Federal Register / Vol. 87, No. 96 / Wednesday, May 18, 2022 / Notices 30317 

126See MRX Options 2, Section 5. 

127See MRX Options 2, Section 4. 

128See MRX Options 3, Section 15(a)(3). Market 

Makers are offered risk protections to permit them 

to manage their risk more effectively. 

129The Exchange notified market participants of 

the new fees on December 20, 2021. See Data News 

#2021–11 (December 20, 2021, available at http:// 

www.nasdaqtrader.com/TraderNews.aspx?

id=dn2021-11. As such, market participants have 

had ample notice of the proposed fee changes and 

will be able to adjust their purchases of exchange 

services accordingly. 130 15 U.S.C. 78s(b)(3)(A)(ii). 131 17 CFR 200.30–3(a)(12). 

third parties instead of directly to the 

Exchange. 

With respect to the higher fees 

assessed for SQF Ports and SQF Purge 

Ports, the Exchange notes that only 

Market Makers may utilize these ports. 

Market Makers are required to provide 

continuous two-sided quotes on a daily 

basis,126 and are subject to various 

obligations associated with providing 

liquidity.127 As a result of these quoting 

obligations, the SQF Port and SQF Purge 

Port are designed to handle higher 

throughput to permit Market Makers to 

bundle orders to meet their obligations. 

The technology to permit Market 

Makers to submit a greater number of 

quotes, in addition to the various risk 

protections 128 afforded to these market 

participants when quoting, accounts for 

the higher SQF Port and SQF Purge Port 

fees. Greater liquidity benefits all 

market participants by providing more 

trading opportunities and attracting 

greater participation by Market Makers. 

Also, an increase in the activity of 

Market Makers in turn facilitates tighter 

spreads. 

Options 7, Section 7—Market Data 

The initiation of market data fees will 

not impose an undue burden on intermarket competition. Since February 

2016, MRX has disseminated market 

data without charging a fee, allowing 

MRX time to build order flow. Now that 

order flow has increased from 

approximately 0.2 percent to 1.8 percent 

of the market, MRX proposes charging 

fees that reflect the value of that data. 

Permitting MRX to charge a fee for its 

data does not impose any burden on the 

ability of other options exchanges to 

compete. Each of the remaining 15 

options exchanges currently sells its 

market data, and is capable of modifying 

its fees response to the proposed 

changes by MRX. Moreover, allowing 

MRX, or any new market entrant, to 

waive fees for a period of time to allow 

it to become established encourages 

market entry and thereby ultimately 

promotes competition. 

If the changes proposed herein are 

unattractive to market participants, it is 

likely that the Exchange will lose 

market share.129 The Exchange does not 

believe that the proposed changes will 

impair the ability of members or 

competing order execution venues to 

maintain their competitive standing in 

the financial markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.130 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: (i) 

Necessary or appropriate in the public 

interest; (ii) for the protection of 

investors; or (iii) 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– 

MRX–2022–04 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–MRX–2022–04. 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–MRX–2022–04 and should 

be submitted on or before June 8, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.131

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10617 Filed 5–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34583; File No. 812–15315] 

First Eagle Alternative Capital BDC, 

Inc., et al. 

May 13, 2022. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of application for an order 

(‘‘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 amend a previous 

order granted by the Commission that 

permits 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 entities. 


lotter on DSK11XQN23PROD with NOTICES1
30318 Federal Register / Vol. 87, No. 96 / Wednesday, May 18, 2022 / Notices 

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

2 17 CFR 240.19b–4. 

3Capitalized terms used but not defined herein 

have the meanings specified in the Rule Book, 

Clearing Supplement, or Procedures, as applicable. 

4Self-Regulatory Organizations; LCH SA; Notice 

of Filing of Proposed Rule Change to Relating to the 

Restructuring Notification Process for Swaptions, 

Exchange Act Release No. 94505 (March 24, 2022); 

87 FR 18416 (March 30, 2022) (SR–LCH SA–2022– 

003) (‘‘Notice’’). 

APPLICANTS: First Eagle Alternative 

Capital BDC, Inc., First Eagle Credit 

Opportunities Fund, First Eagle 

Investment Management, LLC, First 

Eagle Alternative Credit, LLC, First 

Eagle Alternative Credit EU, LLC, First 

Eagle Credit Opportunities Fund SPV, 

LLC, First Eagle Alternative Capital 

Holdings, Inc., First Eagle Direct 

Lending Fund I, LP, First Eagle Direct 

Lending Fund I (EE), LP, First Eagle 

Direct Lending Fund I (Parallel), LP, 

First Eagle DL Fund I Aggregator LLC, 

NewStar Arlington Senior Loan Program 

LLC, First Eagle Berkeley Fund CLO 

LLC, First Eagle Commercial Loan 

Funding 2016–1 LLC, First Eagle 

Commercial Loan Originator I LLC, 

NewStar Fairfield Fund CLO Ltd., First 

Eagle Warehouse Funding I LLC, First 

Eagle Dartmouth Holding LLC, First 

Eagle Direct Lending Fund III LLC, First 

Eagle Direct Lending Co-Invest III (E) 

