96698 Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices 

22See supra notes 9–14 and accompanying text. 

23See, e.g., CboeBZX Notice, supra note 3, at 

86053–54. 

24 Id. 

25 15 U.S.C. 78f(b)(1). 

26 15 U.S.C. 78f(b)(1). 

27 15 U.S.C. 78s(b)(2). 

28 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4 15 U.S.C. 78s(b)(1). 

5 17 CFR 240.19b–4. 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4. 

8See IEX Rule 1.160(s). 

9Additionally, and as discussed further below, 

IEX is proposing this rule change to address a 

situation of first impression for the Exchange in 

which it is evaluating a firm’s application for 

membership on the Exchange while that firm is in 

the process of eligibility proceedings related to a 

statutory disqualification with FINRA and other 

SROs of which the firm is already a member. 

10 15 U.S.C. 78c(a)(39). 

11 15 U.S.C. 78o(b)(4)(E), which is cited in 15 

U.S.C. 78c(a)(39)(F). 

As outlined above,22 the SROs also 

propose to amend Section 2.11 of the 

CGM Bylaws, which are the advance 

notice bylaws, to reflect what the SROs 

assess and represent are recent 

developments in Delaware Law.23

Among other things, the SROs aim to 

ensure the objectives of the advance 

notice bylaws are met without 

burdening stockholders with potentially 

overbroad requests for information in a 

manner that is consistent with what the 

SROs represent and assess are recent 

developments in Delaware Law.24 The 

Commission believes that these 

proposed changes are also reasonably 

designed to comply with the 

requirements under Section 6(b)(1) 25 of 

Act in that they allow the Exchange to 

carry out the purposes of the Exchange 

Act and to comply, and to enforce 

compliance by its exchange members 

and persons associated with its 

exchange members, with the provisions 

of the Act, the rules and regulations 

thereunder, and the rules of the SROs. 

Finally, SROs proposed to revise 

revisions to Sections 2.9 and 3.10 of the 

CGM Bylaws to address proxy card 

color categorization and to allow the 

Lead Director to call a special meeting 

of the board in order to mitigate 

circumstances in which the CGM 

Bylaws would not otherwise empower a 

second Independent Director to call a 

special meeting, respectively. The 

Commission believes that these changes 

are reasonably designed to facilitate 

more efficient and effective corporate 

governance of CGM in accordance with 

the requirements of Section 6(b)(1) 26 of 

Act. 

IV. Conclusion 

For the foregoing reasons, the 

Commission finds that the Proposals are 

consistent with the Act and the rules 

and regulations thereunder applicable to 

a national securities exchange. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,27 that the 

Proposals (SR–CBOE–2024–041; SR– 

C2–2024–016; SR–CboeBZX–2024–087; 

SR–CboeBYX–2024–034; SR– 

CboeEDGX–2024–059; SR–CboeEDGA– 

2024–037) be, and hereby are, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.28

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2024–28427 Filed 12–4–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101779; File No. SR–IEX– 

2024–26] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend IEX 

Rule 2.160(a) To Better Reflect the 

Process for a Broker-Dealer To 

Become a Member (or Continue as a 

Member) of the Exchange 

Notwithstanding the Member (or a 

Person Associated With the Member) 

Being Subject to a Statutory 

Disqualification 

November 29, 2024. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

November 19, 2024, the Investors 

Exchange LLC (‘‘IEX’’ 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 self-regulatory organization. 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 

Pursuant to the provisions of Section 

19(b)(1) under the Act,4 and Rule 19b– 

4 thereunder,5 the Exchange is filing 

with the Commission a proposed rule 

change to amend IEX Rule 2.160(a) to 

better reflect the process for a brokerdealer to become a Member (or continue 

as a Member) of the Exchange 

notwithstanding the Member (or a 

person associated with the Member) 

being subject to a statutory 

disqualification. The Exchange has 

designated this proposed rule change as 

‘‘non-controversial’’ under Section 

19(b)(3)(A) of the Act 6 and provided the 

Commission with the notice required by 

Rule 19b–4(f)(6) thereunder.7

The text of the proposed rule change 

is available at the Exchange’s website at 

www.iextrading.com, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of 

and basis for the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to amend IEX 

