
Commission and any person, other than
Written comments were neither 2017–25). That filing was withdrawn
those that may be withheld from the
solicited nor received. and replaced with the current filing
public in accordance with the
(SR–PEARL–2017–29).
III. Date of Effectiveness of the provisions of 5 U.S.C. 552, will be The text of the proposed rule change
Proposed Rule Change and Timing for available for Web site viewing and is available on the Exchange’s Web site
Commission Action printing in the Commission’s Public at http://www.miaxoptions.com/rule-
The foregoing rule change has become Reference Room, 100 F Street NE., filings/pearl at MIAX PEARL’s principal
effective pursuant to Section Washington, DC 20549, on official office, and at the Commission’s Public
19(b)(3)(A)(ii) of the Act,17 and Rule business days between the hours of Reference Room.
19b–4(f)(2) 18 thereunder. At any time 10:00 a.m. and 3:00 p.m. Copies of the
within 60 days of the filing of the filing also will be available for II. Self-Regulatory Organization’s
proposed rule change, the Commission inspection and copying at the principal Statement of the Purpose of, and
summarily may temporarily suspend office of the Exchange. All comments Statutory Basis for, the Proposed Rule
such rule change if it appears to the received will be posted without change; Change
Commission that such action is the Commission does not edit personal In its filing with the Commission, the
identifying information from
asabaliauskas on DSKBBXCHB2PROD with NOTICES
necessary or appropriate in the public Exchange included statements
interest, for the protection of investors, submissions. You should submit only concerning the purpose of and basis for
or otherwise in furtherance of the information that you wish to make the proposed rule change and discussed
purposes of the Act. If the Commission available publicly. All submissions any comments it received on the
takes such action, the Commission shall should refer to File Number SR– proposed rule change. The text of these
institute proceedings to determine PEARL–2017–30 and should be statements may be examined at the
submitted on or July 10, 2017.
17 15 U.S.C. 78s(b)(3)(A)(ii). 1 15 U.S.C. 78s(b)(1).
18 17 CFR 240.19b–4(f)(2). 19 17 CFR 200.30–3(a)(12). 2 17 CFR 240.19b–4.
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![Federal Register / Vol. 82, No. 116 / Monday, June 19, 2017 / Notices 27915
amendments, all written statements APPLICANTS: Triloma EIG Energy Income 2. The Adviser, a Florida limited
with respect to the proposed rule Fund (the ‘‘Fund’’), Triloma Energy liability company, is registered as an
change that are filed with the Advisors, LLC (the ‘‘Adviser’’), and investment adviser under the
Commission, and all written Triloma Securities, LLC (the ‘‘Dealer Investment Advisers Act of 1940. The
communications relating to the Manager’’) (together, the ‘‘Applicants’’). Adviser serves as investment adviser to
proposed rule change between the FILING DATES: The application was filed the Fund.
Commission and any person, other than on March 20, 2015, and amended on 3. The Dealer Manager is registered
those that may be withheld from the November 29, 2016, April 6, 2017, and with the Commission as a broker-dealer
public in accordance with the June 7, 2017. under the Securities Exchange Act of
provisions of 5 U.S.C. 552, will be HEARING OR NOTIFICATION OF HEARING: An 1934 (the ‘‘1934 Act’’) and will act as
available for Web site viewing and order granting the requested relief will the managing dealer of the Fund. The
printing in the Commission’s Public be issued unless the Commission orders Dealer Manager is under common
Reference Room, 100 F Street NE., a hearing. Interested persons may control with the Advisor and is an
Washington, DC 20549, on official request a hearing by writing to the affiliated person, as defined in section
business days between the hours of Commission’s Secretary and serving 2(a)(3) of the Act, of the Advisor.
