Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 90807 

24 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NYSECHX–2024–31 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–NYSECHX–2024–31. 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–NYSECHX–2024–31 and should be 

submitted on or before December 9, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26746 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35382; 812–15642] 

Redwood Real Estate Income Fund 

and Redwood Investment 

Management, LLC 

November 12, 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 

distribution and/or service fees and 

early withdrawal charges. 

APPLICANTS: Redwood Real Estate 

Income Fund and Redwood Investment 

Management, LLC. 

FILING DATES: The application was filed 

on October 15, 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 December 9, 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: 

Joshua B. Deringer, Esq., Faegre Drinker 

Biddle & Reath LLP, joshua.deringer@

faegredrinker.com, with a copy to 

Richard Duff, Redwood Investment 

Management, LLC, rduff@

redwoodim.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 

15, 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. 2024–26761 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101581; File No. SR– 

CboeEDGA–2024–046] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Adopt Fees 

for Its New Offering of Market Data 

Reports 

November 12, 2024. 

Pursuant to 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 November 

1, 2024, Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe EDGA Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘EDGA’’) proposes to 

adopt fees for its new offering of market 


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90808 Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 

3See Securities Exchange Act Release No. 100803 

(August 28, 2024), 89 FR 68948 (August 22, 2024) 

(SR–CboeEDGA–2024–034). 

4The Missed Liquidity Report only includes trade 

events which are triggered by an order that removed 

liquidity on entry and will exclude trade events 

resulting from: elected stop orders, orders routed 

and executed at away venues, and peg order 

movements, and auctions. 

5 Includes individual order cancellations, mass 

cancels, and purge orders messages that are sent via 

Financial Information Exchange (‘‘FIX’’) protocol or 

Binary Order Entry (BOE) protocol by a subscriber. 

6The Execution ID is a unique reference number 

assigned by the Exchange for each trade. 

7 Includes Network Discovery Time (which is a 

network hardware switch timestamp taken at the 

network capture point); Order Handler NIC 

Timestamp (which is a hardware timestamp that 

represents when a BOE order handler server NIC 

observed the message); Order Handler Received 

Timestamp (which is software timestamp that 

represents when the FIX or BOE order handler has 

begun processing the order after the socket read); 

Order Handler Send Timestamp (which represents 

when the FIX or BOE order handler has finished 

processing the order and begun sending to the 

matching engine); Matching Engine NIC Timestamp 

(which is a hardware timestamp that represents 

when the target matching engine server NIC 

observed the message); and Matching Engine 

Transaction Timestamp (which is a software 

timestamp that represents when the matching 

engine has started processing an event). 

8Represents the matching unit number. 

9Flag to indicate whether a message was delayed 

due to message in flight limits (i.e., a limit on the 

total number of messages in flight between an order 

handler and a matching engine). 

10Refers to the port type used by the session to 

send the applicable message. 

11 Indicates whether the order type of the 

response order that executed against the resting 

order was a new order or modify message. 

12Based on a Members’ unique needs, Members 

may choose which Ports (if any) it would like to 

subscribe to the Missed Liquidity Report. For 

example, a Member that has 20 Ports, but is only 

interested in receiving data on 10 of their Ports 

would then be charged the $1,500 tier fee for its 

subscribing Ports. 

13The Exchange proposes to make clear in the 

Fees Schedule that the proposed fees are not 

progressive (i.e., if a Member requests the Missed 

Liquidity Report for 20 Ports, it will be assessed 

$2,000 per month). 

14Fees will be assessed on a look-back basis 

based on the maximum number of subscribing Ports 

a Member had in the prior calendar month. For 

example, if a Member had 10 Ports that were 

subscribed to the Missed Liquidity Report from 

September 1st–September 26th and the Member 

added an additional Port to the Missed Liquidity 

Report on September 27th (for a total of 11 

subscribing Ports), the Member would then be 

assessed a fee of $2,000 for the month of September 

for the Missed Liquidity Report. Additionally, the 

Exchange proposes to make clear in its fee schedule 

that new subscribers will be charged a prorated fee 

for a mid-month subscription based on the initial 

date of the subscription. 

