Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 66 / Tuesday, April 8, 2025 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35520; File No. 812–15706]

FS Credit Opportunities Corp., et al.
April 3, 2025.

Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.

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AGENCY:

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
entities. The requested order includes
streamlined terms and conditions as
compared to past comparable orders.
APPLICANTS: FS Credit Opportunities
Corp., PA Senior Credit Opportunities
Fund, L.P., FS Senior Credit Fund II,
L.P., FS Global Advisor, LLC, FS Credit
Income Fund, FS Credit Income
Advisor, LLC, FS Specialty Lending
Fund, FS/EIG ADVISOR, LLC, FS
Tactical Opportunities (LOI) Splitter,
L.P., FS Tactical Opportunities (SI)
Splitter, L.P., FS Tactical Opportunities
(LOI) Splitter II, L.P., FS Tactical
Opportunities (SI) Splitter II, L.P. and
FS Tactical Advisor, LLC.
FILING DATES: The application was filed
on February 21, 2025, and amended on
March 20, 2025, and April 3, 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 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 April 28, 2025, 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

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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:
Stephen S. Sypherd, General Counsel,
FS Global Advisor, LLC, 201 Rouse
Boulevard, Philadelphia, Pennsylvania
19112; Julien Bourgeois, Dechert LLP,
1900 K Street NW, Washington, DC
20006; William Bielefeld, Dechert LLP,
1900 K Street NW, Washington, DC
20006.
FOR FURTHER INFORMATION CONTACT:

Adam Large, Senior Special Counsel,
Kieran G. Brown, Senior Counsel, or
Daniele Marchesani, Assistant Chief
Counsel, 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’ third amended application,
dated April 3, 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.html. 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. 2025–06015 Filed 4–7–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0121]

Proposed Collection; Comment
Request; Extension: Form 18—
Registration Form
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments

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on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Form 18 (17 CFR 249.218) is a
registration form that can be used by a
foreign government or political
subdivision thereof to register securities
for listing on a U.S. exchange. The
information collected is intended to
provide U.S. investors in relevant
foreign government securities with
material information concerning those
securities and the foreign government
registrant so that investors can make
informed investment decisions.
We estimate that Form 18 takes
approximately 8 hours per response and
that approximately 5 responses are
made annually. We derived our burden
hour estimate by estimating the average
number of hours it would take a foreign
government or political subdivision
thereof to compile the necessary
information and data, prepare and
review the disclosure, file documents,
and retain records. We estimate that
100% of the burden is carried out
internally by the foreign government or
political subdivision thereof. Based on
our estimates, we calculate the total
reporting burden to be 40 hours
annually ((8 hours per response × 100%)
× 5 responses annually).
Written comments are invited on: (a)
whether this collection of information is
necessary for the proper performance of
the functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of the burden imposed
by the collection of information; (c)
ways to enhance the quality, utility, and
clarity of the information collected; and
(d) ways to minimize the burden of the
collection of information on
respondents, including through the use
of automated collection techniques or
other forms of information technology.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication by June 9, 2025.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid OMB
control number.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 or
send an email to:
PaperworkReductionAct@sec.gov.

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Federal Register / Vol. 90, No. 66 / Tuesday, April 8, 2025 / Notices

Dated: April 2, 2025.
Sherry R. Haywood,
Assistant Secretary.

SECURITIES AND EXCHANGE
COMMISSION

[FR Doc. 2025–05989 Filed 4–7–25; 8:45 am]

[Release No. 34–102761; File No. SR–
NYSETEX–2025–01]

BILLING CODE 8011–01–P

Self-Regulatory Organizations; NYSE
Texas, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the Fee
Schedule of NYSE Texas, Inc.

SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
2 p.m. on Thursday,
April 10, 2025.
PLACE: The meeting will be held via
remote means and/or at the
Commission’s headquarters, 100 F
Street NE, Washington, DC 20549.
STATUS: This meeting will be closed to
the public.
MATTERS TO BE CONSIDERED:
Commissioners, Counsel to the
Commissioners, the Secretary to the
Commission, and recording secretaries
will attend the closed meeting. Certain
staff members who have an interest in
the matters also may be present. In the
event that the time, date, or location of
this meeting changes, an announcement
of the change, along with the new time,
date, and/or place of the meeting will be
posted on the Commission’s website at
https://www.sec.gov.
The General Counsel of the
Commission, or his designee, has
certified that, in his opinion, one or
more of the exemptions set forth in 5
U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B)
and (10) and 17 CFR 200.402(a)(3),
(a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and
(a)(10), permit consideration of the
scheduled matters at the closed meeting.
The subject matter of the closed
meeting will consist of the following
topics:
Institution and settlement of
injunctive actions;
Institution and settlement of
administrative proceedings;
Resolution of litigation claims; and
Other matters relating to examinations
and enforcement proceedings.
At times, changes in Commission
priorities require alterations in the
scheduling of meeting agenda items that
may consist of adjudicatory,
examination, litigation, or regulatory
matters.
CONTACT PERSON FOR MORE INFORMATION:
For further information, please contact
Vanessa A. Countryman from the Office
of the Secretary at (202) 551–5400.
Authority: 5 U.S.C. 552b.

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TIME AND DATE:

April 2, 2025.

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 April 1,
2025, the NYSE Texas, Inc. (‘‘NYSE
Texas’’ 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 amend the
Fee Schedule of NYSE Texas, Inc. (the
‘‘Fee Schedule’’) to increase existing
credits applicable to certain Exchange
members. The Exchange proposes to
implement the fee changes effective
April 1, 2025. 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.

Dated: April 3, 2025.
Vanessa A. Countryman,
Secretary.

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[FR Doc. 2025–06056 Filed 4–4–25; 11:15 am]

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U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.

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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 the
Fee Schedule to increase existing credits
applicable to certain Exchange
members. Specifically, the Exchange
proposes to amend Section F.2 of the
Fee Schedule to increase the
Transaction Fee Credit and the Clearing
Submission Fee Credit applicable to
Clearing Brokers. The Exchange
proposes to implement the fee changes
effective April 1, 2025.
Background
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 National Market
System (‘‘NMS’’), the Commission
highlighted the importance of market
forces in determining prices and SelfRegulatory Organizations (‘‘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
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.’’ 5 Indeed, equity trading is
currently dispersed across 16
exchanges,6 numerous alternative
trading systems,7 and broker-dealer
internalizers and wholesalers, all
competing for order flow. Based on
publicly available information, no single
exchange currently has more than 20%
4 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(File No. S7–10–04) (Final Rule) (‘‘Regulation
NMS’’).
5 See Securities Exchange Act Release No. 61358,
75 FR 3594, 3597 (January 21, 2010) (File No. S7–
02–10) (Concept Release on Equity Market
Structure).
6 See Cboe U.S Equities Market Volume
Summary, available at https://markets.cboe.com/us/
equities/market_share.
7 See FINRA ATS Transparency Data, available at
https://otctransparency.finra.org/otctransparency/
AtsIssueData. A list of alternative trading systems
registered with the Commission is available at
https://www.sec.gov/foia/docs/atslist.htm.

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