49364 Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices 

53 15 U.S.C. 78s(b)(3)(C). 

54 17 CFR 200.30–3(a)(57) and (58). 

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

2 17 CFR 240.19b–4. 

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

may take effect upon filing with the Commission if 

it is designated by the exchange as ‘‘establishing or 

changing a due, fee, or other charge imposed by the 

self-regulatory organization on any person, whether 

or not the person is a member of the self-regulatory 

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

4See Securities Exchange Act Release Nos. 92359 

(July 9, 2021), 86 FR 37393 (SR–MIAX–2021–28); 

and 92358 (July 9, 2021), 86 FR 37361 (SR– 

EMERALD–2021–21) (each, a ‘‘Notice’’). For ease of 

reference, page citations are to the Notice for SR– 

MIAX–2021–28, unless otherwise indicated. 

5 15 U.S.C. 78s(b)(3)(C). 

6The proposed fee changes became effective on 

July 1, 2021. See Notice, supra note 4, at 37394. 

7The ‘‘Strategy Book’’ is each Exchange’s 

electronic book of complex orders and complex 

quotes. See MIAX and MIAX Emerald Rule 

518(a)(17). 

8The Exchanges state that cToM is a distinct 

market data product from ToM. They also state that 

ToM subscribers are not required to subscribe to 

cToM, and that cToM subscribers are not required 

to subscribe to ToM. See Notice, supra note 4, at 

37394. 

9A ‘‘Distributor’’ of the Exchanges’ data is any 

entity that receives a feed or file of data either 

directly from the Exchanges or indirectly through 

another entity and then distributes it either 

internally (within that entity) or externally (outside 

that entity). See MIAX and MIAX Emerald Fee 

Schedule, Section 6(a). All members or nonmembers that determine to receive any market data 

feed from the Exchanges must first execute, among 

other things, the MIAX Exchange Group Exchange 

Data Agreement (‘‘Exchange Data Agreement’’). See 

Notice, supra note 4, at 37395. Pursuant to the 

Exchange Data Agreement, ‘‘Internal Distributors’’ 

are restricted to the ‘‘internal use’’ of any market 

data they receive, meaning they may only distribute 

the Exchanges’ market data to their officers and 

employees and their affiliates. See id. 

10 ‘‘External Distributors’’ may distribute the 

Exchanges’ market data to persons who are not their 

officers, employees, or affiliates, and may charge 

their own fees for the distribution of such market 

data. See Notice, supra note 4, at 37395. 

11See id. at 37394. The Exchanges also propose 

to make a related change to remove ‘‘(as 

applicable)’’ from the explanatory paragraph in 

Section 6(a) of each Exchanges’ fee schedule, as the 

Exchanges will now charge fees for both the ToM 

and cToM data feeds. See id. at 37394 n.10. 

12New Distributors will be assessed a pro-rata 

percentage of the fees described above, which is the 

percentage of the number of trading days remaining 

in the affected calendar month as of the date on 

which they have been credentialed to use cToM, 

divided by the total number of trading days in the 

affected calendar month. See id. at 37394. 

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–PEARL–2021–33 and 

should be submitted on or before 

September 23, 2021. Rebuttal comments 

should be submitted by October 7, 2021. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,53 that File 

Number SR–PEARL–2021–33 be and 

hereby is, temporarily suspended. In 

addition, the Commission is instituting 

proceedings to determine whether the 

proposed rule change should be 

approved or disapproved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.54

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–18949 Filed 9–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92789; File Nos. SR–MIAX– 

2021–28, SR–EMERALD–2021–21] 

Self-Regulatory Organizations; Miami 

International Securities Exchange, LLC 

and MIAX Emerald, LLC; Suspension 

of and Order Instituting Proceedings 

To Determine Whether To Approve or 

Disapprove Proposed Rule Changes 

To Establish Fees for the Exchanges’ 

cToM Market Data Products 

August 27, 2021. 

I. Introduction 

On June 30, 2021, Miami International 

Securities Exchange, LLC (‘‘MIAX’’) and 

MIAX Emerald, LLC (‘‘MIAX Emerald’’) 

(each, an ‘‘Exchange,’’ and collectively, 

the ‘‘Exchanges’’) each 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 

establish fees for, respectively, the 

MIAX Complex Top of Market (‘‘cToM’’) 

and the MIAX Emerald cToM market 

data products. The proposed rule 

changes were immediately effective 

upon filing with the Commission 

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

Act.3 The proposed rule changes were 

published for comment in the Federal 

Register on July 15, 2021.4 Pursuant to 

Section 19(b)(3)(C) of the Act,5 the 

Commission is hereby: (1) Temporarily 

suspending the proposed rule changes; 

and (2) instituting proceedings to 

determine whether to approve or 

disapprove the proposed rule changes. 

