Federal Register / Vol. 89, No. 213 / Monday, November 4, 2024 / Notices 87659 

10 Id. 

11 15 U.S.C. 78q–1(b)(3)(D). 

12 17 CFR 240.17Ad–22(e)(7)(i). 

13 15 U.S.C. 78q–1(b)(3)(I). 14 17 CFR 200.30–3(a)(12). 

minimum in all relevant currencies to 

effect same-day and, where appropriate, 

intraday and multiday settlement of 

payment obligations with a high degree 

of confidence under a wide range of 

foreseeable stress scenarios that 

includes, but is not limited to, the 

default of the participant family that 

would generate the largest aggregate 

payment obligation for the covered 

clearing agency in extreme but plausible 

market conditions.10 As previously 

noted, LCH SA anticipates the Proposed 

Rule Change will strengthen its 

Liquidity Coverage Ratio and further 

enhance its liquidity risk profile by 

incentivizing clearing members to 

increase the amount of cash to satisfy 

margin requirements. The additional 

cash will add to LCH SA’s total liquid 

resources, which can be used for the 

settlement of daily payment obligations, 

including with respect to the default of 

the participant family generating the 

largest aggregate payment obligation for 

LCH SA. 

For these reasons, LCH SA believes 

the Proposed Rule Change is consistent 

with the requirements of Section 

17A(b)(3)(D) of the Act 11 in that the 

amendments to the cash spreads and 

securities fees are reasonable and 

equitable among its participants. In 

addition, LCH SA believes that the 

Proposed Rule Change is consistent 

with the requirements of Exchange Act 

Rule 17Ad–22(e)(7)(i) 12 by enhancing 

LCH SA’s liquidity risk profile. 

B. Clearing Agency’s Statement on 

Burden on Competition 

Section 17A(b)(3)(I) of the Act 13

requires that the rules of a clearing 

agency not impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. LCH SA does not 

believe that the Proposed Rule Change 

would impose any burden on 

competition. The Proposed Rule Change 

will enhance LCH SA’s ability to 

manage the liquidity risks and related 

costs associated with converting 

securities collateral to cash and will 

apply equally to all participants. LCH 

SA also believes the proposed increase 

in fees for securities collateral will not 

be burdensome for participants, as 

participants will continue to have the 

option of posting securities collateral as 

initial margin or instead post cash 

collateral subject to the decreased 

spread. Therefore, LCH SA does not 

believe that the Proposed Rule Change 

would impose any burden on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

C. Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

Proposed Rule Change have not been 

solicited or received. LCH SA will 

notify the Commission of any written 

comments received by LCH SA. 

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) 

of the Act and paragraph (f) of Rule 

19b–4 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. 

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-regulations/self-regulatoryorganization-rulemaking); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

LCH SA–2024–004 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–LCH SA–2024–004. 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-regulations/self-regulatoryorganization-rulemaking). 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 such filings 

will also be available for inspection and 

copying at the principal office of LCH 

SA and on LCH SA’s website at http:// 

www.lch.com/resources/rules-andregulations/proposed-rule-changes-0. 

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–LCH SA–2024–004 and 

should be submitted on or before 

November 25, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–25533 Filed 11–1–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35351A; 812–15580] 

Institutional Investment Strategy Fund 

and Buena Capital Advisors, LLC 

October 29, 2024. 

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 asset-based 


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87660 Federal Register / Vol. 89, No. 213 / Monday, November 4, 2024 / Notices 

1The Commission issued a notice of application 

on October 8, 2024. Applicants subsequently 

amended the application on October 25, 2024, so 

a new notice is being issued. 

distribution and/or service fees and 

early withdrawal charges.1

APPLICANTS: Institutional Investment 

Strategy Fund and Buena Capital 

Advisors, LLC. 

FILING DATES: The application was filed 

on May 29, 2024, and amended on 

August 28, 2024 and October 25, 2024. 