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

data reports. 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://markets.cboe.com/us/ 

equities/regulation/rule_filings/edga/), 

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 its 

fee schedule to adopt fees for Cboe 

Timestamping Service reports, effective 

November 1, 2024. The Exchange 

recently adopted a new data product 

known as the Cboe Timestamping 

Service.3 The Cboe Timestamping 

Service provides timestamp information 

for orders and cancels for market 

participants. More specifically, the Cboe 

Timestamping Service reports provide 

various timestamps relating to the 

message lifecycle throughout the 

exchange system. The first report—the 

Missed Liquidity Report—covers order 

messages of the Member only and the 

second report—Cancels Report—covers 

cancel messages of the Member only. 

The reports are optional products that 

are available to all Members and 

Members may opt to choose both 

reports, one report, or neither report. 

The Cancels Report provides response 

time details for orders that rest on the 

book where the Member attempted to 

cancel that resting order or any other 

resting order but was unable to do so as 

the resting order was executed before 

the system processed the cancel 

message. The Cancels Report assists the 

Member in determining by how much 

time that order missed being canceled 

instead of executing. 

The Missed Liquidity Report provides 

time details for executions of orders that 

rest on the book where the Member 

attempted to execute against that resting 

order within an Exchange-determined 

amount of time (not to exceed 1 

millisecond) after receipt of the first 

attempt to execute against the resting 

order and within an Exchangedetermined amount of time (not to 

exceed 100 microseconds) before receipt 

of the first attempt to execute against the 

resting order. 

Both the Missed Liquidity Report and 

Cancels Report include the following 

data elements for orders 4 and cancel 

messages,5 respectively: (1) Member 

Firm ID; (2) Symbol; (3) Execution ID; 6

(3) Exchange System Timestamps for 

orders and cancels; 7 (4) Matching Unit 

number; 8 (5) Queued; 9 (6) Port Type; 10

and (7) Aggressor Order Type.11 No 

specific information about resting orders 

on the Exchange book are provided. 

These reports are in response to 

requests from Members for additional 

data concerning the timeliness of their 

incoming orders, cancel messages and 

executions against resting orders. The 

Exchange believes these reports will 

increase transparency by providing 

Members with an opportunity to learn 

more about better opportunities to 

access liquidity and receive better 

execution rates and improve order 

cancel success. 

The Exchange notes that the data 

included in the reports are based only 

on the data of the market participant 

that opts to subscribe to the reports 

(‘‘Recipient Member’’) and do not 

include information related to any 

Member other than the Recipient 

Member. Additionally, neither report 

includes real-time market data. Rather, 

the reports contain historical data from 

the prior trading day and are available 

after the end of the trading day, 

generally on a T+1 basis. 

The Exchange now proposes to assess 

the following monthly fees for Members 

that wish to purchase the Cancels 

Report and/or the Missed Liquidity 

Report. The Exchange proposes a 

monthly flat fee of $1,000 for the 

Cancels Report for a subscribing 

Member. The Exchange also proposes a 

progressive monthly fee structure for the 

Missed Liquidity Report based on the 

Member’s subscribing logical (FIX or 

BOE) order entry ports (the ‘‘Ports’’) 12

with the following tiers: $1,500 for 1–10 

Ports, $2,000 for 11–20 Ports and $2,500 

for 21 and more Ports.13 For a midmonth subscription, the monthly fee(s) 

shall be prorated based on the initial 

date of the subscription.14

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.15 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 


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Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 90809 

16 15 U.S.C. 78f(b)(5). 

17 Id. 

18 15 U.S.C. 78f(b)(4). 

19See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

20See Regulation NMS Adopting Release, supra, 

at 37503. 

21See Securities Exchange Act Release No. 78886 

(September 20, 2016), 81 FR 66113 (September 26, 

2016) (SR–NASDAQ–2016–101) (Order Granting 

Approval of Proposed Rule Change, as Modified by 

Amendment Nos. 1 and 2, To Add NASDAQ Rule 

7046)(Nasdaq Trading Insights). 

22See Securities Exchange Act Release No. 79035 

(October 11, 2016), 81 FR 70207 (October 4, 2016) 

(SR–NASDAQ–2016–124). 

23 Id. 

24See e.g., MIAX Emerald Rule 531. See also 

Securities Exchange Act Release No. 91356 (March 

18, 2021), 86 FR 15759 (March 24, 2021) (SR– 

EMERALD–2021–09). Although not clearly defined, 

the Exchange believes that MIAX Emerald’s 

Liquidity Taker Event Report also provides 

information relating to cancel messages. 

