83 FR 22558 - Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE American Options Fee Schedule
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 94 (May 15, 2018)
Federal Register Volume 83, Issue 94 (May 15, 2018)
| Page Range | 22558-22560 | |
| FR Document | 2018-10263 |
[Federal Register Volume 83, Number 94 (Tuesday, May 15, 2018)] [Notices] [Pages 22558-22560] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-10263] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-83203; File No. SR-NYSEAMER-2018-20] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Modify the NYSE American Options Fee Schedule May 9, 2018. Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given that, on April 30, 2018, NYSE American LLC (the ``Exchange'' or ``NYSE American'') filed with the Securities and Exchange Commission (the ``Commission'') the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self- regulatory organization. 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\ 15 U.S.C. 78a. \3\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to modify the NYSE American Options Fee Schedule (``Fee Schedule''). The Exchange proposes to implement the fee change effective May 1, 2018. The proposed change is available on the Exchange's website at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization 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 those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change 1. Purpose The purpose of this filing is to modify the Fee Schedule, effective May 1, 2018. Specifically, the Exchange proposes to modify the Monthly Excessive Bandwidth Utilization Fees (``EBUF''). Currently, EBUF is assessed to an ATP Holder for submitting orders in an order-to-execution ratio greater than 10,000 over the course of a calendar month (``Orders Fee''), or for submitting in excess of 3 billion messages (either orders or quotes) without executing at least one contract for every 1,500-5,000 messages (``Messages Fee'').\4\ If an ATP Holder is liable for either or both fees in a given month, that firm is only charged the greater of the two fees. --------------------------------------------------------------------------- \4\ Currently, the Exchange has set the ratio at 1 contract for every 5,000 messages. --------------------------------------------------------------------------- The Exchange has found that firms may have assessable behavior for an anomaly that takes place over the course of a day or two, or that occurs late in the month before the anomalous behavior can be fully diagnosed and mitigated. Because the firms recognize this as affecting their own efficiency, they address such issues quickly and work with Exchange staff to improve their messaging behavior. The Exchange notes that in a recent period of high volatility, firms were quick to address potential EBUF charges. To encourage a collegial effort in resolving such anomalies, the Exchange proposes that the EBUF only be charged for the second and any subsequent instance in a rolling 12-month period. In other words, EBUF would not be assessed for the first occurrence in a rolling 12-month period. The Exchange also proposes to modify the calculation basis for the Messages Fee. Currently, the Exchange charges an ATP Holder a fee of $0.005 per 1,000 messages (including orders or quotes) in excess of 3 billion messages in a calendar month if the ATP Holder does not execute at least one contract for every 5,000 messages entered. In order for the Exchange to have flexibility to adjust the threshold level to reflect market conditions and current business activity, the Exchange proposes to amend the current rule text in the Fee Schedule to remove reference to the current threshold level of 3 billion messages and replace it with language providing that the level ``would be no less than 2 billion messages and no more than 10 billion messages.'' The Exchange is not proposing to change the current level, which would remain at 3 billion messages. If the Exchange were to change the level, the Exchange would announce any such change by Trader Update and the revised threshold would be applicable for the next calendar month. The Exchange also proposes to modify the manner in which the Messages Fee is calculated to encourage quote quality. Specifically, the Exchange proposes to exclude from the Messages to Contracts Traded Ratio calculation any quotes that sets or matches the National Best Bid-Offer (``NBBO'') market at the time the quotes are received. The Exchange believes that such exclusion will encourage Market Makers to submit tighter quotes without the risk that such quotes would result in increased fees. The proposed revised calculation would also keep Market Makers from submitting wide quotes to avoid excessive messaging. Additionally, the Exchange proposes to exclude from the Messages to Contracts Traded Ratio calculation any quote in a Specialist's or e- Specialist's allocated issues. Specialists and e-Specialists have a heightened Regulatory obligation to make markets in their allocated issues.\5\ Unlike other Market Makers, Specialists and e-Specialists cannot relinquish issues from their allocation without the approval of the Exchange.\6\ --------------------------------------------------------------------------- \5\ Specialists (and e-Specialists) must provide continuous two- sided quotations throughout the trading day in its appointed issues for 90% of the time the Exchange is open for trading in each issue. See NYSE American Rule 925.1NY. \6\ While Directed Order Market Makers (``DMM'') also have a 90% quoting obligation in their DMM issues, DMM issues may be added or dropped at any time, consistent with NYSE American Rule 923NY(c). --------------------------------------------------------------------------- [[Page 22559]] The Exchange notes that failure to mitigate excessive message traffic by a Specialist or e-Specialist can be addressed by the Exchange by disqualification due to operational change warranting immediate action.