36850 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 

45 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. 

4See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(S7–10–04) (Final Rule) (‘‘Regulation NMS’’). 

5See Securities Exchange Act Release No. 51808, 

84 FR 5202, 5253 (February 20, 2019) (File No. S7– 

05–18) (Transaction Fee Pilot for NMS Stocks Final 

Rule) (‘‘Transaction Fee Pilot’’). 6See Cboe Global Markets, U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. See 

generally https://www.sec.gov/fast-answers/ 

divisionsmarketregmrexchangesshtml.html. 

7See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/ 

AtsIssueData. Although 54 alternative trading 

systems were registered with the Commission as of 

July 29, 2019, only 31 are currently trading. A list 

of alternative trading systems registered with the 

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

foia/docs/atslist.htm. 

8See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://

markets.cboe.com/us/equities/market_share/. 

9See id. 

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. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2021–55, and 

should be submitted on or before 

August 3, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.45

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–14792 Filed 7–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92343; File No. SR–NYSE– 

2021–39] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend Its 

Price List 

July 7, 2021. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on June 30, 

2021, New York Stock Exchange LLC 

(‘‘NYSE’’ or ‘‘Exchange’’) 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 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 

The Exchange proposes to amend its 

Price List to modify the requirements to 

qualify for Supplemental Liquidity 

Provider (‘‘SLP’’) Tier 5. The Exchange 

proposes to implement the rule change 

on July 1, 2021. The proposed rule 

change is available on the Exchange’s 

website at www.nyse.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 those 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 parts 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 its 

to modify the requirements to qualify 

for SLP Tier 5. 

The proposed changes respond to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing 

orders by offering further incentives for 

member organizations to send 

additional displayed liquidity to the 

Exchange. 

The Exchange proposes to implement 

the rule change on July 1, 2021. 

Current Market and Competitive 

Environment 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 4

As the Commission itself has 

recognized, the market for trading 

services in NMS stocks has become 

‘‘more fragmented and competitive.’’ 5

Indeed, equity trading is currently 

dispersed across 16 exchanges,6 31 

alternative trading systems,7 and 

numerous broker-dealer internalizers 

and wholesalers. Based on publiclyavailable information, no single 

exchange has more than 18% of the 

market.8 Therefore, no exchange 

possesses significant pricing power in 

the execution of equity order flow. More 

specifically, the Exchange’s share of 

executed volume of equity trades in 

Tapes A, B and C securities is less than 

14%.9

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can move order flow, or discontinue or 

reduce use of certain categories of 

products, in response to fee changes. 

With respect to non-marketable order 

flow that would provide displayed 

liquidity on an Exchange, member 

organizations can choose from any one 

of the numerous currently operating 

registered exchanges to route such order 

flow. Accordingly, competitive forces 

constrain exchange transaction fees that 

relate to orders that would provide 

liquidity on an exchange [sic]. 

Proposed Rule Change 

In response to the competitive 

environment described above, the 

Exchange has established incentives for 

its member organizations who submit 

orders that provide liquidity on the 

Exchange. The proposed fee change is 

designed to attract additional order flow 

to the Exchange by incentivizing 

member organizations to submit 

additional displayed liquidity to the 

Exchange. 

Proposed Changes to SLP Tier 5 

Under current SLP Tier 5, an SLP 

adding liquidity in securities with a per 

share price of $1.00 or more with orders, 

other than Mid-Point Liquidity (‘‘MPL’’) 


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Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 36851 

10The terms ‘‘ADV’’ and ‘‘CADV’’ are defined in 

footnote * of the Price List. 

11Footnote 2 to the Price List defines ‘‘Adding 

ADV’’ as ADV that adds liquidity to the Exchange 

during the billing month. 

12 15 U.S.C. 78f(b). 

13 15 U.S.C. 78f(b)(4) & (5). 

14See Regulation NMS, supra note 4, at 37499. 

15See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

orders, is eligible for a per share credit 

of $0.0031 (or $0.0012 if a NonDisplayed Reserve Order) if the SLP: 

(1) Meets the 10% average or more 

quoting requirement in an assigned 

security pursuant to Rule 107B; 

(2) adds liquidity for all assigned SLP 

securities in the aggregate (including 

shares of both an SLP-Prop and an 

SLMM of the same or an affiliated 

member organization) of an average 

daily volume (‘‘ADV’’) of more than 

0.65% of Tape A consolidated ADV 

(‘‘CADV’’) 10 (for SLPs that are also 

DMMs and subject to Rule 107B(i)(2)(A), 

more than 0.65% after a discount of the 

percentage for the prior quarter of Tape 

A CADV in DMM assigned securities as 

of the last business day of the prior 

month); 

(3) has Adding ADV,11 including nonSLP Adding ADV but excluding any 

liquidity added by a DMM, that is at 

least 0.85% of Tape A CADV; and 

(4) executes an ADV, including nonSLP Adding ADV but excluding any 

liquidity added by a DMM, of at least 

250,000 shares in Retail Price 

Improvements Orders. 

