Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 51397 

18See supra Item II. 

19See FINRA Filing, 86 FR at 47171 (noting the 

same in granting FINRA’s request to waive the 30- 

day operative delay so that SR–FINRA–2021–019 

would become operative immediately upon filing). 

20See supra note 5. 

21See supra note 4. As noted above, the Exchange 

states that if it requires temporary relief from the 

rule requirements identified in this proposal 

beyond December 31, 2021, it may submit a 

separate rule filing to extend the effectiveness of the 

temporary relief under these rules. 

22For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule change’s impact on efficiency, 

competition, and capital formation. See 15 U.S.C. 

78c(f). 23 17 CFR 200.30–3(a)(12). 

1Applicants request that the order also apply to 

any successor in interest to the Fund. A successor 

in interest is limited to entities that result from a 

reorganization into another jurisdiction or a change 

in the type of business organization. 

fulfill its statutory obligations to protect 

investors and maintain fair and orderly 

markets that would otherwise result if 

the temporary amendments were to 

expire on August 31, 2021.18

Importantly, extending the relief 

provided in SR–NASDAQ–2021–033 

immediately upon filing and without a 

30-day operative delay will allow the 

Exchange to continue critical 

adjudicatory and review processes in a 

reasonable and fair manner and meet its 

critical investor protection goals, while 

also following best practices with 

respect to the health and safety of its 

employees.19 The Commission also 

notes that this proposal extends without 

change the temporary relief previously 

provided by SR–NASDAQ–2021–033.20

As proposed, the changes would be in 

place through December 31, 2021 and 

the amended rules will revert back to 

their original state at the conclusion of 

the temporary relief period and, if 

applicable, any extension thereof.21 For 

these reasons, the Commission believes 

that waiver of the 30-day operative 

delay for this proposal is consistent 

with the protection of investors and the 

public interest. Accordingly, the 

Commission hereby waives the 30-day 

operative delay and designates the 

proposal operative upon filing.22

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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NASDAQ–2021–067 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–NASDAQ–2021–067. 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NASDAQ–2021–067 and should be 

submitted on or before October 6, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19856 Filed 9–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34373; File No. 812–15230] 

High Income Securities Fund 

September 9, 2021. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 19(b) of the Act and rule 

19b–1 under the Act to permit a 

registered closed-end investment 

company to make periodic distributions 

of long-term capital gains more 

frequently than permitted by section 

19(b) or rule 

19b–1. 

Applicant: High Income Securities 

Fund, a Massachusetts business trust 

that is an internally managed registered 

closed-end diversified management 

investment company (the ‘‘Fund’’ or the 

‘‘Applicant’’).1

Filing Dates: The application was 

filed on May 13, 2021, and amended on 

July 7, 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 

October 4, 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 emailing the 

Commission’s Secretary at SecretarysOffice@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

c/o Thomas R. Westle, Esq., Blank Rome 

LLP, twestle@blankrome.com. 

FOR FURTHER INFORMATION CONTACT: 

Deepak T. Pai, Senior Counsel, at (202) 

551–6876 or Trace W. Rakestraw, 


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51398 Federal Register / Vol. 86, No. 176 / Wednesday, September 15, 2021 / Notices 

2Although the Fund does not currently intend to 

issue preferred shares, the board may authorize the 

issuance of preferred shares in the future. 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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. 

Summary of the Application: 

1. Section 19(b) of the Act generally 

makes it unlawful for any registered 

investment company to make long-term 

capital gains distributions more than 

once every twelve months. Rule 19b–1 

under the Act limits to one the number 

of capital gain dividends, as defined in 

section 852(b)(3)(C) of the Internal 

Revenue Code of 1986 (‘‘Code,’’ and 

such dividends, ‘‘distributions’’), that a 

registered investment company may 

make with respect to any one taxable 

year, plus a supplemental distribution 

made pursuant to section 855 of the 

Code not exceeding 10% of the total 

amount distributed for the year, plus 

one additional capital gain dividend 

made in whole or in part to avoid the 

excise tax under section 4982 of the 

Code. 

2. Applicant believes that investors in 

certain closed-end funds may prefer an 

investment vehicle that provides regular 

current income through a fixed 

distribution policy (‘‘Distribution 

Policy’’). Applicant proposes that the 

Fund be permitted to adopt a 

Distribution Policy, pursuant to which 

the Fund would distribute periodically 

to its shareholders a fixed percentage of 

the market price of the Fund’s common 

shares at a particular point in time or a 

fixed percentage of net asset value 

(‘‘NAV’’) at a particular time or a fixed 

amount per share of common shares, 

any of which may be adjusted from time 

to time. 

3. Applicant requests an order under 

section 6(c) of the Act granting an 

exemption from section 19(b) of the Act 

and rule 19b–1 to permit a Fund to 

distribute periodic capital gain 

dividends (as defined in section 

852(b)(3)(C) of the Code) as frequently 

as twelve times in any one taxable year 

in respect of its common shares (and as 

often as specified by, or determined in 

accordance with the terms of, any 

preferred shares issued by the Fund).2

Section 6(c) of the Act provides, in 

relevant part, that the Commission may 

exempt any person or transaction from 

any provision of the Act to the extent 

that such exemption is necessary or 

appropriate in the public interest and 

consistent with the protection of 

investors and the purposes fairly 

intended by the policy and provisions of 

the Act. 

4. Applicant states that any order 

granting the requested relief will be 

subject to the terms and conditions 

stated in the application, which 

generally are designed to address the 

concerns underlying section 19(b) and 

rule 19b–1, including concerns about 

proper disclosures and shareholders’ 

understanding of the source(s) of a 

Fund’s distributions and concerns about 

improper sales practices. Among other 

things, such terms and conditions 

require that (1) the board of trustees of 

the Fund (the ‘‘Board’’) request and 

evaluate, and the Fund will furnish, 

such information as may be reasonably 

necessary to make an informed 

determination of whether to adopt the 

proposed Distribution Policy and that 

the Board periodically review the 

amount of the distributions in light of 

the investment experience of the Fund, 

and (2) that the Fund’s shareholders 

receive appropriate disclosures 

concerning the distributions. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–19820 Filed 9–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92917; No. SR–NYSEArca– 

2021–79] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the NYSE Arca 

Options Fee Schedule 

September 9, 2021. 

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 

September 1, 2021, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory 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 modify the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’) regarding certain pricing 

incentives. The Exchange proposes to 

implement the fee change effective 

September 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 purpose of this filing is to amend 

the Fee Schedule to modify certain 

pricing incentives. Specifically, the 

Exchange proposes to modify the 

‘‘Discount in Take Liquidity Fees for 

Professional Customer and NonCustomer Liquidity Removing Interest,’’ 

the ‘‘Market Maker Penny and SPY 

Posting Credit Tiers,’’ and the ‘‘Market 

Maker Incentive For Non-Penny Issues,’’ 

as described below. The Exchange 

proposes to implement the fee change 

effective September 1, 2021. 

Discount in Take Liquidity Fees for 

Professional Customers and NonCustomer Liquidity Removing Interest 

(the ‘‘Take Fee Discount’’) 

If an OTP Holder or OTP Firm 

(collectively ‘‘OTP Holders’’) executes a 

transaction that removes or ‘‘takes’’ 

liquidity on the Exchange, the OTP 

Holder is charged a ‘‘Take Liquidity’’ fee 

(referred to herein as ‘‘Take Fees’’) and 

such liquidity may be referred to as 

‘‘Liquidity Removing’’ or liquidity 


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