Particularly, MIAX Emerald Liquidity Taker Event 

Report provides, among other things, data relating 

to the ‘‘type of each response submitted by the 

Recipient Member.’’ See MIAX Emerald Rule 

5.31(a)(iii)(C). MIAX Emerald’s technical 

specifications outline the various types of available 

liquidity messages including, Simple Mass Quote 

Cancel Request and Mass Liquidity Cancel Request 

See MIAX Express Interface for Quoting and 

Trading Options, MEI Interface Specification, 

Section 4.1 (Liquidity Messages), available at: 

MIAX_Express_Interface_MEI_v2.2a.pdf 

(miaxglobal.com). 

25See MIAX Emerald Fee Schedule, Section 7, 

Reports. 

6(b)(5) 16 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 17 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

The Exchange also believes the 

proposed rule change is consistent with 

Section 6(b)(4) of the Act,18 which 

requires that Exchange rules provide for 

the equitable allocation of reasonable 

dues, fees, and other charges among its 

Members and other persons using its 

facilities. 

In adopting Regulation NMS, the 

Commission granted self-regulatory 

organizations (‘‘SROs’’) and broker 

dealers increased authority and 

flexibility to offer new and unique 

market data to consumers of such data. 

It was believed that this authority would 

expand the amount of data available to 

users and consumers of such data and 

also spur innovation and competition 

for the provision of market data. The 

Exchange believes that the proposed 

reports are the sort of market data 

product that the Commission 

envisioned when it adopted Regulation 

NMS. 

The Commission concluded that 

Regulation NMS—by deregulating the 

market in proprietary data—would itself 

further the Act’s goals of facilitating 

efficiency and competition: 

‘‘[E]fficiency is promoted when brokerdealers who do not need the data 

beyond the prices, sizes, market center 

identifications of the NBBO and 

consolidated last sale information are 

not required to receive (and pay for) 

such data. The Commission also 

believes that efficiency is promoted 

when broker-dealers may choose to 

receive (and pay for) additional market 

data based on their own internal 

analysis of the need for such data.’’ 19

By removing ‘‘unnecessary regulatory 

restrictions’’ on the ability of exchanges 

to sell their own data, Regulation NMS 

advanced the goals of the Act and the 

principles reflected in its legislative 

history. The Cboe Timestamping Service 

(i.e., the Missed Liquidity and Cancels 

Reports) provides investors with new 

options for receiving market data, which 

was a primary goal of the market data 

amendments adopted by Regulation 

NMS.20

The reports are designed for Members 

that are interested in gaining insight 

into latency in connection with their 

respective (1) orders that failed to 

execute against an order resting on the 

Exchange order book and/or (2) cancel 

messages that failed to cancel resting 

orders. The Exchange believes that 

providing this optional data to 

interested Members for a fee is 

consistent with facilitating transactions 

in securities, removing impediments to 

and perfecting the mechanism of a free 

and open market and a national market 

system, and, in general, protecting 

investors and the public interest 

because it provides Members with an 

opportunity to receive additional 

information and insight into their 

trading activity on the Exchange. 

The Exchange believes the fee 

proposals for both the Missed Liquidity 

Report and Cancels Report are 

reasonable as the Exchange is offering 

any Member access to subscribe to one 

or both report(s) in the Member’s sole 

discretion based on their unique 

business needs. The reports are optional 

for Members to subscribe to if they 

believe it to be helpful and are not 

required for Members to purchase in 

order to access the Exchange. 

Additionally, Members may cancel their 

usage of this report at any time. 

The Exchange believes that the fee 

structure for the Missing Liquidity 

Report reflects an equitable allocation 

and will not be unfairly discriminatory 

as it is a voluntary product designed to 

ensure that the amount of the charge is 

tailored to the specific port usage 

patterns of the Recipient Member. The 

range of fee options further ensures that 

Recipient Members are not charged a fee 

that is inequitably disproportionate to 

the use that they make of the product. 

Additionally, Recipient Members aren’t 

required to pay the set threshold for all 

Ports it has in a given month, instead, 

Members are able to select which Ports 

(if any) they would like to subscribe to 

the Missing Liquidity Report for a given 

month in order to study its orders in the 

market to be better informed market 

participants. Members are under no 

obligation to subscribe to the Missing 

Liquidity Report if it does not desire to 

do so. 

