83184 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

37 17 CFR 240.19b–4(f)(6)(iii). 

38See supra note 3. 

39For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 40 17 CFR 200.30–3(a)(12), (59). 

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act normally does not become operative 

for 30 days after the date of its filing. 

However, Rule 19b–4(f)(6)(iii) 37 permits 

the Commission to designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange requested that 

the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission notes it has 

approved a proposed rule change 

substantially identical to the one 

proposed by the Exchange.38 The 

proposed change raises no novel legal or 

regulatory issues. Therefore, the 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposed rule change operative upon 

filing.39

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. 

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– 

BOX–2023–26 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–BOX–2023–26. 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–BOX–2023–26 and should be 

submitted on or before December 19, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.40

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26113 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35056; 812–15506] 

Meketa Infrastructure Fund and Meketa 

Capital, LLC 

November 21, 2023. 

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, under sections 6(c) and 23(c) of the 

Act for an exemption from rule 23c–3 

under 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 investment 

companies to issue multiple classes of 

shares and to impose early withdrawal 

charges and asset-based distribution 

and/or service fees. 

APPLICANTS: Meketa Infrastructure Fund 

and Meketa Capital, LLC. 

FILING DATES: The application was filed 

on September 14, 2023, and amended 

on October 17, 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 SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on December 18, 2023, and 

should be accompanied by proof of 

service on the 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. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Chelsea Childs, Esq., Ropes & Gray LLP, 

Chelsea.Childs@ropesgray.com. 

FOR FURTHER INFORMATION CONTACT: 

Trace W. Rakestraw, Senior Special 

Counsel, at (202) 551–6825 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated October 

17, 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 

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


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83185 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5The strategy 6A+3B, 1 time for X price is equal 

to the strategy 2A+B, 3 times for X/3 of the price. 

See also infra note 5. 

6For example, a Complex QOO Order is 

submitted as 6A+3B. The system will reduce the 

strategy to its simplest form by dividing each leg by 

their highest common denominator (i.e., 3), 

resulting in 2A+B (6A/3 + 3B/3). This operation is 

performed so that the system is not replete with 

multiple versions of economically equivalent 

strategies which would populate the Complex 

Order Book and may cause confusion and result in 

unnecessary demands on system resources. 

7For example, if the above Complex Order of 

6A+3B was submitted with a price of 3.30 for the 

strategy, in addition to dividing each leg by 3, the 

system will divide the price by the same value, 

resulting in a price of 1.10 (3.30/3) for the reduced 

strategy of 2A+B. Additionally, the system would 

multiply the quantity of the strategy by 3 so that 

the net result is a strategy for 2A+B for 1.10, 3 

times. In summary, the strategy 6A+3B, 1 time for 

3.30 is economically equivalent to 2A+B, 3 times 

for 1.10. 

8The term ‘‘Complex Order Book’’ means the 

electronic book of Complex Orders maintained by 

the BOX Trading Host. See BOX Rule 7240(a)(8). 

9The Exchange notes that currently when 

reducing strategy orders to their simplest form 

results in a net price with three or fewer decimal 

places, the Complex QOO Order or multi-leg QOO 

Order is executed pursuant to the provisions in 

Rule 7600. 

legacy/companysearch.html. You may 

also call the SEC’s Public Reference 

Room at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2023–26117 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99007; File No. SR–BOX– 

2023–28] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Establish IM–7600–8 

November 21, 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 November 

17, 2023, BOX Exchange LLC (‘‘BOX’’ or 

the ‘‘Exchange’’) 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 Exchange filed the 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 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 

The Exchange proposes to proposes to 

establish IM–7600–8. The text of the 

proposed rule change is available from 

the principal office of the Exchange, at 

the Commission’s Public Reference 

Room and also on the Exchange’s 

internet website at https://

rules.boxexchange.com/rulefilings. 

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 these statements may be examined at 

the places specified in Item IV below. 

The self-regulatory organization 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 purpose of the proposed rule 

change is to establish IM–7600–8. 

Proposed IM–7600–8 codifies current 

functionality and proposes an 

additional enhancement. Specifically, 

the Exchange is proposing to codify 

current functionality that, upon order 

entry, the system reduces a Complex 

QOO Order or multi-leg QOO Order to 

its simplest form, which also requires a 

corresponding quantity increase and a 

price decrease (for example the system 

will reduce 6A+3B, 1 time to 2A+B, 3 

times for 1⁄3 of the price).5 Additionally, 

the Exchange is proposing that, if 

reducing the order to its simplest form 

results in a net price for the order that 

exceeds three decimal places, the 

system will round the net price of the 

Complex QOO Order or multi-leg QOO 

Order to the third decimal place with 

the advantage to the initiating side. For 

purposes of executing and determining 

the priority of the component legs of 

Complex QOO or multi-leg QOO Orders, 

the system will calculate the quantities 

and prices of the component legs in one 

cent ($0.01) increments necessary to 

achieve the net price of the order. The 

component legs of a Complex QOO 

Order or multi-leg QOO Order will 

execute in one cent ($0.01) increments 

and the priority of each component leg 

will be determined based on its 

execution price. A Complex QOO Order 

or multi-leg QOO Order that is reduced 

to its simplest form will be executed 

pursuant to the provisions in Rule 7600 

(Qualified Open Outcry Orders—Floor 

Crossing), including Rule 7600(c) 

(Submission of QOO Orders). 

Background 

Today, BOX Participants may submit 

a Complex QOO Order or multi-leg 

QOO Order with leg ratios that have not 

been reduced by the highest common 

denominator for the component legs of 

the order. Upon receipt of such a 

Complex QOO Order or multi-leg QOO 

Order, the system will reduce the order 

to its simplest form by dividing the leg 

quantities by their highest common 

denominator.6 The system makes a 

corresponding reduction to the price of 

the strategy and a corresponding 

increase to the quantity of the strategy 

so that the net price of the order before 

and after the reduction by the highest 

common denominator is economically 

equivalent.7 The order is then accepted 

into the system and processed according 

to Exchange rules. The Exchange 

reduces such strategy orders to their 

simplest form to avoid populating the 

Complex Order Book 8 with multiple 

versions of economically equivalent 

strategies which may cause confusion 

and result in unnecessary demands on 

system resources. Currently, when this 

process of reducing an order to its 

simplest form results in a net price with 

more than three decimal places (i.e., 

1.666...) (‘‘non-conforming strategy 

price’’), the system rejects the Complex 

QOO Order or multi-leg QOO Order 

back to the submitting Participant.9

Proposal 

The Exchange now proposes a system 

enhancement to accept a Complex QOO 

Order or multi-leg QOO Order with a 

non-conforming strategy price. Under 

this proposal, when reducing the leg 

ratios of the Complex QOO Order or 

multi-leg QOO Order, the system will 

now round a non-conforming strategy 

price to a net price with three decimals 

to the advantage of the initiating side 

instead of rejecting such orders. The 

order can then be accepted and 

processed pursuant to Exchange rules. 

The Exchange notes that the current 

priority rules for Complex QOO Orders 

and multi-leg QOO Orders will continue 

to apply. As discussed above, if the 


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