II. Description of the Proposed Rule 

Changes 

The Exchanges propose to establish 

fees for their cToM market data 

products.6 According to the Exchanges, 

the cToM feed provides subscribers 

with the same information as the 

Exchanges’ respective simple order 

market Top of Market (‘‘ToM’’) feeds, 

but for each Exchange’s Strategy Book 7

(i.e., best bid and offer for a complex 

strategy, with aggregate size, based on 

displayable order and quoting interest 

in the complex strategy on each 

Exchange), plus additional information 

specific to complex orders (i.e., 

identification of the complex strategies 

currently trading on each Exchange, 

complex strategy last sale information, 

and the status of securities underlying 

the complex strategy).8

The Exchanges each propose to assess 

Internal Distributors 9 $1,250 per month 

and External Distributors 10 $1,750 per 

month for the cToM data feed.11 The 

Exchanges each will assess cToM fees 

on Internal and External Distributors in 

each month the Distributor is 

credentialed to use cToM, and will 

reduce such fees for new Distributors for 

the first month during which they 

subscribe to cToM based on the number 

of trading days that have been held 

during the month prior to the date on 

which that subscriber has been 

credentialed to use cToM.12


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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices 49365 

13 15 U.S.C. 78s(b)(3)(C). 

14 15 U.S.C. 78s(b)(1). 

15See Notice, supra note 4, at 37395–96. In 

support, the Exchanges state that MIAX and MIAX 

Emerald currently represent approximately 6.75% 

and 3.24% of options market share, respectively. 

See id. at 37395; Emerald Notice, supra note 4, at 

37362. 

16See Notice, supra note 4, at 37395. 

17See id. 

18See id. at 37395–96. 

19See id. 

20See id. In addition, the Exchanges state that the 

proposed monthly cToM fees for Internal and 

External Distributors are the same prices that the 

Exchanges charge for their ToM data products. See 

id. at 37396. The Exchanges also argue that the 

proposed fees are reasonable because members have 

had the ability to receive cToM data free of charge 

from MIAX for the past five years and from MIAX 

Emerald for the past two years, since each 

respective cToM market data product was 

established on each Exchange. See id. at 37395; 

Emerald Notice, supra note 4, at 37361, 37363. The 

Exchanges now assert that it is no longer necessary 

to provide cToM data for free to attract market 

participants, as the Exchanges’ Strategy Books are 

now established and the Exchanges no longer need 

to rely on such fee waivers to attract market 

participants. See Notice, supra note 4, at 37394, 

37396. 

21See Notice, supra note 4, at 37396. 

22See id. at 37395–96. In addition, the Exchanges 

argue that they use more resources to support 

External Distributors as compared to Internal 

Distributors, as External Distributors have reporting 

and monitoring obligations that Internal 

Distributors do not have, thus requiring additional 

time and effort of the Exchanges’ staff. See id. at 

37396. 

23See id. 

24See id. 

25See id. 

26See 17 CFR 240.19b–4 (Item 3 entitled ‘‘SelfRegulatory Organization’s Statement of the Purpose 

of, and Statutory Basis for, the Proposed Rule 

Change’’). 

27See id. 

28 15 U.S.C. 78f(b)(4). 

29 15 U.S.C. 78f(b)(5). 

30 15 U.S.C. 78f(b)(8). 

III. Suspension of the Proposed Rule 

Changes 

Pursuant to Section 19(b)(3)(C) of the 

Act,13 at any time within 60 days of the 

date of filing of an immediately effective 

proposed rule change pursuant to 

Section 19(b)(1) of the Act,14 the 

Commission summarily may 

temporarily suspend the change in the 

rules of a self-regulatory organization 

(‘‘SRO’’) 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. The Commission believes a 

temporary suspension of the proposed 

rule changes is necessary and 

appropriate to allow for additional 

analysis of the proposed rule changes’ 

consistency with the Act and the rules 

thereunder. 

