Federal Register 30-Day Notice

khammond on DSK9W7S144PROD with NOTICES

Federal Register / Vol. 90, No. 125 / Wednesday, July 2, 2025 / Notices
this time in view of the legal and policy
issues raised by the proposed rule
change, as modified by Amendment No.
4. Institution of proceedings does not
indicate that the Commission has
reached any conclusions with respect to
any of the issues involved. Rather, as
described below, the Commission seeks
and encourages interested persons to
provide comments on the proposed rule
change, as modified by Amendment No.
4.
Pursuant to Section 19(b)(2)(B) of the
Act,58 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of the proposal’s
consistency with Section 6(b)(5) of the
Act,59 which requires, among other
things, that the rules of a national
securities exchange be designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to remove
impediments to and protect the
mechanism of a free and open market
and a national market system, and, in
general, to protect investors and the
public interest.
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 self-regulatory organization
that proposed the rule change.’’ 60 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,61 and any failure of a selfregulatory organization 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.62 The Commission is
instituting proceedings to allow for
additional consideration and comment
on the issues raised herein, including as
to whether the proposal, as modified by
Amendment No. 4, is consistent with
the Act. In particular, the Commission
asks commenters to address whether the
proposal, as modified by Amendment
No. 4, includes sufficient data and
analysis to support a conclusion that the
proposal, as modified by Amendment
No. 4, is consistent with the
58 See

id.
U.S.C. 78f(b)(5).
60 17 CFR 201.700(b)(3).
61 See id.
62 See id.
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requirements of Section 6(b)(5) of the
Act.
IV. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
proposal, as modified by Amendment
No. 4. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposal, as modified by Amendment
No. 4, is consistent with Section 6(b)(5)
or any other provision of the Act, and
the rules and regulations thereunder.
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 under
the Act,63 any request for an
opportunity to make an oral
presentation.64
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposed rule change, as modified by
Amendment No. 4, should be approved
or disapproved by July 23, 2025. Any
person who wishes to file a rebuttal to
any other person’s submission must file
that rebuttal by August 6, 2025.
Comments may be submitted by any
of the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CBOE–2025–017 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–CBOE–2025–017. This file
number should be included on the
subject line if email is used. To help the
Commission process and review your
CFR 240.19b–4.
19(b)(2) of the Act, as amended by the
Securities Acts Amendments of 1975, Public Law
94–29 (June 4, 1975), 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 a self-regulatory
organization. See Securities Acts Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).

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comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CBOE–2025–017 and should be
submitted on or before July 23, 2025.
Rebuttal comments should be submitted
by August 6, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.65
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–12300 Filed 7–1–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0047]

Submission for OMB Review;
Comment Request; Extension: Rule
204–3
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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
65 17

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CFR 200.30–3(a)(57).

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khammond on DSK9W7S144PROD with NOTICES

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Federal Register / Vol. 90, No. 125 / Wednesday, July 2, 2025 / Notices

approved collection of information
discussed below.
The title for the collection of
information is ‘‘Rule 204–3 (17 CFR
275.204–3) under the Investment
Advisers Act of 1940.’’ (15 U.S.C. 80b).
Rule 204–3, the ‘‘brochure rule,’’
requires advisers to deliver their
brochures and brochure supplements at
the start of an advisory relationship and
to deliver annually thereafter the full
updated brochures or a summary of
material changes to their brochures. The
rule also requires that advisers deliver
amended brochures or brochure
supplements (or just a statement
describing the amendments) to clients
only when disciplinary information in
the brochures or supplements becomes
materially inaccurate.
The brochure assists the client in
determining whether to retain, or
continue employing, the adviser. The
information that rule 204–3 requires to
be contained in the brochure is also
used by the Commission and staff in its
enforcement, regulatory, and
examination programs. This collection
of information is found at 17 CFR
275.204–3 and is mandatory.
The respondents to this information
collection are certain investment
advisers registered with the
Commission. The Commission has
estimated that compliance with rule
204–3 imposes a burden of
approximately 4.04 hours annually
based on advisers having a median of 95
clients each. Our latest data indicate
that there were 15,464 advisers
registered with the Commission as of
March 31, 2024. Based on this figure,
the Commission estimates a total annual
burden of 62,525 hours for this
collection of information.
Rule 204–3 does not require
recordkeeping or record retention. The
collection of information requirements
under the rule are mandatory. The
information collected pursuant to the
rule is not filed with the Commission,
but rather takes the form of disclosures
to clients and prospective clients.
Accordingly, these disclosures are not
kept confidential. 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 control number.
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.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the SEC,
including whether the information will

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have practical utility; (b) the accuracy of
the SEC’s estimate of the burden
imposed by the proposed collection of
information, including the validity of
the methodology and the assumptions
used; (c) ways to enhance the quality,
utility, and clarity of the information to
be collected; and (d) ways to minimize
the burden of the collection of
information on respondents, including
through the use of automated, electronic
collection techniques or other forms of
information technology.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202504-3235-005
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by
August 4, 2025.
Dated: June 30, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–12394 Filed 7–1–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103343; File No. SR–ISE–
2025–15]

Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change To Amend
the Short Term Option Series Program
To List Qualifying Securities
June 27, 2025.

On May 1, 2025, Nasdaq ISE, LLC
(‘‘Exchange’’) 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
amend the Exchange’s Short Term
Option Series Program to permit the
listing of up to two Monday and
Wednesday expirations for options on
certain individual stocks or ExchangeTraded Fund Shares. The proposed rule
change was published for comment in
the Federal Register on May 21, 2025.3
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 103048
(May 15, 2025), 90 FR 21805. Comments on the
proposed rule change are available at https://
www.sec.gov/comments/sr-ise-2025-15/
srise202515.htm.
4 15 U.S.C. 78s(b)(2).

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change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is July 5, 2025.
The Commission is extending this 45day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates August 19, 2025, as the date
by which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–ISE–2025–15).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–12302 Filed 7–1–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35662]

Deregistration Under Section 8(f) of the
Investment Company Act of 1940
June 27, 2025.

Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice of Applications for
Deregistration under Section 8(f) of the
Investment Company Act of 1940.
AGENCY:

The following is a notice of
applications for deregistration under
section 8(f) of the Investment Company
Act of 1940 for the month of June 2025.
A copy of each application may be
obtained via the Commission’s website
by searching for the applicable file
number listed below, 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
5 Id.
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CFR 200.30–3(a)(31).

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