Rule 2.160(a) to better reflect the 

process for a broker-dealer firm to 

become a Member 8 (or continue as a 

Member) of the Exchange 

notwithstanding the Member (or a 

person associated with the Member) 

being subject to a statutory 

disqualification.9

Section 3(a)(39) of the Act defines the 

term ‘‘statutory disqualification’’ and 

the circumstances that can cause a 

person (either a Member, or a person 

associated with a Member) to be subject 

to a statutory disqualification.10 For 

example, a broker-dealer is subject to a 

statutory disqualification if the 

Commission finds that the firm 

‘‘willfully aided, abetted, counseled, 

commanded, induced, or procured the 

violation of another person of the 

[Exchange Act] . . . or failed to 

reasonably supervise another person 

who commits such a violation.’’ 11 As 

discussed below, absent relief, a 

statutory disqualification would 


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Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices 96699 

12See FINRA Regulatory Notice 09–19 

(‘‘Amendments to FINRA Rule 9520 Series to 

Establish Procedures Applicable to Firms and 

Associated Persons Subject to Certain Statutory 

Disqualifications’’). 

13 17 CFR 240.19h–1 

14Exchange Act Rule 19h–1(a)(3), 17 CFR 

240.19h–1(a)(3). 

15See 17 CFR 240.19d–1, 17 CFR 240.19d–2, 17 

CFR 240.19d–3, and 17 CFR 240.19h–1. 

16See IEX Rule 9.522(e)(1)(C)(i) and Rule 19h– 

1(a)(3)(i). 

17See Securities Exchange Act Release No. 78449 

(August 1, 2016), 81 FR 51947 (August 5, 2016) 

(SR–BOX–2016–26); Securities Exchange Act 

Release No. 79229 (November 3, 2016), 81 FR 78875 

(November 9, 2016) (SR–BatsBZX–2016–67); 

Securities Exchange Act Release No. 79233 

(November 3, 2016), 81 FR 78869 (November 9, 

2016) (SR–BatsBYX–2016–28); Securities Exchange 

Act Release No. 79234 (November 3, 2016), 81 FR 

78867 (November 9, 2016) (SR–BatsEDGA–2016– 

23); Securities Exchange Act Release No. 79236 

(November 3, 2016), 81 FR 78878 (November 9, 

2016) (SR–BatsEDGX–2016–59). 

18The 2016 rule filings also added some other 

conditions for eligibility for exchange membership 

such as adding a restriction that members must 

meet any condition the exchange placed on such 

member, which IEX believes are adequately 

addressed in other IEX Rules. See, e.g., IEX Rules 

2.160 and 2.170 which address membership 

restrictions and agreements. 

19The proposed changes mirror the language in 

the following rules: BOX Rule 2040(a) and IM– 

2040–08; Cboe BZX Rule 2.5(a) and Interpretation 

and Policies .04; Cboe BYX Rule 2.5(a) and 

Interpretation and Policies .04; Cboe EDGA Rule 

2.5(a) and Interpretation and Policies .04; and Cboe 

EDGX Rule 2.5(a) and Interpretation and Policies 

.04. 

preclude a broker-dealer or person 

associated with a broker-dealer from 

certain activities, including membership 

in a self-regulatory organization 

(‘‘SRO’’). 

Notwithstanding the above, there is a 

well-established process through which 

a broker-dealer (or a person associated 

with a broker-dealer) may continue to 

operate in the securities industry (and 

either become a member of, or continue 

as a member of, one or more SROs) 

despite being subject to a statutory 

disqualification.12 In particular, SEC 

Rule 19h–1 13 describes several ways an 

SRO may seek relief for a member firm 

(or prospective member firm) that is 

subject to a statutory disqualification, 

including whether an SRO must file a 

notice with the Commission in order to 

allow the disqualified firm to become or 

continue as a member with the SRO (a 

‘‘19h–1 Notice’’). For example, a 19h–1 

Notice does not need to be filed by an 

SRO if the firm subject to a statutory 

disqualification is a member of at least 

one other SRO, and that SRO intends to 

file a 19h–1 Notice for the firm.14

Several IEX rules address statutory 

disqualifications and the process for 

seeking relief from those 

disqualifications. For example, IEX Rule 

2.160(a)(3) states that ‘‘No person may 

become a Member or continue as a 

Member in any capacity on the 

Exchange where such person is subject 

to a statutory disqualification, except 

that a person may become a Member or 

continue as a Member where, pursuant 

to Rules 19d–1, 19d–2, 19d–3 and 19h– 

1 of the Act,15 the Commission has 

issued an order providing relief from 

such a disqualification and permitting 

such a person to become a Member.’’ 