The Exchanges generally argue that 

the proposed fees are consistent with 

the Act because the Exchanges operate 

in a highly competitive environment 

that constrains their pricing of the cToM 

feeds.15 In particular, the Exchanges 

maintain that subscribing to the cToM 

feeds is optional, as is the use of 

complex orders themselves.16 The 

Exchanges argue that because complex 

orders are not protected or subject to 

trade-through requirements, and 

because market makers are not subject 

to continuous quoting requirements for 

complex orders (as they are for simple 

orders), it is therefore a business 

decision whether market participants 

use complex order strategies on the 

Exchanges and whether they purchase 

cToM data to help effect those 

strategies.17 Accordingly, the Exchanges 

assert that if they priced their complex 

data products too highly, and market 

participants wanted to use those data 

products to trade complex orders, then 

those market participants would move 

their complex order flow to a more 

competitively-priced exchange offering 

complex order functionality and a 

comparable data product.18 The 

Exchanges argue that this potential to 

lose both order flow and data 

subscribers on each of MIAX and/or 

MIAX Emerald constrains their pricing 

of the cToM feeds.19 The Exchanges also 

argue that the proposed fees are 

reasonable because they are similar to 

and generally lower than the fees 

assessed by other exchanges that 

provide similar data products, and that 

proposing fees excessively higher would 

ultimately reduce demand for the 

Exchanges’ own cToM products.20

The Exchanges further argue that the 

proposals are equitable and not unfairly 

discriminatory because the proposed 

cToM fees will apply to all market 

participants of the Exchanges on a 

uniform basis.21 Moreover, the 

Exchanges assert that it is reasonable, 

equitable, and not unfairly 

discriminatory to assess Internal 

Distributors fees that are lower than the 

fees assessed for External Distributors 

for subscriptions to the cToM data 

feeds, since Internal Distributors have 

limited, restricted usage rights to the 

market data, as compared to External 

Distributors, which have more 

expansive usage rights, including rights 

to commercialize such market data.22

Finally, the Exchanges assert that the 

proposed fees would not cause any 

unnecessary or inappropriate burden on 

inter-market competition, as other 

exchanges are free to introduce their 

own comparable data products and 

lower their prices to better compete 

with the Exchanges’ offerings.23 In this 

regard, the Exchanges assert that the 

proposals will promote competition by 

permitting the Exchanges to sell data 

products similar to those offered by 

other competitor options exchanges.24

The Exchanges also assert that the 

proposed rule changes would not cause 

any unnecessary or inappropriate 

burden on intra-market competition, as 

the proposed fees apply uniformly to 

any purchaser by not differentiating 

between subscribers that purchase 

cToM (other than between Internal and 

External Distributors, as described 

above), and are set at a modest level 

allowing any interested member or nonmember to purchase such data based on 

their business needs.25

When exchanges file their proposed 

rule changes with the Commission, 

including fee filings like the Exchanges’ 

present proposals, they are required to 

provide a statement supporting the 

proposal’s basis under the Act and the 

rules and regulations thereunder 

applicable to the exchange.26 The 

instructions to Form 19b–4, on which 

exchanges file their proposed rule 

changes, specify that such statement 

‘‘should be sufficiently detailed and 

specific to support a finding that the 

proposed rule change is consistent with 

[those] requirements.’’ 27

Section 6 of the Act, including 

Sections 6(b)(4), (5), and (8), require the 

rules of an exchange to: (1) Provide for 

the equitable allocation of reasonable 

fees among members, issuers, and other 

persons using the exchange’s 

facilities; 28 (2) perfect the mechanism of 

a free and open market and a national 

market system, protect investors and the 

public interest, and not be designed to 

permit unfair discrimination between 

customers, issuers, brokers, or 

dealers; 29 and (3) not impose any 

burden on competition not necessary or 

appropriate in furtherance of the 

purposes of the Act.30

In temporarily suspending the 

Exchanges’ proposed rule changes, the 

Commission intends to further consider 

whether the proposals to establish fees 

for the cToM market data feeds are 

consistent with the statutory 

requirements applicable to a national 

securities exchange under the Act. In 

particular, the Commission will 

consider whether the proposed rule 

changes satisfy the standards under the 

Act and the rules thereunder requiring, 

among other things, that an exchange’s 

rules provide for the equitable 

allocation of reasonable fees among 

members, issuers, and other persons 

using its facilities; not permit unfair 

discrimination between customers, 

issuers, brokers or dealers; and do not 

impose any burden on competition not 


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49366 Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices 

31See 15 U.S.C. 78f(b)(4), (5), and (8), 

respectively. 

32For purposes of temporarily suspending the 

proposed rule changes, the Commission has 

considered the proposed rules’ impact on 

efficiency, competition, and capital formation. See 

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

33 15 U.S.C. 78s(b)(3)(C). Once the Commission 

temporarily suspends a proposed rule change, 

Section 19(b)(3)(C) of the Act requires that the 

Commission institute proceedings under Section 

19(b)(2)(B) to determine whether a proposed rule 

change should be approved or disapproved. 

