Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices 68899 

12See, e.g., Nasdaq PHLX, LLC Options 4A, 

Section 12 (permitting nonstandard expirations, 

including expirations on Tuesdays and Thursdays, 

for Nasdaq-100 index options and Nasdaq 100- 

Micro index options); and Nasdaq ISE, LLC Options 

4, Section 5, Supplementary Material .03 

(permitting short-term options series with daily 

expirations for SPY and QQQ options). 

13 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because options on broad-based indexes 

with Tuesday and Thursday expirations 

will be available to all market 

participants. By listing options on all 

available broad-based indexes that 

expire on Tuesdays and Thursdays, the 

proposed rule change will provide all 

investors that participate in the markets 

for options on all broad-based indexes 

available for trading on the Exchange 

with greater trading and hedging 

opportunities and flexibility to meet 

their investment and hedging needs, 

which are already available for SPX and 

XSP options. Additionally, Tuesday and 

Thursday expiring broad-based index 

options will trade in the same manner 

as Weekly Expirations currently trade, 

including Tuesday and Thursday 

expiring SPX and XSP options. 

The Exchange does not believe that 

the proposal to list options on all broadbased indexes with Tuesday and 

Thursday expirations will impose any 

burden on intermarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because these options are proprietary 

Exchange products. Other exchanges 

offer nonstandard expiration programs 

for index options as well as short-term 

options programs for certain equity 

options (including options on certain 

exchange-traded funds that track broadbased indexes) that expire on Tuesdays 

and Thursdays 12 and are welcome to 

similarly propose to list Tuesday and 

Thursday options on those index or 

equity products. To the extent that the 

addition of options on additional broadbased indexes that expire on Tuesdays 

and Thursdays being available for 

trading on the Exchange makes the 

Exchange a more attractive marketplace 

to market participants at other 

exchanges, such market participants are 

free to elect to become market 

participants on the Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

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: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2023–054 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–CBOE–2023–054. 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–CBOE–2023–054 and should be 

submitted on or before October 25, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21953 Filed 10–3–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98660; File No. SR–CBOE– 

2023–058] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend its Fees 

Schedule To Adopt a Temporary 

Options Regulatory Fee 

September 29, 2023. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on 

September 28, 2023, Cboe Exchange, 

Inc. (the ‘‘Exchange’’ or ‘‘Cboe 

Options’’) filed with the Securities and 

Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I and II 

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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule relating to the Options 


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68900 Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices 

3The Exchange notes ORF also applies to 

customer-range transactions executed during Global 

Trading Hours. 

4See Exchange Notice, C2023071301 ‘‘Cboe 

Options Exchanges Regulatory Fee Update Effective 

August 1, 2023.’’ 5See Securities Exchange Act Release No. 98106 

(August 10, 2023), 88 FR 55796 (August 16, 2023) 

(SR–CBOE–2023–038). 

6The Exchange notes that in connection with the 

August 1, 2023 ORF rate change, it provided the 

Commission confidential details regarding the 

Exchange’s projected regulatory revenue, including 

projected revenue from ORF, along with a breakout 

of its projected regulatory expenses, including both 

direct and indirect allocations. 

7See Securities Exchange Act Release No. 98596 

(September 28, 2023) (SR–CBOE–2023–038). 

8This proposal is not intended to be responsive 

to any issues that may be raised in the OIP, but to 

instead address the immediate issue of billing for 

September 28 and 29th. 

Regulatory Fee. The text of the proposed 

rule change is provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

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 

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 

Fee Schedule to revise the ORF charged 

solely for the dates of September 28 and 

29, 2023. 

Background 

By way of background, the ORF is 

assessed by Cboe Options to each 

Trading Permit Holder (‘‘TPH’’) for 

options transactions cleared by the TPH 

that are cleared by the Options Clearing 

Corporation (‘‘OCC’’) in the customer 

range, regardless of the exchange on 

which the transaction occurs.3 In other 

words, the Exchange imposes the ORF 

on all customer-range transactions 

cleared by a TPH, even if the 

transactions do not take place on the 

Exchange. The ORF is collected by OCC 

on behalf of the Exchange from the 

Clearing Trading Permit Holder 

(‘‘CTPH’’) or non-CTPH that ultimately 

clears the transaction. With respect to 

linkage transactions, Cboe Options 

reimburses its routing broker providing 

Routing Services pursuant to Cboe 

Options Rule 5.36 for options regulatory 

fees it incurs in connection with the 

Routing Services it provides. 