And IEX Rule 9.522 describes the 

process by which a Member or a person 

associated with a Member may continue 

as a Member of IEX notwithstanding 

being subject to a statutory 

disqualification. Notably, several 

sections of IEX Rule 9.522 mirror 

sections of Rule 19h–1; for example, IEX 

Rule 9.522(e)(1)(C)(i) mirrors Rule 19h– 

1(a)(3)(i) in that both describe how an 

SRO like IEX need not file a 19h–1 

Notice with the Commission for a 

Member subject to a statutory 

disqualification, if the firm is a member 

of at least one other SRO, and that SRO 

intends to file a 19h–1 Notice for the 

firm.16

A broker-dealer firm that recently 

became subject to a statutory 

disqualification applied for IEX 

membership. In the course of reviewing 

this membership application, IEX 

identified that its rules do not 

specifically address this situation, 

which has not previously occurred with 

respect to IEX. Specifically, the 

Exchange believes that its rules 

regarding the process by which a 

prospective Member that is subject to a 

statutory disqualification can be 

approved for membership on IEX 

notwithstanding the statutory 

disqualification could be enhanced to 

provide additional clarity and more 

clearly align with the processes set forth 

in Rule 19h–1 for a membership 

applicant that is subject to a statutory 

disqualification. IEX notes that other 

exchanges rules do address this issue— 

specifically BOX, Cboe BZX, Cboe BYX, 

Cboe EDGX, and Cboe EDGA, amended 

their respective rules in 2016 to provide 

more clarity as to the authority of each 

Exchange to determine whether to admit 

a prospective Member that is subject to 

a statutory disqualification.17 The 2016 

rule change filings of these exchanges 

also amended several other aspects of 

their application procedures, but IEX is 

only seeking to harmonize its rules 

insofar as they apply to Members and 

prospective Members (and associated 

person of the Members) that are subject 

to a statutory disqualification in order to 

address the membership application 

described herein.18

Accordingly, IEX proposes to amend 

its rules to align them with those of 

these other exchanges, specifically with 

respect to the process of assessing an 

applicant for membership that is subject 

to a statutory disqualification. 19

First, IEX proposes to add 

Supplementary Material .01 to IEX Rule 

2.160(a), to provide that the Exchange 

could approve an applicant for 

membership (or association with a 

Member) that is subject to a statutory 

disqualification when a proceeding is 

pending before another SRO to 

determine whether to permit a Member 

or associated person of a Member to 

become or continue membership or 

association notwithstanding a statutory 

disqualification. This provision, which 

is consistent with SEC Rule 19h–1(a)(3), 

would provide as follows: 

Statutory Disqualification Proceedings 

Pending Before Another SRO 

The Exchange may waive the provisions of 

this Rule when a proceeding is pending 

before another self-regulatory organization to 

determine whether to permit a member or 

associated person of a member to become or 

continue membership or association 

notwithstanding a statutory disqualification. 

In the event the Exchange determines to 

waive the provisions of this Rule with 

respect to a prospective IEX Member, existing 

IEX Member, or associated person of such 

Member or prospective Member, the 

Exchange shall determine whether the 

Exchange will concur in any Exchange Act 

Rule 19h–1 filing made by another selfregulatory organization with respect to the 

member or associated person. 

IEX notes that this Supplementary 

Material is substantively identical to 

Interpretation and Policies .04 to Cboe 

BZX, BYX, EDGX, and EDGA Rules 2.5, 

except for the addition of some language 

to clarify that the new supplementary 

material would apply to both 

prospective and existing IEX Members. 

Second, IEX proposes a conforming 

amendment to IEX Rule 2.160(a)(3) to 

remove the language that states that a 

person subject to statutory 

disqualification may not become a 

Member unless, pursuant to Rules 19d– 

1, 19d–2, 19d–3, and 19h–1 of the Act, 

the Commission has issued an order 

providing relief from such 

disqualification. IEX makes this 

proposed rule change because, as 

discussed above with respect to Rule 

19h–1, not every statutory 

disqualification requires an SRO to 

make a filing under Rule 19h–1 of the 

Act and not all filings require a 

Commission order. As proposed the rule 

will now read: ‘‘No person may become 

a Member or continue as a Member in 

any capacity on the Exchange where 

such person is subject to a statutory 


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20 15 U.S.C. 78f(b)(5). 