The Exchange proposes to lower the 

Adding ADV requirements to qualify for 

the SLP Tier 5. Specifically, the 

Exchange proposes that a SLP add 

liquidity for all assigned SLP securities 

in the aggregate (including shares of 

both an SLP-Prop and an SLMM of the 

same or an affiliated member 

organization) of an ADV of more than 

0.60% of Tape A CADV. For SLPs that 

are also DMMs and subject to Rule 

107B(i)(2)(A), the requirement would be 

more than 0.60% after a discount of the 

percentage for the prior quarter of Tape 

A CADV in DMM assigned securities as 

of the last business day of the prior 

month. In addition, the Exchange would 

require an Adding ADV, including nonSLP Adding ADV but excluding any 

liquidity added by a DMM, that is at 

least 0.80% of Tape A CADV. 

The remaining requirements for 

qualifying for SLP Tier 5 and the 

existing credits would remain 

unchanged. 

The Exchange believes that lowering 

the ADV requirements to qualify for SLP 

Tier 5 as proposed above will allow 

greater numbers of SLPs to potentially 

qualify for the tier, and will incentivize 

more SLPs to route their liquidityproviding order flow to the Exchange in 

order to qualify for the tier. This in turn 

would support the quality of price 

discovery on the Exchange and provide 

additional price improvement 

opportunities for incoming orders. 

As noted above, the Exchange 

operates in a competitive environment, 

particularly as relates to attracting nonmarketable orders, which add liquidity 

to the Exchange. The Exchange believes 

that the lower requirements will provide 

greater incentives for SLPs to add more 

liquidity to the Exchange. The Exchange 

does not know how much order flow 

SLPs choose to route to other exchanges 

or to off-exchange venues. Based on the 

profile of liquidity-adding firms 

generally, the Exchange believes that 

additional SLPs could qualify for the 

tier under the revised qualification 

criteria if they choose to direct order 

flow to, and increase quoting on, the 

Exchange. However, without having a 

view of SLP’s activity on other 

exchanges and off-exchange venues, the 

Exchange has no way of knowing 

whether this proposed rule change 

would result in any additional SLPs 

directing orders to the Exchange in 

order to qualify for the SLP Tier 5 rates. 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any problems that member 

organizations would have in complying 

with the proposed changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,12 in general, and 

furthers the objectives of Sections 

6(b)(4) and 6(b)(5) of the Act,13 in 

particular, because it provides for the 

equitable allocation of reasonable dues, 

fees, and other charges among its 

members, issuers and other persons 

using its facilities and does not unfairly 

discriminate between customers, 

issuers, brokers or dealers. 

The Proposed Change Is Reasonable 

As discussed above, the Exchange 

operates in a highly competitive market. 

The Commission has repeatedly 

expressed its preference for competition 

over regulatory intervention in 

determining prices, products, and 

services in the securities markets. In 

Regulation NMS, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 14

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 15

Given the current competitive 

environment, the Exchange believes that 

the proposed revisions to the 

requirements for SLPs to qualify for SLP 

Tier 5 represents a reasonable attempt to 

attract additional order flow to the 

Exchange. Specifically, the Exchange 

believes that the proposed revisions are 

reasonable because they would provide 

further incentives for member 

organizations that are SLPs to route 

additional liquidity-providing orders to 

a public exchange to reach the proposed 

Adding ADV requirements, thereby 

promoting price discovery and 

transparency and enhancing order 

execution opportunities for member 

organizations. All member organizations 

would benefit from the greater amounts 

of liquidity that will be present on the 

Exchange, which would provide greater 

execution opportunities. 

As noted above, the Exchange 

operates in a competitive environment, 

particularly as relates to attracting nonmarketable orders, which add liquidity 

to the Exchange. The Exchange believes 

that the lower requirements will provide 

greater incentives for SLPs to add more 

liquidity to the Exchange. The Exchange 

does not know how much order flow 

SLPs choose to route to other exchanges 

or to off-exchange venues. Based on the 

profile of liquidity-adding firms 

generally, the Exchange believes that 

additional SLPs could qualify for the 

tier under the revised qualification 

criteria if they choose to direct order 

flow to, and increase quoting on, the 

Exchange. However, without having a 

view of SLP’s activity on other 

exchanges and off-exchange venues, the 

Exchange has no way of knowing 

whether this proposed rule change 

would result in any additional SLPs 

directing orders to the Exchange in 

order to qualify for the SLP Tier 5 

credits. 