Revenue generated from ORF, when 

combined with all of the Exchange’s 

other regulatory fees and fines, is 

designed to recover a material portion of 

the regulatory costs to the Exchange of 

the supervision and regulation of TPH 

customer options business including 

performing routine surveillances, 

investigations, examinations, financial 

monitoring, and policy, rulemaking, 

interpretive, and enforcement activities. 

Regulatory costs include direct 

regulatory expenses and certain indirect 

expenses for work allocated in support 

of the regulatory function. The direct 

expenses include in-house and thirdparty service provider costs to support 

the day-to-day regulatory work such as 

surveillances, investigations and 

examinations. The indirect expenses 

include support from such areas as 

human resources, legal, compliance, 

information technology, facilities and 

accounting. These indirect expenses are 

estimated to be approximately 30% of 

Cboe Options’ total regulatory costs for 

2023. Thus, direct expenses are 

estimated to be approximately 70% of 

total regulatory costs for 2023. In 

addition, it is Cboe Options’ practice 

that revenue generated from ORF not 

exceed more than 75% of total annual 

regulatory costs. These expectations are 

estimated, preliminary and may change. 

There can be no assurance that our final 

costs for 2023 will not differ materially 

from these expectations and prior 

practice; however, the Exchange 

believes that revenue generated from the 

ORF, when combined with all of the 

Exchange’s other regulatory fees and 

fines, will cover a material portion, but 

not all, of the Exchange’s regulatory 

costs. 

The Exchange monitors its regulatory 

costs and revenues at a minimum on a 

semi-annual basis. If the Exchange 

determines regulatory revenues exceed 

or are insufficient to cover a material 

portion of its regulatory costs in a given 

year, the Exchange will adjust the ORF 

by submitting a fee change filing to the 

Commission. The Exchange also notifies 

TPHs of adjustments to the ORF via an 

Exchange Notice, including for the 

change being proposed herein.4 Based 

on the Exchange’s most recent semiannual review, the Exchange proposed 

to increase the amount of ORF collected 

by the Exchange from $0.0017 per 

contract side to $0.0030 per contract 

side, effective August 1, 2023.5 The 

proposed increase was based on the 

Exchange’s estimated projections for its 

regulatory costs, which have increased, 

coupled with a projected decrease in the 

Exchange’s other non-ORF regulatory 

fees.6 Particularly, based on the 

Exchange’s estimated projections for its 

regulatory costs, the revenue being 

generated by ORF using the then-current 

rate, would result in projected revenue 

that is insufficient to cover a material 

portion of its regulatory costs (i.e., less 

than 75% of total annual regulatory 

costs). Further, when combined with the 

Exchange’s projected other non-ORF 

regulatory fees and fines, the revenue 

being generated by ORF using the thencurrent rate results was projected to 

result in combined revenue that is less 

than 100% of the Exchange’s estimated 

regulatory costs for the year. 

OIP and Current Proposal 

As noted above, on August 1, 2023 the 

Exchange filed to increase ORF to 

$0.0030 (from $0.0017) per contract side 

(the ‘‘August ORF Filing’’). However, on 

September 28, 2023, the Commission 

issued the Suspension of and Order 

Instituting Proceedings to Determine 

whether to Approve or Disapprove a 

Proposed Rule Change to Modify the 

Options Regulatory Fee (‘‘the ‘‘OIP’’).7

As a result of the OIP, on September 28, 

2023, the ORF reverted back to the rate 

in place prior to August 1, 2023 (i.e., 

$0.0017 per contract side). 