\7\ --------------------------------------------------------------------------- \7\ The Exchange notes that failure to mitigate excessive message traffic by a Specialist or e-Specialist can be addressed by the Exchange by disqualification due to operational change warranting immediate action. See NYSE American Rule 927NY(b)(2). --------------------------------------------------------------------------- During the period of recent volatility and activity, the Exchange noted a significantly higher number of messages generated without a proportional amount of executed volume, especially in less active- option issues. Concurrently, the Exchange saw no degradation in system performance because of prudent upgrades and expansion of the trading system in the past year. Thus, the Exchange believes that the proposed modifications would continue to encourage market participants to be rational and efficient in the use of the Exchange's system capacity. The Exchange believes that the proposed modifications should also reduce the possibility of charging ATP Holders a Messages Fee for messages designed to help maintain accurate and liquid markets with narrower spreads. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,\8\ in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,\9\ in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(4) and (5). --------------------------------------------------------------------------- The Exchange believes that the proposed modifications to the Fees are reasonable, equitable, and not unfairly discriminatory because the proposed changes would continue to encourage market participants to be rational and efficient in the use of the Exchange's system capacity, which would benefit all market participants. The Exchange believes that assessing the Fees only after the second instance in a rolling twelve month period is reasonable because it would encourage participants to work with the Exchange staff to mitigate the issues while not having a deleterious effect on market quality or participation. The Exchange believes setting the threshold for the Messages Fee to be within a range is reasonable because it would provide the Exchange with flexibility to respond to changing market and business conditions in an expeditious manner which the Exchange believes would help perfect the mechanism for a free and open national market system, and generally help protect investors and the public interest. The proposed adjustments to the manner in which the Messages Fee is calculated are reasonable because the proposed changes would encourage Market Makers to submit tighter quotes without the risk that such quotes would result in increased fees. The proposed adjustments are also not unfairly discriminatory as the proposed changes would apply to all similarly situated market participants that are subject to the Messages Fee on an equal basis while encouraging quotes that are competitive and that increase the overall quality of markets. Finally, the Exchange believes the exclusion of Specialist and e- Specialist quotes in their appointed issues is reasonable, equitable and not unfairly discriminatory because Specialists and e-Specialists have a heightened quoting obligation than other market participants and cannot relinquish allocation of their issues as easily as Market Makers are able to increase or decrease their appointments. B. Self-Regulatory Organization's Statement on Burden on Competition In accordance with Section 6(b)(8) of the Act,\10\ the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes the proposed changes to the Excessive Bandwidth Utilization Fees would not place an unfair burden on competition because the proposed changes are designed to encourage efficient use of Exchange's system capacity and would apply to all market participants that are subject to the Fees. --------------------------------------------------------------------------- \10\ 15 U.S.C. 78f(b)(8). --------------------------------------------------------------------------- To the extent that these purposes are achieved, the Exchange believes that the proposed changes would enhance the quality of the Exchange's markets and increase the volume of orders directed to the Exchange. In turn, all the Exchange's market participants would benefit from the improved market liquidity. If the proposed changes make the Exchange a more attractive marketplace for market participants at other exchanges, such market participants are welcome to become ATP Holders. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A)\11\ of the Act and subparagraph (f)(2) of Rule 19b- 4\12\ thereunder, because it establishes a due, fee, or other charge imposed by the Exchange. --------------------------------------------------------------------------- \11\ 15 U.S.C. 78s(b)(3)(A). \12\ 17 CFR 240.19b-4(f)(2). --------------------------------------------------------------------------- At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) \13\ of the Act to determine whether the proposed rule change should be approved or disapproved. --------------------------------------------------------------------------- \13\ 15 U.S.C. 78s(b)(2)(B). --------------------------------------------------------------------------- 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 rule-comments@sec.gov. Please include File Number SR-NYSEAMER-2018-20 on the subject line. [[Page 22560]] Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEAMER-2018-20. 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 (http://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 10:00 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. Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEAMER-2018-20 and should be submitted on or before June 5, 2018. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\14\ --------------------------------------------------------------------------- \14\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2018-10263 Filed 5-14-18; 8:45 am] BILLING CODE 8011-01-P
![22558 Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices
information; (c) ways to enhance the (‘‘Fee Schedule’’). The Exchange a rolling 12-month period. In other
quality, utility, and clarity of the proposes to implement the fee change words, EBUF would not be assessed for
information collected; and (d) ways to effective May 1, 2018. The proposed the first occurrence in a rolling 12-
minimize the burden of the collection of change is available on the Exchange’s month period.
