9098 Federal Register / Vol. 90, No. 24 / Thursday, February 6, 2025 / Notices 

56 12 U.S.C. 5464(b). 

57 17 CFR 240.17Ad–22(e)(7). 

58 17 CFR 240.17Ad–22(e)(7). 

59 17 CFR 240.17Ad–22(e)(7)(i). 

60 17 CFR 240.17Ad–22(e)(7)(i). 

61 17 CFR 240.17Ad–22(e)(7)(ii). 

62 17 CFR 240.17Ad–22(a)(14). 

63 17 CFR 240.17Ad–22(a)(14) (‘‘Qualifying liquid 

resources means, for any covered clearing agency, 

. . . (i) cash held either at the central bank of issue 

or at creditworthy commercial banks . . .’’). 

64 17 CFR 240.17Ad–22(e)(7)(ii). 

resources to be used to complete 

system-wide settlement if a Participant 

defaults. The proposal does not indicate 

that DTC is undercapitalized; the 

proposed Debt Issuance is not designed 

to fill any sort of capital gap, but is 

instead designed, as discussed here, to 

diversify DTC’s liquidity resources. 

The proposal described in the 

Advance Notice is consistent with 

promoting safety and soundness, 

reducing systemic risks, and supporting 

the stability of the broader financial 

system. Reducing the risk of loss 

contagion would attenuate the 

transmission of financial shocks from 

defaulting Participants to non-defaulting 

Participants. Accordingly, the proposal 

would support the stability of the 

broader financial system. Thus, the 

proposal described in the Advance 

Notice is consistent with the stated 

objectives and principles of Section 

805(b) of the Clearing Supervision 

Act.56

B. Consistency With Rule 17Ad–22(e)(7) 

The proposal described in the 

Advance Notice is consistent with the 

requirements of Rule 17Ad–22(e)(7) 

under the Exchange Act.57 Rule 17Ad– 

22(e)(7) requires DTC to establish, 

implement, maintain, and enforce 

written policies and procedures 

reasonably designed to effectively 

measure, monitor, and manage liquidity 

risk that arises in or is borne by DTC, 

including measuring, monitoring, and 

managing its settlement and funding 

flows on an ongoing and timely basis, 

and its use of intraday liquidity, as 

specified in the rule.58

1. Consistency With Rule 17Ad– 

22(e)(7)(i) 

In particular, Rule 17Ad–22(e)(7)(i) 

under the Exchange Act requires that 

DTC establish, implement, maintain, 

and enforce written policies and 

procedures reasonably designed to 

‘‘effectively measure, monitor, and 

manage the liquidity risk that arises in 

or is borne by [it], including measuring, 

monitoring, and managing its settlement 

and funding flows on an ongoing and 

timely basis, and its use of intraday 

liquidity by . . . [m]aintaining 

sufficient liquid resources at the 

minimum in all relevant currencies to 

effect same-day . . . 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 of obligation for the covered 

clearing agency in extreme but plausible 

conditions.’’ 59

As described above, the Debt Issuance 

would increase the liquidity resources 

available to DTC to continue to meet its 

liquidity obligations in a timely fashion 

in the event of a Participant’s default. 

These funds should help DTC to 

maintain sufficient liquidity resources 

to effect same-day settlement of 

payment obligations with a high degree 

of confidence under a wide range of 

foreseeable stress scenarios. 

Additionally, the Debt Issuance is 

designed to help ensure that DTC has 

sufficient, readily available qualifying 

liquid resources to complete systemwide settlement on each business day, 

with a high degree of confidence and 

notwithstanding the failure to settle of 

the Participant, or affiliated family of 

Participants, with the largest settlement 

obligation. Therefore, the Commission 

finds that the proposal is consistent 

with Rule 17Ad–22(e)(7)(i).60

2. Consistency With Rule 17Ad– 

22(e)(7)(ii) 