LLC, First Eagle Direct Lending CoInvest III LLC, First Eagle Direct 

Lending Fund III (A) LLC, First Eagle 

Direct Lending Fund IV, LLC, First 

Eagle Direct Lending Levered Fund IV, 

LLC, First Eagle Direct Lending IV CoInvest, LLC, First Eagle Direct Lending 

Levered Fund IV SPV, LLC, Lake Shore 

MM CLO I Ltd., Lake Shore MM CLO II 

Ltd., Lake Shore MM CLO III LLC, Lake 

Shore MM CLO IV LLC, First Eagle 

Direct Lending V–A, LLC, First Eagle 

Direct Lending V–B, LLC, First Eagle 

Direct Lending V–B SPV, LLC, First 

Eagle Direct Lending V–C SCSP, South 

Shore V LLC, South Shore VI LLC, Wind 

River 2014–3K CLO Ltd., Wind River 

2016–1K CLO Ltd., Wind River 2013–1 

CLO Ltd., Wind River 2013–2 CLO Ltd., 

Wind River 2014–1 CLO Ltd., Wind 

River 2014–2 CLO Ltd., Wind River 

2014–3 CLO Ltd., Wind River 2015–1 

CLO Ltd., Wind River 2016–2 CLO Ltd., 

Wind River 2017–1 CLO Ltd., Wind 

River 2017–3 CLO Ltd., Wind River 

2017–4 CLO Ltd., Wind River 2018–1 

CLO Ltd., Wind River 2018–2 CLO Ltd., 

Wind River 2018–3 CLO Ltd., Wind 

River 2019–1 CLO Ltd., Wind River 

2019–2 CLO Ltd., Wind River 2019–3 

CLO Ltd., Wind River 2020–1 CLO Ltd., 

Wind River 2021–1 CLO Ltd., Wind 

River 2021–2 CLO Ltd., Wind River 

2021–3 CLO Ltd., Wind River 2021–4 

CLO Ltd., Bighorn III, Ltd., Bighorn IV, 

Ltd., Bighorn VI, Ltd., Bighorn VII, Ltd., 

Bighorn VIII, Ltd., Bighorn X, Ltd., 

NewStar Commercial Loan Funding 

2017–1 LLC, First Eagle Clarendon Fund 

CLO LLC, NewStar Exeter Fund CLO 

LLC, Arch Street CLO, Ltd., First Eagle 

BSL CLO 2019–1 Ltd., Hull Street CLO, 

Ltd., Longfellow Place CLO, Ltd., 

Staniford Street CLO, Ltd., First Eagle 

Strategic Funding, LLC. 

FILING DATES: The application was filed 

on March 31, 2022, and amended on 

April 29, 2022. 

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 on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the 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, June 7, 2022, 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 

Secretarys-Office@sec.gov. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

David Blass, Esq. at David.Blass@

stblaw.com, Rajib Chanda at 

Rajib.Chanda@stblaw.com and 

Christopher Healey at 

Christopher.Healey@stblaw.com. 

FOR FURTHER INFORMATION CONTACT: 

Kieran G. Brown, 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’ first amended and restated 

application, dated April 29, 2022, 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, http://www.sec.gov/ 

edgar/searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10696 Filed 5–17–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94898; File No. SR–LCH 

SA–2022–003] 

Self-Regulatory Organizations; LCH 

SA; Order Approving Proposed Rule 

Change Relating to the Restructuring 

Notification Process for Swaptions 

May 12, 2022. 

I. Introduction 

On March 18, 2022, Banque Centrale 

de Compensation, which conducts 

business under the name LCH SA (‘‘LCH 

SA’’), filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 (the 

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

proposed rule change to amend its CDS 

Clearing Supplement (the ‘‘Clearing 

Supplement’’) and certain CDS Clearing 

Procedures (the ‘‘Procedures’’).3 The 

proposed rule change was published for 

comment in the Federal Register on 

March 30, 2022.4 The Commission did 

not receive comments regarding the 

proposed rule change. For the reasons 

discussed below, the Commission is 

approving the proposed rule change. 

II. Description of the Proposed Rule 

Change 

As detailed below, the amendments to 

the Clearing Supplement and the 

Procedures would (A) establish a new 

delegation requirement for Clearing 

Members in the case of a restructuring 

affecting an option to purchase Index 

CDS (an ‘‘Index Swaption’’); (B) limit 

LCH’s liability to Clearing Members in 

light of this new requirement; (C) 

update certain provisions related to the 

exercise of Index Swaptions; (D) require 

Clearing Members and Clients consent 

to disclosure of their contact 

information in connection with the 

restructuring or exercise of Index 

Swaptions; and (E) correct 

typographical errors. 

A. New Delegation Requirement 

The proposed rule change would 

require that Clearing Members delegate 

to their Clients the authority to send and 

receive certain notices on their behalf. 

This new requirement would apply to a 


lotter on DSK11XQN23PROD with NOTICES1