information on respondents, including website at www.nyse.com, at the The Exchange also proposes to modify
through the use of automated collection principal office of the Exchange, and at the calculation basis for the Messages
techniques or other forms of information the Commission’s Public Reference Fee. Currently, the Exchange charges an
technology. Consideration will be given Room. ATP Holder a fee of $0.005 per 1,000
to comments and suggestions submitted messages (including orders or quotes) in
II. Self-Regulatory Organization’s excess of 3 billion messages in a
in writing within 60 days of this
Statement of the Purpose of, and calendar month if the ATP Holder does
publication. An agency may not conduct
Statutory Basis for, the Proposed Rule not execute at least one contract for
or sponsor a collection of information
Change every 5,000 messages entered. In order
unless it displays a currently valid OMB
control number. No person shall be In its filing with the Commission, the for the Exchange to have flexibility to
subject to any penalty for failing to self-regulatory organization included adjust the threshold level to reflect
comply with a collection of information statements concerning the purpose of, market conditions and current business
subject to the PRA that does not display and basis for, the proposed rule change activity, the Exchange proposes to
a valid OMB control number. and discussed any comments it received amend the current rule text in the Fee
Please direct your written comments on the proposed rule change. The text Schedule to remove reference to the
to Pamela Dyson, Director/Chief of those statements may be examined at current threshold level of 3 billion
Information Officer, Securities and the places specified in Item IV below. messages and replace it with language
Exchange Commission, C/O Remi The Exchange has prepared summaries, providing that the level ‘‘would be no
Pavlik-Simon, 100 F Street NE, set forth in sections A, B, and C below, less than 2 billion messages and no
Washington, DC 20549; or send an email of the most significant parts of such more than 10 billion messages.’’ The
to: PRA_Mailbox@sec.gov. statements. Exchange is not proposing to change the
Dated: May 9, 2018. A. Self-Regulatory Organization’s current level, which would remain at 3
Eduardo A. Aleman, Statement of the Purpose of, and the billion messages. If the Exchange were
Assistant Secretary. Statutory Basis for, the Proposed Rule to change the level, the Exchange would
Change announce any such change by Trader
[FR Doc. 2018–10231 Filed 5–14–18; 8:45 am]
Update and the revised threshold would
BILLING CODE 8011–01–P 1. Purpose be applicable for the next calendar
The purpose of this filing is to modify month.
SECURITIES AND EXCHANGE the Fee Schedule, effective May 1, 2018. The Exchange also proposes to modify
COMMISSION Specifically, the Exchange proposes to the manner in which the Messages Fee
modify the Monthly Excessive is calculated to encourage quote quality.
[Release No. 34–83203; File No. SR– Bandwidth Utilization Fees (‘‘EBUF’’). Specifically, the Exchange proposes to
NYSEAMER–2018–20] Currently, EBUF is assessed to an exclude from the Messages to Contracts
ATP Holder for submitting orders in an Traded Ratio calculation any quotes that
Self-Regulatory Organizations; NYSE
order-to-execution ratio greater than sets or matches the National Best Bid-
American LLC; Notice of Filing and
10,000 over the course of a calendar Offer (‘‘NBBO’’) market at the time the
Immediate Effectiveness of Proposed
month (‘‘Orders Fee’’), or for submitting quotes are received. The Exchange
Change To Modify the NYSE American
in excess of 3 billion messages (either believes that such exclusion will
Options Fee Schedule
orders or quotes) without executing at encourage Market Makers to submit
May 9, 2018. least one contract for every 1,500–5,000 tighter quotes without the risk that such
Pursuant to Section 19(b)(1) 1 of the messages (‘‘Messages Fee’’).4 If an ATP quotes would result in increased fees.
Securities Exchange Act of 1934 (the Holder is liable for either or both fees The proposed revised calculation would
‘‘Act’’) 2 and Rule 19b–4 thereunder,3 in a given month, that firm is only also keep Market Makers from
notice is hereby given that, on April 30, charged the greater of the two fees. submitting wide quotes to avoid
2018, NYSE American LLC (the The Exchange has found that firms excessive messaging.