21See Chapter 9 of the Exchange’s Rules. 

22 15 U.S.C. 78f. 

23 15 U.S.C. 78f(b)(5). 

24 In a 2009 order approving a similar rule change 

proposal filed by CBOE, the Commission found that 

the proposed rule change was consistent with 

Section 6(b)(5) of the Act because it enabled CBOE 

to more efficiently administer its statutory 

disqualification program. See Securities Exchange 

Act Release No. 60370 (July 23, 2009), 74 FR 37758 

(July 29, 2009) (SR–CBOE–2009–033). 

25See supra notes 17 and 18. As noted in the 

Purpose section, IEX only seeks to mirror the 

language in these other exchanges’ rules with 

respect to current or prospective Members that are 

subject to a statutory disqualification. 

26 15 U.S.C. 78s(b)(3)(A). 

27 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. FINRA has 

satisfied this requirement. 

28 17 CFR 240.19b–4(f)(6). 

29 17 CFR 240.19b–4(f)(6)(iii). 

disqualification.’’ As discussed above 

and in Item 7, below, IEX is making this 

proposed rule change, and seeking a 

waiver of the 30-day operative delay for 

the rule change, in order to address an 

unusual situation in which a firm 

subject to a statutory disqualification 

seeks to become an IEX Member during 

the pendency of the process by which 

the firm is seeking relief from the 

statutory disqualification. 

IEX believes that these proposed rule 

changes would appropriately align IEX’s 

rules with the SEC’s rules regarding 

statutory disqualifications and enable a 

consistent process across IEX and 

several other SROs to make appropriate 

SEC filings with respect to a prospective 

Member that is subject to a statutory 

disqualification. Specifically, in the 

event that an applicant for membership 

is subject to a statutory disqualification, 

IEX will be able to assess whether to 

approve the applicant and join in any 

Rule 19h–1 Notices filed on behalf of 

the prospective Member once approved 

for IEX membership, as consistent with 

the public interest and protection of 

investors. The Exchange notes that in 

assessing the statutory disqualification 

of a Member (or prospective Member), it 

must act consistent with the protection 

of investors and in the public interest 

and is prohibited from unfairly 

discriminating against Members or 

prospective Members.20 Further, any 

prospective Member that has been 

denied membership in the Exchange or 

barred from becoming associated with a 

Member is entitled to certain due 

process pursuant to Chapter 9 of the 

Exchange’s rules, which includes, but is 

not limited to, potential review by the 

Commission.21

2. Statutory Basis 

IEX believes that the proposed rule 

change is consistent with the provisions 

of Section 6(b) 22 of the Act in general, 

and furthers the objectives of Section 

6(b)(5) of the Act 23 in particular, in that 

it is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, 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. 

The Exchange believes that the 

proposed rule changes are consistent 

with the requirements above. 

Specifically, the Exchange believes the 

proposed changes would better align 

IEX’s rules with the SEC’s rules 

regarding statutory disqualifications and 

enable a consistent process across IEX 

and several other SROs to make 

appropriate SEC filings with respect to 

a prospective Member that is subject to 

a statutory disqualification, thereby 

protecting investors and the public 

interest by providing more clarity and 

consistency with respect to the process 

of seeking relief from a statutory 

disqualification.24

Additionally, the Exchange believes 

that the clarity this rule change will 

provide to Members, prospective 

Members, and persons associated with 

Members or prospective Member will 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system. 

Furthermore, the Exchange believes is 

it reasonable to remove the references to 

Rules 19d–1, 19d–2, 19d–3, and 19h–1, 

as well as the language regarding a 

Commission order providing relief from 

a statutory disqualification from Rule 

2.160(a)(3), because, as discussed in the 

Purpose section, not every statutory 

disqualification requires an SRO to 

make a filing pursuant to Commission 

Rule 19h–1 to allow a Member or person 

associated with a Member to continue 

working in the securities industry 

notwithstanding a statutory 

disqualification, and not every filing 

pursuant to Rule 19h–1 requires a 

Commission order. Further, these 

proposed changes would align IEX’s 

Rule 2.160(a)(3) with the equivalent 

rules of BOX, Cboe BZX, Cboe BYX, 

Cboe EDGA, and Cboe EDGX. 