To ensure consistency of ORF 

assessments for the full month of 

September 2023, the Exchange proposes 

to modify the Fee Schedule to specify 

that the amount of ORF that will be 

collected by the Exchange through 

September 29, 2023 (i.e., the last trading 

day of the month of September), will be 

$0.0030 per contract side (the 

‘‘September ORF Rate’’) and that 

effective October 2, 2023, the ORF will 

be $0.0017 per contract side.8 The 

Exchange believes that revenue 

generated from the ORF, including 

based on the September ORF Rate, will 

continue to cover a material portion, but 

not all, of the Exchange’s regulatory 

costs. 

As noted above, the Exchange 

endeavors to notify TPHs of any change 

in the amount of the fee at least 30 

calendar days prior to the effective date 

of the change via Exchange Notice; 

however, the Exchange notes that as a 


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Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices 68901 

9 15 U.S.C. 78f(b). 

10 15 U.S.C. 78f(b)(4) and (5). 

result of the OIP, such notice in this 

instance could not be given 30 days in 

advance. 

For avoidance of doubt, the Exchange 

notes that the September ORF Rate 

applies only through September 29, 

2023 and that the ORF, effective October 

2, 2023, will be assessed at a rate of 

$0.0017 per contract (i.e., the rate in 

place prior to the August ORF Filing). 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

the provisions of Section 6(b) 9 of the 

Act, in general, and Section 6(b)(4) and 

(5) 10 of the Act, in particular, in that it 

is designed to provide for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members and 

other persons using its facilities and 

does not unfairly discriminate between 

customers, issuers, brokers, or dealers. 

The Proposal Is Reasonable 

The Exchange believes the proposed 

September ORF Rate is reasonable 

because it would help maintain fair and 

orderly markets and benefit investors 

and the public interest because it would 

ensure transparency and consistency of 

ORF for the entire month of September 

2023. Specifically, the proposal would 

ensure that the amount of ORF collected 

by the Exchange for the trading days of 

September 28 and 29, 2023 will be the 

same rate collected on every other 

trading day in September (i.e., $0.0030 

per contract side). The Exchange 

believes this will avoid disruption to its 

TPHs that are subject to the ORF. As 

noted above, the Exchange may only use 

regulatory funds such as ORF ‘‘to fund 

the legal, regulatory, and surveillance 

operations’’ of the Exchange. 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes its proposal is 

an equitable allocation of fees among its 

market participants. The Exchange 

believes that the proposed September 

ORF Rate would not place certain 

market participants at an unfair 

disadvantage because all options 

transactions must clear via a clearing 

firm. Such clearing firms can then 

choose to pass through all, a portion, or 

none of the cost of the ORF to its 

customers, i.e., the entering firms. 

Because the ORF is collected from TPH 

clearing firms by the OCC on behalf of 

the Exchange, the Exchange believes 

that using options transactions in the 

Customer range serves as a proxy for 

how to apportion regulatory costs 

among such TPHs. In addition, the 

Exchange notes that the regulatory costs 

relating to monitoring TPHs with 

respect to Customer trading activity are 

generally higher than the regulatory 

costs associated with TPHs that do not 

engage in Customer trading activity, 

which tends to be more automated and 

less labor-intensive. By contrast, 

regulating TPHs that engage in 

Customer trading activity is generally 

more labor intensive and requires a 

greater expenditure of human and 

technical resources as the Exchange 

needs to review not only the trading 

activity on behalf of Customers, but also 

the TPH’s relationship with its 

Customers via more labor-intensive 

exam-based programs. As a result, the 

costs associated with administering the 

customer component of the Exchange’s 

overall regulatory program are 

materially higher than the costs 

associated with administering the noncustomer component (e.g., TPH 

proprietary transactions) of its 

regulatory program. Thus, the Exchange 

believes the September ORF Rate (like 

the rate assessed for every other trading 

day in September 2023) would be 

equitably allocated in that it is charged 

to all TPHs on all their transactions that 

clear in the Customer range at the OCC. 

The Proposed Fee is not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

The Exchange believes that the 

proposed September ORF Rate would 

not place certain market participants at 

an unfair disadvantage because all 

options transactions must clear via a 

clearing firm. Such clearing firms can 

then choose to pass through all, a 

portion, or none of the cost of the ORF 

to its customers, i.e., the entering firms. 