34 15 U.S.C. 78s(b)(2)(B). 

35 Id. Section 19(b)(2)(B) of the Act also provides 

that proceedings to determine whether to 

disapprove a proposed rule change must be 

concluded within 180 days of the date of 

publication of notice of the filing of the proposed 

rule change. See id. The time for conclusion of the 

proceedings may be extended for up to 60 days if 

the Commission finds good cause for such 

extension and publishes its reasons for so finding, 

or if the exchange consents to the longer period. See 

id. 

36 15 U.S.C. 78f(b)(4). 

37 15 U.S.C. 78f(b)(5). 

38 15 U.S.C. 78f(b)(8). 

39 17 CFR 201.700(b)(3). 

40See id. 

41See id. 

42See 15 U.S.C. 78f(b)(4), (5), and (8). 

43 15 U.S.C. 78s(b)(2). Section 19(b)(2) of the Act 

grants the Commission flexibility to determine what 

type of proceeding—either oral or notice and 

opportunity for written comments—is appropriate 

for consideration of a particular proposal by an 

SRO. See Securities Acts Amendments of 1975, 

Report of the Senate Committee on Banking, 

Housing and Urban Affairs to Accompany S. 249, 

S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975). 

necessary or appropriate in furtherance 

of the purposes of the Act.31

Therefore, the Commission finds that 

it is appropriate in the public interest, 

for the protection of investors, and 

otherwise in furtherance of the purposes 

of the Act, to temporarily suspend the 

proposed rule changes.32

IV. Proceedings To Determine Whether 

To Approve or Disapprove the 

Proposed Rule Changes 

In addition to temporarily suspending 

the proposals, the Commission also 

hereby institutes proceedings pursuant 

to Sections 19(b)(3)(C) 33 and 19(b)(2)(B) 

of the Act 34 to determine whether the 

Exchanges’ proposed rule changes 

should be approved or disapproved. 

Institution of proceedings does not 

indicate that the Commission has 

reached any conclusions with respect to 

any of the issues involved. Rather, the 

Commission seeks and encourages 

interested persons to provide additional 

comment on the proposed rule changes 

to inform the Commission’s analysis of 

whether to approve or disapprove the 

proposed rule changes. 

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

Act,35 the Commission is providing 

notice of the grounds for possible 

disapproval under consideration: 

• Whether the Exchanges have 

demonstrated how their proposed fees 

are consistent with Section 6(b)(4) of the 

Act, which requires that the rules of a 

national securities exchange ‘‘provide 

for the equitable allocation of reasonable 

dues, fees, and other charges among its 

members and issuers and other persons 

using its facilities’’; 36

• Whether the Exchanges have 

demonstrated how their proposed fees 

are consistent with Section 6(b)(5) of the 

Act, which requires, among other 

things, that the rules of a national 

securities exchange not be ‘‘designed to 

permit unfair discrimination between 

customers, issuers, brokers, or 

dealers’’; 37 and 

• Whether the Exchanges have 

demonstrated how their proposed fees 

are consistent with Section 6(b)(8) of the 

Act, which requires that the rules of a 

national securities exchange ‘‘not 

impose any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of [the Act].’’ 38

As discussed in Section III above, the 

Exchanges made various arguments in 

support of their proposals. The 

Commission believes that there are 

questions as to whether the Exchanges 

have provided sufficient information to 

demonstrate that the proposed fees are 

consistent with the Act and the rules 

thereunder. 

Under the Commission’s Rules of 

Practice, the ‘‘burden to demonstrate 

that a proposed rule change is 

consistent with the [Act] and the rules 

and regulations issued thereunder . . . 

is on the [SRO] that proposed the rule 

change.’’ 39 The description of a 

proposed rule change, its purpose and 

operation, its effect, and a legal analysis 

of its consistency with applicable 

requirements must all be sufficiently 

detailed and specific to support an 

affirmative Commission finding,40 and 

any failure of an SRO to provide this 

information may result in the 

Commission not having a sufficient 

basis to make an affirmative finding that 

a proposed rule change is consistent 

with the Act and the applicable rules 

and regulations.41

The Commission is instituting 

proceedings to allow for additional 

consideration and comment on the 

issues raised herein, including as to 

whether the proposed fees are 

consistent with the Act, and 

specifically, with its requirements that 

exchange fees be reasonable and 

equitably allocated, not be unfairly 

discriminatory, and not impose any 

burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act.42

V. Commission’s Solicitation of 

Comments 

The Commission requests written 

views, data, and arguments with respect 

to the concerns identified above as well 

as any other relevant concerns. Such 

comments should be submitted by 

September 23, 2021. Rebuttal comments 

should be submitted by October 7, 2021. 