10:00 a.m. and 3:00 p.m. Copies of the applicants with a copy of the request, 4. The applicants seek an order to
filing also will be available for personally or by mail. Hearing requests permit the Fund to issue multiple
inspection and copying at the principal should be received by the Commission classes of Shares, each having its own
office of the Exchange. All comments by 5:30 p.m. on July 8, 2017, and should fee and expense structure, and to
received will be posted without change; be accompanied by proof of service on impose asset-based distribution and/or
the Commission does not edit personal applicants, in the form of an affidavit or, service fees, and CDSCs.
identifying information from for lawyers, a certificate of service. 5. Applicants request that the order
submissions. You should submit only Pursuant to rule 0–5 under the Act, also apply to any other continuously
information that you wish to make hearing requests should state the nature offered registered closed-end
available publicly. All submissions of the writer’s interest, any facts bearing management investment company
should refer to File Number SR– upon the desirability of a hearing on the existing now or in the future for which
PEARL–2017–29 and should be matter, the reason for the request, and the Adviser or the Dealer Manager or
submitted on or before July 10, 2017. the issues contested. Persons who wish any entity controlling, controlled by, or
For the Commission, by the Division of to be notified of a hearing may request under common control with the Adviser
Trading and Markets, pursuant to delegated notification by writing to the or the Dealer Manager or its successors,1
authority.16 Commission’s Secretary. acts as investment adviser or distributor,
Eduardo A. Aleman, ADDRESSES: Secretary, U.S. Securities respectively, and which provides
Assistant Secretary. and Exchange Commission, 100 F Street periodic liquidity with respect to its
[FR Doc. 2017–12587 Filed 6–16–17; 8:45 am] NE., Washington, DC 20549–1090; Shares through tender offers conducted
Applicants, 201 North New York in compliance with either rule 23c–3
BILLING CODE 8011–01–P
Avenue, Suite 200, Winter Park, FL under the Act or rule 13e–4 under the
32789. 1934 Act.2
SECURITIES AND EXCHANGE FOR FURTHER INFORMATION CONTACT: 6. The Fund currently issues a single
COMMISSION Jessica Shin, Attorney-Adviser, at (202) class of Shares (the ‘‘Initial Class
551–5921 or Robert H. Shapiro, Branch Shares’’). Shares are currently being
[Investment Company Act Release No. offered on a continuous basis pursuant
32679; 812–14435] Chief, at (202) 551–6821 (Division of
Investment Management, Chief to a registration statement under the
Counsel’s Office). Securities Act of 1933 and the Act at
Triloma EIG Energy Income Fund, et
SUPPLEMENTARY INFORMATION: The
daily closings at their public offering
al.; Notice of Application
following is a summary of the price per share. The Fund, as a closed-
June 13, 2017. application. The complete application end investment company, does not
AGENCY: Securities and Exchange may be obtained via the Commission’s continuously redeem Shares as does an
Commission (‘‘Commission’’). Web site by searching for the file open-end management investment
ACTION: Notice. number, or an applicant using the company. Shares of the Fund are not
Company name box, at http:// listed on any securities exchange and do
Notice of an application under section www.sec.gov/search/search.htm or by not trade on an over-the-counter system
6(c) of the Investment Company Act of calling (202) 551–8090. such as NASDAQ. Applicants do not
1940 (the ‘‘Act’’) for an exemption from expect that any secondary market will
sections 18(a)(2), 18(c), and 18(i) of the Applicants’ Representations ever develop for the Shares.
Act and for an order pursuant to section 1. The Fund is a Delaware statutory 7. If the requested relief is granted, the
17(d) of the Act and rule 17d–1 under trust that is registered under the Act as Fund intends to offer multiple classes of
the Act. a non-diversified, closed-end Shares, such as the Initial Class Shares
SUMMARY OF APPLICATION: Applicants management investment company. The and additional classes. Because of the
request an order to permit certain Fund’s objective is primarily to provide different distribution fees, service fees,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
registered closed-end management shareholders with current income; as
1 A successor in interest is limited to an entity
investment companies to issue multiple secondary investment objectives, the
that results from a reorganization into another
classes of shares of beneficial interest Fund will seek to provide capital jurisdiction or a change in the type of business
(‘‘Shares’’) with varying sales loads and preservation and, to a lesser extent, organization.
to impose asset-based service and/or long-term capital appreciation. The 2 The Fund and any other investment company
distribution fees, and contingent Fund seeks to achieve its investment relying on the requested relief will do so in a
manner consistent with the terms and conditions of
deferred sales loads (‘‘CDSCs’’). objectives by investing primarily in a the application. Applicants represent that any
global portfolio of privately originated person presently intending to rely on the requested
16 17 CFR 200.30–3(a)(12). energy company and project debt. relief is listed as an applicant.
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Document Created: 2017-06-17 01:48:05
Document Modified: 2017-06-17 01:48:05
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 27912 |
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