The fee structure for the Missing 

Liquidity Report closely aligns to the fee 

structure of the previously offered 

Missed Opportunity—Latency report as 

part of its NASDAQ Trader Insights 

offering.21 However, the NASDAQ 

Missed Opportunity—Latency report 

included an additional tier with a 

higher price than the Exchange’s 

proposed fee structure.22 The NASDAQ 

structure included an additional tier 

level that imposes a monthly fee of 

$3,500 for subscribers that have over 25 

ports 23 while the Exchange fee structure 

would provide its similar report for a fee 

of $2,500 for a Recipient Member that 

has 25 ports. 

The Exchange believes its proposed 

fee for the Cancels Report is reasonable 

as it’s a modest, flat fee of $1,000/ 

month. As the Exchange offers mass 

cancels through Purge Ports in addition 

to standard cancels through the Ports, 

and since cancels may occur through a 

variety of port types as opposed to just 

the Ports, the Exchange found a modest, 

flat fee to be more appropriate for the 

Cancels Report. 

The proposed fees are also reasonable 

as they are lower than the fees assessed 

for similar reports offered by other 

exchanges. For example, the MIAX 

Emerald Liquidity Taker Event Report is 

substantially similar to the Missed 

Liquidity Report and Cancels Report 24

and has a monthly fee of $4,000 or an 

annual fee of $24,000.25 A Member is 


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90810 Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 

26See Sec. Indus. Fin. Mkts. Ass’n (SIFMA), 

Initial Decision Release No. 1015, 2016 SEC LEXIS 

2278 (ALJ June 1, 2016) (finding the existence of 

vigorous competition with respect to non-core 

market data). See also the decision of the United 

States Court of Appeals for the District of Columbia 

Circuit in NetCoalition v. SEC, 615 F.3d 525 (D.C. 

Cir. 2010) (‘‘NetCoalition I’’) (upholding the 

Commission’s reliance upon competitive markets to 

set reasonable and equitably allocated fees for 

market data). 

27See e.g., MIAX Emerald Rule 531. 

28See Securities Exchange Act Release No. 79035 

(October 11, 2016), 81 FR 70207 (October 4, 2016) 

(SR–NASDAQ–2016–124). 

29 15 U.S.C. 78s(b)(3)(A). 

30 17 CFR 240.19b–4(f). 

able to receive both the Cancels Report 

and the Missed Liquidity Report for a 

monthly fee no greater than $3,500 a 

month—making the Cboe Timestamping 

Reports less than the MIAX Emerald 

report. With the Exchange’s approach of 

(i) bifurcating the orders and cancels to 

two separate and distinct offerings 

(Missing Liquidity Report and Cancels 

Report) and (ii) allowing Members to 

select its subscribing Ports for the 

Missed Liquidity Report, it allows 

Members to further curb costs if they 

choose to subscribe to one or both of 

these reports. As such, the Exchange 

believes that the proposed fees for the 

both the Missed Liquidity Report and 

Cancels Report are fair and reasonable 

as they are set at a level either similar 

to or lower than other exchanges that 

offer similar reports. 

The proposal would also not permit 

unfair discrimination as both the 

Cancels Report and Missed Liquidity 

Report will be available to all Members, 

who may opt to subscribe to one, both, 

or neither, and will help to protect a free 

and open market by continuing to 

provide additional non-core data 

(offered on an optional basis for a fee) 

to the marketplace and by providing 

investors with greater choices.26 As 

such, the Exchange believes that the 

proposed fees are reasonable and set at 

a level to compete with other exchanges 

that may choose to offer similar reports. 

Moreover, if a market participant views 

another exchange’s potential report as 

more attractive, then such market 

participant can merely choose not to 

purchase the Exchange’s reports and 

instead purchase another exchange’s 

similar data product(s), which may offer 

similar data points, albeit based on that 

other market’s trading activity. 

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 believes the reports will 

contribute to robust competition among 

national securities exchanges. The 

Missed Liquidity Report and Late 

Cancels Report further enhances 

competition between exchanges by 

allowing the Exchange to expand its 

product offerings to include reports 

similar to reports that are currently 

offered by other exchanges.27

The Exchange also does not believe 

the proposed fees would cause any 

unnecessary or inappropriate burden on 

intermarket competition as other 

exchanges are free to introduce their 

own comparable reports with lower 

prices to better compete with the 

Exchange’s offerings. The Exchange 

operates in a highly competitive 

environment, and its ability to price the 

reports is constrained by competition 

among exchanges who choose to adopt 

similar products. The Exchange must 

consider this in its pricing discipline in 

order to compete for subscribers of the 

Exchange’s market data via the reports. 