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36852 Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 

16 15 U.S.C. 78f(b)(8). 

17Regulation NMS, 70 FR at 37498–99. 

18 15 U.S.C. 78s(b)(3)(A). 

19 17 CFR 240.19b–4(f)(2). 

The Proposal Is an Equitable Allocation 

of Fees 

The Exchange believes the proposed 

rule change equitably allocates its fees 

among its market participants. The 

proposed change would continue to 

encourage member organizations that 

are SLPs to submit additional liquidity 

to the Exchange and execute orders on 

the Exchange, thereby contributing to 

robust levels of liquidity, to the benefit 

of all market participants. 

The Exchange believes that modifying 

the requirements to qualify for SLP Tier 

5 would encourage the submission of 

additional liquidity to the Exchange, 

thereby providing customers with a 

higher quality venue for price discovery, 

liquidity, competitive quotes and price 

improvement. The proposed change will 

thereby encourage the submission of 

additional liquidity to a national 

securities exchange, thus promoting 

price discovery and transparency and 

enhancing order execution 

opportunities for member organizations 

from the substantial amounts of 

liquidity present on the Exchange. All 

member organizations would benefit 

from the greater amounts of liquidity 

that will be present on the Exchange, 

which would provide greater execution 

opportunities. 

The proposal neither targets nor will 

it have a disparate impact on any 

particular category of market 

participant. Specifically, the Exchange 

believes that the proposal constitutes an 

equitable allocation of fees because all 

similarly situated SLPs would be 

eligible for the same credits if they meet 

the revised requirements for the tier. As 

to those SLPs that do not presently 

qualify for the adding liquidity credits, 

the proposal will not adversely impact 

their existing pricing or their ability to 

qualify for other credits provided by the 

Exchange. 

The Proposal Is Not Unfairly 

Discriminatory 

The Exchange believes that the 

proposal is not unfairly discriminatory. 

In the prevailing competitive 

environment, member organizations are 

free to disfavor the Exchange’s pricing if 

they believe that alternatives offer them 

better value. 

The proposed changes to the SLP Tier 

5 are not unfairly discriminatory 

because the lower ADV requirements to 

achieve the fee would be applied to all 

similarly situated member organizations 

and other market participants, who 

would all be subject to the same 

modified requirements to qualify for the 

tier and the same credits on an equal 

basis. For the same reason, the proposal 

neither targets nor will it have a 

disparate impact on any particular 

category of market participant. 

Accordingly, no member organization 

already operating on the Exchange 

would be disadvantaged by this 

allocation of fees. Further, the Exchange 

believes the proposal would incentivize 

member organizations that are SLPs to 

send more orders to the Exchange to 

qualify for higher credits. 

The Exchange believes that the 

proposed changes would not permit 

unfair discrimination among SLPs 

because the tiered rates are available 

equally to all SLPs. As described above, 

in today’s competitive marketplace, 

order flow providers have a choice of 

where to direct liquidity-providing 

order flow, and the Exchange believes 

there are additional SLPs that could 

qualify if they chose to direct their order 

flow to the Exchange. Finally, the 

submission of orders to the Exchange is 

optional for member organizations in 

that they could choose whether to 

submit orders to the Exchange and, if 

they do, the extent of its activity in this 

regard. 

Finally, the Exchange believes that it 

is subject to significant competitive 

forces, as described below in the 

Exchange’s statement regarding the 

burden on competition. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,16 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, as 

discussed above, the Exchange believes 

that the proposed change would 

encourage the submission of additional 

liquidity and order flow to a public 

exchange, thereby enhancing order 

execution opportunities for member 

organizations. As a result, the Exchange 

believes that the proposed change 

furthers the Commission’s goal in 

adopting Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 17

Intramarket Competition. The 

proposed change is designed to attract 

additional order flow to the Exchange. 

As described above, the Exchange 

believes that the proposed change 

would provide additional incentives for 

market participants to route liquidityproviding and liquidity-removing orders 

to the Exchange. Greater liquidity 

benefits all market participants on the 

Exchange by providing more trading 

opportunities and encourages member 

organizations to send orders, thereby 

contributing to robust levels of liquidity, 

which benefits all market participants 

on the Exchange. The current and 

proposed credits would be available to 

all similarly-situated market 

participants, and, as such, the proposed 

change would not impose a disparate 

burden on competition among market 

participants on the Exchange. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

participants can readily choose to send 

their orders to other exchanges and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees and rebates to remain competitive 

with other exchanges and off-exchange 

venues. Because competitors are free to 

modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar order types 

and comparable transaction pricing, by 

encouraging additional orders to be sent 

to the Exchange for execution. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 18 of the Act and 

subparagraph (f)(2) of Rule 19b–4 19

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 


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Federal Register / Vol. 86, No. 131 / Tuesday, July 13, 2021 / Notices 36853 

20 15 U.S.C. 78s(b)(2)(B). 21 17 CFR 200.30–3(a)(12). 