Finally, as noted in the Purpose 

section, this rule change is substantively 

identical to rules of BOX, Cboe BZX, 

Cboe BYX, Cboe EDGA, and Cboe 

EDGX.25 Thus, IEX does not believe that 

this proposal raises any new or novel 

issues that have not already been 

considered by the Commission. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

IEX does not believe that the 

proposed rule change will result in any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change is not designed to 

address any competitive issue but to 

align the Exchange’s rules with those of 

other exchanges and with the 

Commission’s approach to handling 

firms that are subject to statutory 

disqualification. Consequently, the 

Exchange does not believe that the 

proposed change implicates competition 

at all. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments on the proposed 

rule change were neither solicited nor 

received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 26 and Rule 19b– 

4(f)(6) thereunder.27

A proposed rule change filed under 

Rule 19b–4(f)(6) 28 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),29 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. IEX 

has asked the Commission to waive the 

30-day operative delay so that the 

proposed rule change may become 

operative upon filing. IEX states that 

waiving the 30-day delay in this manner 

would allow IEX to appropriately 

address a pending membership 

application, and would permit the 

Exchange to harmonize the aspects of its 

statutory disqualification-related rules 

that are the subject of this proposed rule 

change filing with the other exchanges 

described herein upon effectiveness of 

the proposed rule filing. Further, IEX 

believes that the waiver of the operative 

delay will avoid any potential confusion 

that may otherwise occur on the part of 


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Federal Register / Vol. 89, No. 234 / Thursday, December 5, 2024 / Notices 96701 

30 17 CFR 200.30–3(a)(12). 

Members and applicants as to the 

applicable rules governing statutory 

disqualifications. For these reasons, the 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest. Therefore, the 

Commission hereby waives the 

operative delay and designates the 

proposal operative upon filing. 

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– 

IEX–2024–26 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–IEX–2024–26. 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. 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–IEX–2024–26 and 

should be submitted on or before 

December 26, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–28426 Filed 12–4–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35405] 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

November 29, 2024. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice of Applications for 

Deregistration under Section 8(f) of the 

Investment Company Act of 1940. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of November 

2024. A copy of each application may be 

obtained via the Commission’s website 

by searching for the applicable file 

number listed below, 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. An order 

granting each application will be issued 

unless the SEC orders a hearing. 

Interested persons may request a 

hearing on any application by emailing 

the SEC’s Secretary at SecretarysOffice@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 SEC by 5:30 

p.m. on December 24, 2024, 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 writing to the 

Commission’s Secretary at SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. 

FOR FURTHER INFORMATION CONTACT: 

Shawn Davis, Assistant Director, at 

(202) 551–6413 or Chief Counsel’s 

Office at (202) 551–6821; SEC, Division 

of Investment Management, Chief 

Counsel’s Office, 100 F Street NE, 

Washington, DC 20549–8010. 

SUPPLEMENTARY INFORMATION: 

Aquila Municipal Trust [File No. 811– 

04503] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to MainStay Funds 

Trust, and on July 19, 2024 made a final 

distribution to its shareholders based on 

net asset value. Expenses of $2,010,479 

incurred in connection with the 

reorganization were paid by the 

acquiring fund’s investment adviser. 

Filing Dates: The application was 

filed on September 27, 2024 and 

amended on November 14, 2024. 

Applicant’s Address: 120 West 45th 

Street, Suite 3600, New York, New York 

10036. 

BCM Focus Funds [File No. 811–23833] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On October 11, 

2024, applicant made a liquidating 

distribution to its shareholders based on 

net asset value. Expenses of $7,500 

incurred in connection with the 

liquidation were paid by the applicant’s 

investment adviser. 

Filing Date: The application was filed 

on November 4, 2024. 

Applicant’s Address: Bares Capital 

Management, Inc., 12600 Hill Country 

Boulevard, Suite 230, Austin, Texas 

78738. 

Cohen & Steers Alternative Income 

Fund, Inc. [File No. 811–21668] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 


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