For example, proposing fees that are 

excessively higher than fees for 

potentially similar data products would 

simply serve to reduce demand for the 

Exchange’s reports, which as discussed, 

Members are under no obligation to 

utilize. In this competitive environment, 

potential purchasers are free to choose 

which, if any, similar product to 

purchase to satisfy their need for market 

information. As a result, the Exchange 

believes this proposed rule change 

permits fair competition among national 

securities exchanges. 

The Exchange does not believe the 

proposed rule change would cause any 

unnecessary or inappropriate burden on 

intramarket competition. Particularly, 

the proposed fees apply uniformly to 

any purchaser in that the Exchange does 

not differentiate between the different 

Members that may purchase the reports. 

While the Exchange does propose to 

implement tiered pricing for its Missed 

Liquidity Report (similar to the pricing 

used for NASDAQ Trader Insight 

offering),28 the tiered pricing shall apply 

to all Members that wish to purchase 

the Missed Liquidity Report and this 

proposed pricing structure is reflective 

of the specific port usage patterns of the 

Recipient Member. The proposed fees 

are set at a modest level that would 

allow any interested Member to 

purchase such data based on their 

business needs. 

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 has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 29 and paragraph (f) of Rule 

19b–4 30 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 will institute proceedings 

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– 

CboeEDGA–2024–046 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–CboeEDGA–2024–046. 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 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 222 / Monday, November 18, 2024 / Notices 90811 

31 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 100034 

(April 25, 2024), 89 FR 35255. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 

100248, 89 FR 48202 (June 5, 2024). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 

100522, 89 FR 58463 (July 18, 2024). 

8See Securities Exchange Act Release No. 

101422, 89 FR 86393 (October 30, 2024). 

9 17 CFR 200.30–3(a)(12). 

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–CboeEDGA–2024–046 and should 

be submitted on or before December 9, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.31

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26748 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35381; 812–15645] 

Destra Multi-Alternative Fund and 

Destra Capital Advisors LLC 

November 12, 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 

section 19(b) of the Act and rule 19b– 

1 under the Act to permit registered 

closed-end investment companies to 

make periodic distributions of long-term 

capital gains more frequently than 

permitted by section 19(b) or rule 19b– 

1. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

registered closed-end management 

investment companies to pay as 

frequently as twelve times in any one 

taxable year in respect of its common 

stock and as often as specified by, or 

determined in accordance with the 

terms of, any preferred stock issued by 

the investment company subject to the 

terms and conditions stated in the 

application. 

APPLICANTS: Destra Multi-Alternative 

Fund and Destra Capital Advisors LLC. 

FILING DATES: The application was filed 

on October 18, 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 December 9, 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: 

Joshua B. Deringer, Esq., Faegre Drinker 

Biddle & Reath LLP, joshua.deringer@

faegredrinker.com, with a copy to 

Robert A. Watson, Destra Capital 

Advisors LLC, rob.watson@

destracapital.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 

18, 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. 2024–26760 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101587; File No. SR– 

CboeBZX–2024–026] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Withdrawal of a Proposed Rule Change 

To Permit the Generic Listing and 

Trading of Multi-Class ETF Shares 

November 12, 2024. 

On April 15, 2024, Cboe BZX 

Exchange, Inc. (‘‘BZX’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend BZX Rule 14.11(l) to 

permit the generic listing and trading of 

Multi-Class ETF Shares. The proposed 

rule change was published for comment 

in the Federal Register on May 1, 2024.3

On May 30, 2024, pursuant to Section 

19(b)(2) of the Act,4 the Commission 

designated a longer period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to disapprove the proposed 

rule change.5 On July 12, 2024, the 

Commission instituted proceedings 

pursuant to Section 19(b)(2)(B) of the 

Act 6 to determine whether to 

disapprove the proposed rule change,7

and on October 23, 2024, the 

Commission designated a longer period 

for Commission action on the proposed 

rule change.8 On November 8, 2024, the 

Exchange withdrew the proposed rule 

change (SR–CboeBZX–2024–026). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–26753 Filed 11–15–24; 8:45 am] 

BILLING CODE 8011–01–P 


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