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 November 25, 2024, 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: 

Arash Ghodoosi, Institutional 

Investment Strategy Fund, arash@

buenacapital.com, with a copy to JoAnn 

M. Strasser, Esq., Thompson Hine LLP, 

JoAnn.Strasser@ThompsonHine.com, 

and Philip B. Sineneng, Esq., Thompson 

Hine LLP, Philip.Sineneng@

ThompsonHine.com. 

FOR FURTHER INFORMATION CONTACT: 

Steven I. Amchan, Senior Counsel, or 

Lisa Reid Ragen, Branch Chief, 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’ amended application, dated 

October 25, 2024, 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/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. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–25540 Filed 11–1–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–437, OMB Control No. 

3235–0494] 

Proposed Collection; Comment 

Request; Extension: Rule 30e–2 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 30e–2 (17 CFR 270.30e–2) under 

the Investment Company Act of 1940 

(15 U.S.C. 80a–1 et seq.) (‘‘Investment 

Company Act’’) requires registered unit 

investment trusts (‘‘UITs’’) that invest 

substantially all of their assets in shares 

of a management investment company 

(‘‘fund’’) to send their unitholders 

annual and semiannual reports 

containing financial information on the 

underlying company. Specifically, rule 

30e–2 requires that the report contain 

all the applicable information and 

financial statements or their equivalent, 

required by rule 30e–1 under the 

Investment Company Act (17 CFR 

270.30e–1) to be included in reports of 

the underlying fund for the same fiscal 

period. Rule 30e–1 requires that the 

underlying fund’s report contain, among 

other things, the information that is 

required to be included in such reports 

by the fund’s registration statement form 

under the Investment Company Act. 

The purpose of this requirement is to 

apprise current shareholders of the 

operational and financial condition of 

the UIT. Absent the requirement to 

disclose all material information in 

reports, investors would be unable to 

obtain accurate information upon which 

to base investment decisions and 

consumer confidence in the securities 

industry might be adversely affected. 

Requiring the submission of these 

reports to the Commission permits us to 

verify compliance with securities law 

requirements. 

Rule 30e–2, however, permits, under 

certain conditions, delivery of a single 

shareholder report to investors who 

share an address (‘‘householding’’). 

Specifically, rule 30e–2 permits 

householding of annual and semiannual reports by UITs to satisfy the 

delivery requirements of rule 30e–2 if, 

in addition to the other conditions set 

forth in the rule, the UIT has obtained 

from each applicable investor written or 

implied consent to the householding of 

shareholder reports at such address. The 

rule requires UITs that wish to 

household shareholder reports with 

implied consent to send a notice to each 

applicable investor stating that the 

investors in the household will receive 

one report in the future unless the 

investors provide contrary instructions. 

In addition, at least once a year, UITs 

relying on the rule for householding 

must explain to investors who have 

provided written or implied consent 

how they can revoke their consent. The 

purpose of the notice and annual 

explanation requirements associated 

with the householding provisions of the 

rule is to ensure that investors who wish 

to receive individual copies of 

shareholder reports are able to do so. 

The Commission estimates that the 

annual burden associated with rule 30e– 

2 is 15 hours per respondent. The 

Commission estimates that there are 

currently approximately 660 UITs that 

file 1342 reports per year. Therefore, the 

Commission estimates that the total 

hour burden is approximately 10,065 

hours. In addition to the burden hours, 

the Commission estimates that the 

annual cost of contracting for outside 

services associated with rule 30e–2 is 

$6,667 per respondent, for a total cost of 

approximately $4,495,700. 

Estimates of average burden hours are 

made solely for the purposes of the 

Paperwork Reduction Act and are not 

derived from a comprehensive or even 

representative survey or study of the 

costs of Commission rules and forms. 

The collection of information under rule 

30e–2 is mandatory. The information 

provided under rule 30e–2 will not be 

kept confidential. An agency may not 

conduct or sponsor, and a person is not 

required to respond to, a collection of 

information unless it displays a 

currently valid OMB control number. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 


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