Because the ORF is collected from TPH 

clearing firms by the OCC on behalf of 

the Exchange, the Exchange believes 

that using options transactions in the 

Customer range serves as a proxy for 

how to apportion regulatory costs 

among such TPHs. In addition, the 

Exchange notes that the regulatory costs 

relating to monitoring TPH with respect 

to Customer trading activity are 

generally higher than the regulatory 

costs associated with TPHs that do not 

engage in Customer trading activity, 

which tends to be more automated and 

less labor-intensive. By contrast, 

regulating TPHs that engage in 

Customer trading activity is generally 

more labor intensive and requires a 

greater expenditure of human and 

technical resources as the Exchange 

needs to review not only the trading 

activity on behalf of Customers, but also 

the TPH’s relationship with its 

Customers via more labor-intensive 

exam-based programs. As a result, the 

costs associated with administering the 

customer component of the Exchange’s 

overall regulatory program are 

materially higher than the costs 

associated with administering the noncustomer component (e.g., TPH 

proprietary transactions) of its 

regulatory program. Thus, the Exchange 

believes the September ORF Rate (like 

the rate assessed for every other trading 

day in September 2023), is not unfairly 

discriminatory because it is charged to 

all TPHs on all their transactions that 

clear in the Customer range at the OCC. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that the 

proposed rule change will impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

Intramarket Competition. The 

Exchange believes the proposed fee 

change would not impose an undue 

burden on competition as it is charged 

to all TPHs on all their transactions that 

clear in the Customer range at the OCC; 

thus, the amount of ORF imposed is 

based on the amount of Customer 

volume transacted. The Exchange 

believes that the proposed ORF would 

not place certain market participants at 

an unfair disadvantage because all 

options transactions must clear via a 

clearing firm. Such clearing firms can 

then choose to pass through all, a 

portion, or none of the cost of the ORF 

to its customers, i.e., the entering firms. 

In addition, because the ORF is 

collected from TPH clearing firms by the 

OCC on behalf of the Exchange, the 

Exchange believes that using options 

transactions in the Customer range 

serves as a proxy for how to apportion 

regulatory costs among such TPHs. 

Intermarket Competition. The 

proposed fee change is not designed to 

address any competitive issues. Rather, 

the proposed change is designed to help 

the Exchange adequately fund its 

regulatory activities while seeking to 

ensure that total regulatory revenues do 

not exceed total regulatory costs. 


lotter on DSK11XQN23PROD with NOTICES1
68902 Federal Register / Vol. 88, No. 191 / Wednesday, October 4, 2023 / Notices 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(2). 

13 15 U.S.C. 78s(b)(2)(B). 14 17 CFR 200.30–3(a)(12). 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on 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. 

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. 

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 Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2023–058 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–CBOE–2023–058. 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–CBOE–2023–058 and should be 

submitted on or before October 25, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22036 Filed 10–3–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35027; File No. 812–15404] 

Alti Private Equity Access and 

Commitments Fund and ALTI, LLC 

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 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 management 

investment companies to issue multiple 

classes of shares of beneficial interest 

with varying sales loads and to impose 

early withdrawal charges and assetbased distribution and/or service fees. 

APPLICANTS: Alti Private Equity Access 

and Commitments Fund and ALTI, LLC. 

FILING DATES: The application was filed 

on November 7, 2022, and amended on 

March 28, 2023, June 27, 2023, July 26. 

2023, August 18, 2023, and September 

15, 2023. 

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 Commission’s Secretary at 

Secretarys-Office@sec.gov and serving 

the relevant Applicant 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 October 23, 

2023, 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 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Joseph Bonvouloir, joseph@

altifinancial.com; Anna T. Pinedo, Esq., 

apinedo@mayerbrown.com; Brian D. 

Hirshberg, Esq., bhrishberg@

mayerbrown.com. 

FOR FURTHER INFORMATION CONTACT: 

Laura J. Riegel, Senior Counsel, or Kyle 

R. Ahlgren, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and condition, please refer to 

Applicants’ fifth amended and restated 

application, dated September 15, 2023, 

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, at 

http://www.sec.gov/edgar/searchedgar/ 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 


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