‘‘Exchange’’ or ‘‘NYSE American’’) filed may have assessable behavior for an Additionally, the Exchange proposes
with the Securities and Exchange anomaly that takes place over the course to exclude from the Messages to
Commission (the ‘‘Commission’’) the of a day or two, or that occurs late in Contracts Traded Ratio calculation any
proposed rule change as described in the month before the anomalous quote in a Specialist’s or e-Specialist’s
Items I, II, and III below, which Items behavior can be fully diagnosed and allocated issues. Specialists and e-
have been prepared by the self- mitigated. Because the firms recognize Specialists have a heightened
regulatory organization. The this as affecting their own efficiency, Regulatory obligation to make markets
Commission is publishing this notice to they address such issues quickly and in their allocated issues.5 Unlike other
solicit comments on the proposed rule work with Exchange staff to improve Market Makers, Specialists and e-
change from interested persons. their messaging behavior. The Exchange Specialists cannot relinquish issues
notes that in a recent period of high from their allocation without the
I. Self-Regulatory Organization’s volatility, firms were quick to address approval of the Exchange.6
Statement of the Terms of Substance of potential EBUF charges. To encourage a
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the Proposed Rule Change collegial effort in resolving such 5 Specialists (and e-Specialists) must provide
The Exchange proposes to modify the anomalies, the Exchange proposes that continuous two-sided quotations throughout the
trading day in its appointed issues for 90% of the
NYSE American Options Fee Schedule the EBUF only be charged for the time the Exchange is open for trading in each issue.
second and any subsequent instance in See NYSE American Rule 925.1NY.
1 15 U.S.C. 78s(b)(1). 6 While Directed Order Market Makers (‘‘DMM’’)
2 15 U.S.C. 78a. 4 Currently, the Exchange has set the ratio at 1 also have a 90% quoting obligation in their DMM
3 17 CFR 240.19b–4. contract for every 5,000 messages. issues, DMM issues may be added or dropped at
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![22560 Federal Register / Vol. 83, No. 94 / Tuesday, May 15, 2018 / Notices
Paper Comments ACTION: Notice. Liberty Plaza, New York, New York
• Send paper comments in triplicate 10006.
Notice of an application for an order
to Brent J. Fields, Secretary, Securities under sections 12(d)(1)(J), 57(c), 57(i) FOR FURTHER INFORMATION CONTACT:
and Exchange Commission, 100 F Street and 60 of Investment Company Act of Asen Parachkevov, Senior Counsel, or
NE, Washington, DC 20549–1090. 1940 (the ‘‘Act’’) and rule 17d–1 under David J. Marcinkus, Branch Chief, at
All submissions should refer to File the Act to permit certain joint (202) 551–6821 (Division of Investment
Number SR–NYSEAMER–2018–20. This transactions otherwise prohibited by Management, Chief Counsel’s Office).
file number should be included on the sections 12(d)(1)(A), 12(d)(1)(C), SUPPLEMENTARY INFORMATION: The
subject line if email is used. To help the 57(a)(1), 57(a)(2) and 57(a)(4) of the Act following is a summary of the
Commission process and review your and rule 17d–1 under the Act. application. The complete application
comments more efficiently, please use APPLICANTS: TCW Direct Lending LLC may be obtained via the Commission’s
only one method. The Commission will (the ‘‘Fund’’), TCW Middle Market website by searching for the file
post all comments on the Commission’s Lending Opportunities BDC, Inc. (the number, or an applicant using the
internet website (http://www.sec.gov/ ‘‘Extension Fund’’), and TCW Asset Company name box, at http://
rules/sro.shtml). Copies of the Management Company (the ‘‘Adviser’’). www.sec.gov/search/search.htm or by
submission, all subsequent SUMMARY OF APPLICATION: Applicants calling (202) 551–8090.