Rule 17Ad–22(e)(7)(ii) under the 

Exchange Act requires each covered 

clearing agency to establish, implement, 

maintain, and enforce written policies 

and procedures reasonably designed to 

‘‘effectively measure, monitor, and 

manage the liquidity risk that arises in 

or is borne by [it], including measuring, 

monitoring, and managing its settlement 

and funding flows on an ongoing and 

timely basis, and its use of intraday 

liquidity by . . . holding qualifying 

liquid resources sufficient’’ to satisfy 

payment obligations owed to clearing 

members.61 Rule 17Ad–22(a)(14) under 

the Exchange Act defines ‘‘qualifying 

liquid resources’’ to include, among 

other things, cash held either at the 

central bank of issue or at creditworthy 

commercial banks.62

As described above, the Debt Issuance 

would enable DTC to hold additional 

cash proceeds from the issuance of the 

debt in a cash deposit account at the 

FRBNY or in accounts at other 

creditworthy financial institutions in 

accordance with the Clearing Agency 

Investment Policy. Because the funds 

would be held at the FRBNY or a 

creditworthy commercial bank, they 

would be a qualifying liquid resource, 

as that term is defined in Rule 17Ad– 

22(a)(14).63 Therefore, the proposal is 

consistent with Rule 17Ad– 

22(e)(7)(ii).64

III. Conclusion 

It is therefore noticed, pursuant to 

Section 806(e)(1)(I) of the Clearing 

Supervision Act, that the Commission 

does not object to Advance Notice (SR– 

DTC–2023–801), as modified by 

Amendment No. 1, and that DTC is 

authorized to implement the proposed 

change as of the date of this notice. 

By the Commission. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02288 Filed 2–5–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35464] 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

January 31, 2025. 

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 January 

2025. 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/ 

companysearch.html. You may also call 

the SEC’s Office of Investor Education 

and Advocacy 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 


khammond on DSK9W7S144PROD with NOTICES
Federal Register / Vol. 90, No. 24 / Thursday, February 6, 2025 / Notices 9099 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 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. 

p.m. on February 25, 2025, 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. 

Filing Date: The application was filed 

on December 20, 2024. 

Applicant’s Address: 320 South Canal 

Street, 50th Floor—Suite 5000, Chicago, 

Illinois 60606. 

American Maturity Life Insurance Co 

Separate Account One [File No. 811– 

21166] 

Summary: Applicant, a unit 

investment trust, seeks an order 

declaring that it has ceased to be an 

investment company. Applicant has 

never made a public offering of its 

securities and does not propose to make 

a public offering or engage in business 

of any kind. 

Filing Date: The application was filed 

on June 21, 2024. 

Applicant’s Address: One American 

Row, Hartford, Connecticut 06103. 

Aquila Funds Trust [File No. 811– 

03578] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Cantor Select 

Portfolios Trust, and on November 22, 

2024 made a final distribution to its 

shareholders based on net asset value. 

Expenses of $175,000 incurred in 

connection with the reorganization were 

paid by the applicant’s investment 

adviser and the acquiring fund’s 

investment adviser. 

Filing Date: The application was filed 

on December 20, 2024. 

Applicant’s Address: 120 West 45th 

Street, Suite 3600, New York, New York 

10036. 

Diffractive Real Assets Fund [File No. 

811–23854] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. Applicant has 

never made a public offering of its 

securities and does not propose to make 

a public offering or engage in business 

of any kind. 

Filing Date: The application was filed 

on January 24, 2025. 

Applicant’s Address: c/o F/m 

Investments, LLC, 3050 K Street 

Northwest, Suite 201, Washington, DC 

20007. 

DriveWealth ETF Trust [File No. 811– 

23837] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. On July 19, 2024, 

and July 30, 2024, applicant made 

liquidating distributions to its 

shareholders based on net asset value. 

Expenses of $31,250 incurred in 

connection with the liquidation were 

paid by the applicant’s investment 

adviser. 

Filing Dates: The application was 

filed on September 10, 2024 and 

amended on January 24, 2025. 

Applicant’s Address: 15 Exchange 

Place, 10th Floor, Jersey City, New 

Jersey 07302. 

Panagram Capital, LLC [File No. 811– 

23768] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. Applicant has 

never made a public offering of its 

securities and does not propose to make 

a public offering or engage in business 

of any kind. 

Filing Date: The application was filed 

on December 27, 2024. 

Applicant’s Address: 65 East 55th 

Street, 29th Floor, New York, New York 

10022. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02285 Filed 2–5–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102312; File No. SR–BOX– 

2025–02] 

Self-Regulatory Organizations; BOX 

Exchange LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Section V. 

Manual Transaction Fees of the Fee 

Schedule To Increase the Fee for Floor 

Market Maker Manual Transactions on 

the BOX Options Market LLC Facility 

January 31, 2025. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on January 

16, 2025, BOX Exchange LLC 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Item I below, 

which Item has been substantially 

prepared by the Exchange. The 

Exchange has designated this proposed 

rule change for immediate effectiveness 

pursuant to Section 19(b)(3)(A)(ii) of the 

Act,3 and Rule 19b–4(f)(2) 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 the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Section V. Manual Transaction Fees of 

the Fee Schedule to increase the fee for 

Floor Market Maker Manual 

transactions on the BOX Options Market 

LLC facility. The proposed rule change, 

including the Exchange’s statement of 

the purpose of, and statutory basis for, 

the proposed rule change, is available 

on the Exchange’s website at https://

rules.boxexchange.com/rulefilings and 

on the Commission’s website at https:// 

www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ 

national-securities-exchanges?file_

number=SR-BOX-2025-02. 


khammond on DSK9W7S144PROD with NOTICES