1 ‘‘Regulated Funds’’ means the Existing 

Regulated Fund, the Future Regulated Funds and 

the BDC Downstream Funds (defined below). 

‘‘Future Regulated Fund’’ means a closed-end 

management investment company (a) that is 

registered under the Act or has elected to be 

regulated as a BDC, (b) whose investment adviser 

(and sub-adviser(s), if any) are an Adviser, and (c) 

that intends to participate in the Co-investment 

Program. 

‘‘Adviser’’ means CCA and any future investment 

adviser that (i) controls, is controlled by, or is under 

common control with CCA, (ii) (a) is registered as 

an investment adviser under the Investment 

Advisers Act of 1940 (‘‘Advisers Act’’) or (b) is a 

relying adviser of an investment adviser that is 

registered under the Advisers Act, and that 

controls, is controlled by, or is under common 

control with, CCA, and (iii) is not a Regulated Fund 

or a subsidiary of a Regulated Fund. 

2 ‘‘Affiliated Fund’’ means the Existing Affiliated 

Fund, any Comvest Proprietary Account (as defined 

below) and any entity (a) whose investment adviser 

(and sub-adviser(s), if any) are Advisers, (b) that 

either (i) would be an investment company but for 

Continued 

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 

under Section 19(b)(2)(B) 20 of the Act 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSE–2021–39 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–NYSE–2021–39. 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 (http://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. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSE–2021–39 and should 

be submitted on or before August 3, 

2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–14798 Filed 7–12–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34325; File No. 812–15195] 

Commonwealth Credit Partners BDC I, 

Inc., et al. 

July 7, 2021. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of application for an order 

under sections 17(d) and 57(i) of the 

Investment Company Act of 1940 (the 

‘‘Act’’) and rule 17d–1 under the Act to 

permit certain joint transactions 

otherwise prohibited by sections 17(d) 

and 57(a)(4) of the Act and rule 17d–1 

under the Act. 

SUMMARY OF APPLICATION: Applicants 

request an order to permit certain 

business development companies 

(‘‘BDCs’’) and closed-end management 

investment companies to co-invest in 

portfolio companies with each other and 

with certain affiliated investment funds 

and accounts. 

APPLICANTS: Commonwealth Credit 

Partners BDC I, Inc. (the ‘‘Existing 

Regulated Fund’’), Commonwealth 

Credit Advisors LLC (‘‘CCA’’), Comvest 

Capital Advisors, LLC (‘‘Comvest 

Capital’’), Comvest Credit Advisors, LLC 

(‘‘Comvest Credit’’), Comvest SG 

Advisors, LLC (‘‘Comvest SG’’), and 

each of the Existing Affiliated Funds set 

forth on Schedule A of the application. 

FILING DATES: The application was filed 

on January 26, 2021, and amended on 

April 15, 2021, and on July 1, 2021. 

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. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on July 30, 

2021, 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 at 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

m.altschuler@comvest.com; 

richard.horowitz@dechert.com. 

FOR FURTHER INFORMATION CONTACT: 

Asen Parachkevov, Senior Counsel, at 

(202) 551–6908 or Lisa Reid Ragen, 

Branch Chief, at (202) 551–6825 

(Division of Investment Management, 

Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: The 

following is a summary of the 

application. The complete application 

may be obtained via the Commission’s 

website by searching for the file 

number, or for an applicant using the 

Company name box, at http://

www.sec.gov/search/search.htm or by 

calling (202) 551–8090. 

Introduction 

1. The applicants request an order of 

the Commission under sections 17(d) 

and 57(i) and rule 17d–1 thereunder 

(the ‘‘Order’’) to permit, subject to the 

terms and conditions set forth in the 

application (the ‘‘Conditions’’), a 

Regulated Fund 1 and one or more other 

Regulated Funds and/or one or more 

Affiliated Funds 2 to enter into CoVerDate Sep<11>2014 17:47 Jul 12, 2021 Jkt 253001 PO 00000 Frm 00156 Fmt 4703 Sfmt 4703 E:\FR\FM\13JYN1.SGM 13JYN1

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