amendments, all written statements seek an order to permit the Fund (i) to Applicants’ Representations
with respect to the proposed rule conduct an exchange offer pursuant to
change that are filed with the 1. The Fund, a Delaware limited
which investors in the Fund
Commission, and all written liability company, is a closed-end
(‘‘Unitholders’’), including certain
communications relating to the management investment company that
directors and officers of the Fund and
proposed rule change between the has elected to be regulated as a business
employees of the Adviser (collectively,
Commission and any person, other than development company (‘‘BDC’’) under
the ‘‘TCW Directors, Officers and
those that may be withheld from the the Act. On April 18, 2014, the Fund
Employees’’), may elect to exchange all
public in accordance with the filed a registration statement on Form 10
or a portion of their units in the Fund
provisions of 5 U.S.C. 552, will be to register Units pursuant to section
(‘‘Units’’) for an equivalent number of
available for website viewing and 12(g) of the Exchange Act of 1934 (the
shares (‘‘Shares’’) in the Extension Fund
printing in the Commission’s Public ‘‘Exchange Act’’). The Fund commenced
(each such Unitholder, an ‘‘Electing
Reference Room, 100 F Street NE, operations on September 19, 2014. The
Unitholder’’), and (ii) to transfer to the
Washington, DC 20549 on official Fund operates as a direct lending
Extension Fund a pro rata portion of the
business days between the hours of company that seeks to generate risk-
Fund’s assets and liabilities, including a
10:00 a.m. and 3:00 p.m. Copies of the adjusted returns primarily through
pro rata portion of each of the Fund’s
filing also will be available for direct investments in senior secured
portfolio investments, in proportion to
inspection and copying at the principal loans made to middle-market companies
the percentage of Units tendered and
office of the Exchange. All comments or other companies that are engaged in
accepted for exchange.
received will be posted without change. various businesses.
FILING DATES: The application was filed 2. The Fund conducted a private
Persons submitting comments are on April 20, 2017, and amended on
cautioned that we do not redact or edit offering of its Units to investors in
October 16, 2017, May 3, 2018, and May reliance on the exemption from
personal identifying information from 9, 2018.
comment submissions. You should registration provided by section 506 of
HEARING OR NOTIFICATION OF HEARING: An Regulation D under the Securities Act of
submit only information that you wish
order granting the application will be 1933 (the ‘‘Securities Act’’). The Fund
to make available publicly. All
issued unless the Commission orders a entered into subscription agreements
submissions should refer to File
hearing. Interested persons may request with its Unitholders, pursuant to which
Number SR–NYSEAMER–2018–20 and
a hearing by writing to the the Unitholders made capital
should be submitted on or before June
Commission’s Secretary and serving commitments to the Fund. The Units are
5, 2018.
applicants with a copy of the request, not traded on an exchange and are not
For the Commission, by the Division of personally or by mail. Hearing requests freely transferable.
Trading and Markets, pursuant to delegated should be received by the Commission 3. The Extension Fund, a Delaware
authority.14 by 5:30 p.m. on May 30, 2018 and corporation and a wholly-owned
Eduardo A. Aleman, should be accompanied by proof of subsidiary of the Fund, intends to elect
Assistant Secretary. service on the applicants, in the form of to be regulated as a BDC. Applicants
[FR Doc. 2018–10263 Filed 5–14–18; 8:45 am] an affidavit, or, for lawyers, a certificate state that the Extension Fund will have
BILLING CODE 8011–01–P of service. Pursuant to section 0–5 investment objectives and investment
under the Act, hearing requests should policies that are substantially similar to
state the nature of the writer’s interest, the Fund’s. Applicants state that the
SECURITIES AND EXCHANGE any facts bearing upon the desirability Extension Fund intends to conduct an
COMMISSION of a hearing on the matter, the reason for initial public offering or listing of its
the request, and the issues contested. Shares immediately following the
[Investment Company Act Release No. Persons who wish to be notified of a
33094; File No. 812–14765] completion of the Proposed
hearing may request notification by Transactions.
daltland on DSKBBV9HB2PROD with NOTICES
TCW Direct Lending LLC, et al.; writing to the Commission’s Secretary. 4. The Adviser, a Delaware limited
ADDRESSES: Secretary, U.S. Securities liability company, is registered as an
May 9, 2018. and Exchange Commission, 100 F Street investment adviser under the
AGENCY:Securities and Exchange NE, Washington, DC 20549–1090. The Investment Advisers Act of 1940 (the
Commission (‘‘Commission’’). Applicants: c/o Adrian Rae Leipsic, ‘‘Advisers Act’’). The Adviser serves as
Esq., and Adam E. Fleisher, Esq., Cleary investment adviser to the Fund
14 17 CFR 200.30–3(a)(12). Gottlieb Steen & Hamilton LLP, One pursuant to an investment advisory
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Document Created: 2018-05-15 00:34:16
Document Modified: 2018-05-15 00:34:16
| 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 | 83 FR 22558 |
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