Although there do not appear to be any 

issues relevant to approval or 

disapproval that would be facilitated by 

an oral presentation of views, data, and 

arguments, the Commission will 

consider, pursuant to Rule 19b–4, any 

request for an opportunity to make an 

oral presentation.43

The Commission asks that 

commenters address the sufficiency and 

merit of the Exchanges’ statements in 

support of the proposals, in addition to 

any other comments they may wish to 

submit about the proposed rule changes. 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the proposed rule 

changes, including whether the 

proposed rule changes are 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 No. SR– 

MIAX–2021–28 or SR–EMERALD– 

2021–21 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 No. 

SR–MIAX–2021–28 or SR–EMERALD– 

2021–21. The 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 

changes that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule changes between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 


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Federal Register / Vol. 86, No. 168 / Thursday, September 2, 2021 / Notices 49367 

44 15 U.S.C. 78s(b)(3)(C). 

45 17 CFR 200.30–3(a)(57) and (58). 

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 such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchanges. 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 publicly available. All 

submissions should refer to File No. 

SR–MIAX–2021–28 or SR–EMERALD– 

2021–21 and should be submitted on or 

before September 23, 2021. Rebuttal 

comments should be submitted by 

October 7, 2021. 

VI. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(3)(C) of the Act,44 that File 

Nos. SR–MIAX–2021–28 and SR– 

EMERALD–2021–21, be and hereby are, 

temporarily suspended. In addition, the 

Commission is instituting proceedings 

to determine whether the proposed rule 

changes should be approved or 

disapproved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.45

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–18942 Filed 9–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34366] 

Notice of Applications for 

Deregistration Under Section 8(f) of the 

Investment Company Act of 1940 

August 27, 2021. 

The following is a notice of 

applications for deregistration under 

section 8(f) of the Investment Company 

Act of 1940 for the month of August 

2021. A copy of each 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. 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 Secretarys-Office@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 September 21, 2021, 

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 

Secretarys-Office@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. 

Cushing Real Income & Preferred Fund 

[File No. 811–23420] 

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 Dates: The application was 

filed on July 16, 2021. 

Applicant’s Address: Kevin.Hardy@

skadden.com. 

Oppenheimer International Small-Mid 

Co Fund [File No. 811–08299] 

Summary: Applicant seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Invesco 

Oppenheimer International Small-Mid 

Company Fund and, on May 24, 2019, 

made a final distribution to its 

shareholders based on net asset value. 

Expenses of $1,300,306.94 incurred in 

connection with the reorganization were 

paid by the applicant’s investment 

adviser (or it’s affiliates) and the 

acquiring fund. 

Filing Dates: The application was 

filed on June 11, 2021 and amended on 

August 18, 2021. 

Applicant’s Address: 

Taylor.Edwards@invesco.com. 

Partners Group Private Income 

Opportunities, LLC. [File No. 811– 

23188] 

Summary: Applicant, a closed-end 

investment company, seeks an order 

declaring that it has ceased to be an 

investment company. The applicant has 

transferred its assets to Partners Group 

Private Equity (Master Fund), LLC., and 

on December 31, 2020 made a final 

distribution to its shareholders based on 

net asset value. Expenses of $299,769.21 

incurred in connection with the 

reorganization were paid by the 

applicant and the acquiring fund. 

Filing Dates: The application was 

filed on June 4, 2021 and amended on 

August 6, 2021. 

Applicant’s Address: 

joshua.deringer@faegredrinker.com. 

PGIM Strategic Credit Fund [File No. 

811–23576] 

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 Dates: The application was 

filed on June 10, 2021. 

Applicant’s Address: debra.rubano@

prudential.com. 

For the Commission, by the Division of 

Investment Management, pursuant to 

delegated authority. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2021–18927 Filed 9–1–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92786; File No. SR–ICEEU– 

2021–010] 

Self-Regulatory Organizations; ICE 

Clear Europe Limited; Order Granting 

Approval of Proposed Rule Change, as 

Modified by Partial Amendment No. 1, 

Relating to the Clearing Rules, 

Clearing Procedures, Finance 

Procedures, Delivery Procedures, CDS 

Procedures, Membership Procedures, 

Complaint Resolution Procedures, and 

General Contract Terms 

August 27, 2021. 

I. Introduction 

On May 13, 2021, ICE Clear Europe 

Limited (‘‘ICE Clear Europe’’) filed with 

the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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


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