Federal Register / Vol. 90, No. 21 / Monday, February 3, 2025 / Notices 8821 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f). 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. 

LLC, Tennenbaum Senior Loan Fund 

IV–A, LP, Tennenbaum Senior Loan 

Fund IV–B, LP, Tennenbaum Special 

Situations Fund IX, LLC, Tennenbaum 

Special Situations Fund IX–A, LLC, 

Tennenbaum Special Situations Fund 

IX–S, LP, Tennenbaum Senior Loan 

Fund II, LP, Tennenbaum Senior Loan 

Fund V, LLC, Tennenbaum Enhanced 

Yield Operating I, LLC, TCP Waterman 

CLO, LLC, TCP Whitney CLO, LLC, TCP 

Whitney CLO, Ltd, Tennenbaum Senior 

Loan Operating III, LLC, Tennenbaum 

Senior Loan SPV IV–A, LLC, BlackRock 

Elbert CLO V, Ltd., BlackRock DLF IX 

2019 CLO, LLC, BlackRock DLF IX 

2019–G CLO, LLC, BlackRock DLF IX 

2020–1 CLO, LLC, BlackRock LISI 

Credit Fund, LP, TCP Direct Lending 

Fund VIII–A–MM, LLC, Tennenbaum 

DIP Opportunity Feeder, LP, 

Tennenbaum Senior Loan GP III, LLC, 

ABR USPC Holdings I, LTD., ABR USPC 

Holdings II, Ltd., BlackRock Baker CLO 

2021–1, LTD, BlackRock Baker CLO 

VIII, LLC, BlackRock Direct Lending 

Feeder IX–L, LP, BlackRock Direct 

Lending Feeder IX–U, LP, BlackRock 

Direct Lending Fund IX–U 

(Luxembourg) SCSP, BlackRock Direct 

Lending Fund X–U (Luxembourg) SCSP, 

BlackRock DLF IX CLO 2021–1, LLC, 

BlackRock DLF IX CLO 2021–2, LLC, 

BlackRock DLF IX Feeder ICAV— 

BlackRock Direct Lending Feeder Fund 

IX–L (Ireland), BlackRock DLF IX 

Feeder ICAV—BlackRock Direct 

Lending Feeder Fund IX–U (Ireland), 

BlackRock DLF IX ICAV—BlackRock 

Direct Lending Fund IX–L (Ireland), 

BlackRock DLF IX ICAV—BlackRock 

Direct Lending Fund IX–U (IRELAND), 

BlackRock DLF X CLO 2022–1, LLC, 

BlackRock DLF IX–L CLO, LP, 

BlackRock Elbert CLO V, LLC, 

BlackRock Rainier CLO VI, LTD, 

BlackRock Shari’a Private Opportunities 

Fund, LP, BlackRock Shari’a Private 

Opportunities Fund Holdings, LP, 

BlackRock Shasta CLO XIV, LLC, 

BlackRock Shasta CLO XIII, LLC, 

BlackRock Shasta Senior Loan Fund VII, 

LLC, BlackRock Technology Credit 

Opportunities I, LP, BlackRock 

Technology Credit Opportunities I, 

LTD., BlackRock Technology Credit 

Opportunities Non-US, LTD (Class), 

BlackRock Technology Credit 

Opportunities Non-US II LTD, DLF IX– 

L Funding, LP, Olympia Holdings I, Ltd, 

TCP DLF VIII–S Funding, LLC, CP DLF 

VIII–T Funding, LLC, Middle Market 

Senior Master Fund S.A` .R.L., 

Tennenbaum Special Situations IX–C, 

L.P., Tennenbaum Special Situations 

IX–O, L.P., TCP Direct Lending Fund 

VIII—L (Ireland), TCP Direct Lending 

Fund VIII—U (Ireland), BlackRock 

Direct Lending Fund IX–U (Ireland), 

BlackRock Direct Lending Fund IX–L 

(Ireland), BlackRock Mt. Lassen Senior 

Loan Funding XII, LLC Series 1, 

BlackRock Mt. Lassen Senior Loan 

Funding XII, LLC Series 2, 1824 Private 

Credit Fund, L.P., 1824 Private Credit 

Fund (Pension), L.P., Climate 

Transition-Oriented Private Debt USPC 

LP, BlackRock Private Equity CoInvestments 2025, L.P., BlackRock 

Private Equity Co-Investments 2025 

(LUX) SCSP, BlackRock Private Equity 

Co-Investments 2025 Holdings (Lux) 

SCSP, BlackRock Private Equity CoInvestments 2025 Aggregator (Lux) 

SCSP, PMH II SPV Mint LP, BlackRock 

Sapphire POF, L.P. (collectively, the 

‘‘Applicants’’). 

FILING DATES: The application was filed 

on June 12, 2023, and amended on 

December 11, 2023, and January 15, 

2025. 

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 by emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov and serving 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 

February 24, 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. Applicants: 

GroupBCIALSupport@blackrock.com. 

FOR FURTHER INFORMATION CONTACT: Jean 

E. Minarick, Senior Counsel, or Terri 

Jordan, 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’ second amended and 

restated application, dated January 15, 

2025, 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/ 

companysearch. You may also call the 

SEC’s Office of Investor Education and 

Advocacy at (202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02130 Filed 1–31–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102295; File No. SR–IEX– 

2025–01] 

Self-Regulatory Organizations; 

Investors Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Change 

the Definitions of ‘‘Real-Time’’ and 

‘‘Delayed’’ in Relation to Its Proprietary 

Market Data Feeds so That the Interval 

That Differentiates Delayed IEX Data 

From Real-Time IEX Data Is Fifteen 

Minutes Instead of Fifteen Milliseconds 

January 28, 2025. 

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 January 

22, 2025, the Investors 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 proposal 

for immediate effectiveness pursuant to 

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

19b–4(f) thereunder.4 The Commission 

is publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 


khammond on DSK9W7S144PROD with NOTICES
8822 Federal Register / Vol. 90, No. 21 / Monday, February 3, 2025 / Notices 

5 ‘‘Data Subscriber’’ means any natural person or 

entity that receives Real-Time IEX market data 

either directly from the Exchange or from another 

non-affiliated Data Subscriber. A Data Subscriber 

must enter into a Data Subscriber Agreement with 

IEX in order to receive Real-Time IEX market data. 

A natural person or entity that receives Real-Time 

IEX market data from an affiliated Data Subscriber 

is subject to the Data Subscriber Agreement of such 

affiliated Data Subscriber. 

6Copies 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. 

7 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. 101428 

(Oct. 24, 2024), 89 FR 86393. 

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

5See Securities Exchange Act Release No. 101870 

(Dec. 10, 2024), 89 FR 101673 (Dec.16, 2024). The 

Commission designated January 28, 2025, as the 

date by which the Commission shall either approve 

or disapprove, or institute proceedings to determine 

whether to disapprove, the proposed rule change. 

6Amendment No. 2 revises the proposal to: 

clarify and correct errors in the text of the proposed 

rules; provide an example of the application of the 

Exchange’s obvious error rules to complex FLEX v. 

non-FLEX Orders; provide additional discussion of 

the potential uses of FLEX v. non-FLEX Orders; 

revise the description of the proposal to make clear 

that the Exchange’s rules will continue to require 

that the component legs of FLEX complex orders, 

including FLEX v. Non-FLEX Orders, have the same 

underlying equity or index; and include additional 

information in the examples showing the pricing of 

FLEX v. non-FLEX Orders. Amendment No. 2 to the 

proposal is available at: https://www.sec.gov/ 

comments/sr-cboe-2024-047/srcboe2024047.htm. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify its 

Fee Schedule, pursuant to IEX Rules 

15.110(a) and (c), to change the existing 

definitions of ‘‘Real-Time’’ and 

‘‘Delayed’’ in relation to its proprietary 

market data feeds, so that the interval 

that differentiates Delayed IEX Data 

from Real-Time IEX Data is fifteen (15) 

minutes instead of fifteen (15) 

milliseconds. IEX intends to implement 

the proposed changes beginning on 

February 1, 2025 to provide an 

opportunity for Data Subscribers 5 to 

update their IEX market data 

subscriptions to suit their particular 

market data needs. 

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://

www.iexexchange.io/resources/ 

regulation/rule-filings and on the 

Commission’s website at https://

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

national-securities-exchanges?file_

number=SR-IEX-2025-01. 

II. 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.6

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-IEX-2025- 

01) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–IEX–2025–01 on the subject 

line. Alternatively, paper comments 

may be sent to Secretary, Securities and 

Exchange Commission, 100 F Street NE, 

Washington, DC 20549–1090. All 

submissions should refer to file number 

SR–IEX–2025–01. 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/nationalsecurities-exchanges?file_number=SRIEX-2025-01). 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–2025–01 and should be 

submitted on or before February 24, 

2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02085 Filed 1–31–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102297; File No. SR– 

CBOE–2024–047] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing of 

Amendment No. 2 and Order Granting 

Accelerated Approval of a Proposed 

Rule Change, as Modified by 

Amendment No. 2, Regarding the 

Types of Complex Orders Available for 

Flexible Exchange Options (‘‘FLEX’’) 

Trading on the Exchange 

January 28, 2025. 

On October 11, 2024, Cboe Exchange, 

Inc. (‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

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

Rule 19b–4 thereunder,2 a proposed rule 

change to provide for the trading of 

complex flexible exchange options 

(‘‘FLEX’’) orders with both FLEX and 

non-FLEX components (‘‘FLEX v. nonFLEX Orders’’). The proposed rule 

change was published for comment in 

the Federal Register on October 30, 

2024.3 On December 10, 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 The Commission 

received no comments regarding the 

proposal. On December 20, 2024, the 

Exchange filed Amendment No. 1 to the 

proposal, which superseded and 

replaced the original proposal in its 

entirety. On January 23, 2024, the 

Exchange filed Amendment No. 2 to the 

proposal, which supersedes and 

replaces Amendment No. 1 in its 

entirety.6 The Commission is publishing 

this notice to solicit comments on 

Amendment No. 2 from interested 

persons and is approving the proposed 

rule change, as modified by Amendment 

No. 2, on an accelerated basis. 

I. Description of the Proposed Rule 

Change, as Modified by Amendment 

No. 2 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to amend 

its Rules regarding the types of complex 

orders available for flexible exchange 

options (‘‘FLEX’’) trading at the 

Exchange. The Exchange initially 

submitted this rule filing SR–CBOE– 

2024–047 to the Commission on October 

11, 2024 (the ‘‘Initial Rule Filing’’). The 

Exchange submitted Amendment No. 1 

to the Initial Rule Filing on December 

20, 2024 (‘‘Amendment No. 1’’), which 

superseded the Initial Rule Filing and 

replaced it in its entirety. This 

Amendment No. 2 to the initial Rule 

Filing supersedes Amendment No. 1 

and replaces it in its entirety. The text 

of the proposed rule change is provided 

in Exhibit 5. The text of the proposed 

rule change is also available on the 


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