Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 227 / Friday, November 28, 2025 / Notices

sec-rule-filings.aspx). 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–DTC–2025–016 and
should be submitted on or before
December 19, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.28
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21397 Filed 11–26–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
Notice is hereby given,
pursuant to the provisions of the
Government in the Sunshine Act, Public
Law 94–409, that the Securities and
Exchange Commission Investor
Advisory Committee will hold a public
meeting on Thursday, December 4,
2025. The meeting will begin at 10 a.m.
(ET) and will be open to the public.
PLACE: The meeting will be conducted
by remote means. Members of the public
may watch the webcast of the meeting
on the Commission’s website at
www.sec.gov.
STATUS: This Sunshine Act notice is
being issued because a majority of the
Commission may attend the meeting.
PUBLIC COMMENT: The public is invited
to submit written statements to the
Committee. Written statements should
be received on or before December 3,
2025.
Written statements may be submitted
by any of the following methods:
TIME AND DATE:

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Electronic Statements
• Use the Commission’s internet
submission form (https://www.sec.gov/
comments/265-28/investor-advisorycommittee-meeting); or
• Send an email message to rulescomments@sec.gov. Please include File
No. 265–28 on the subject line; or
Paper Statements
• Send paper statements to Vanessa
A. Countryman, Secretary, Securities
and Exchange Commission, 100 F Street
NE, Washington, DC 20549–1090.
All submissions should refer to File No.
265–28. This file number should be
28 17

CFR 200.30–3(a)(12).

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included on the subject line if email is
used. To help us process and review
your statement more efficiently, please
use only one method.
The Commission will post all
statements on the Commission’s
website. Do not include personal
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.
MATTERS TO BE CONSIDERED: The agenda
for the meeting includes: welcome and
opening remarks; approval of previous
meeting minutes; a panel discussion
regarding regulatory changes in
corporate governance; a panel
discussion regarding the tokenization of
equity securities; a discussion of a
recommendation regarding the
disclosure of artificial intelligence’s
impact on operations; subcommittee
reports; and a non-public administrative
session.
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.
Dated: November 25, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–21546 Filed 11–25–25; 4:15 pm]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0609]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension:
Regulation S–AM
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 (‘‘SEC’’ or
‘‘Commission’’) is soliciting comments
on the proposed collection of
information provided for in Regulation
S–AM (17 CFR part 248, subpart B),
under the Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) (‘‘FCRA’’), the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.), the Investment
Company Act of 1940 (15 U.S.C. 80a–1
et seq.), and the Investment Advisers
Act of 1940 (15 U.S.C. 80b–1 et seq.).

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Regulation S–AM implements the
requirements of Section 624 of the
FCRA (15 U.S.C. 1681s–3) with respect
to investment advisers and transfer
agents registered with the Commission,
as well as brokers, dealers and
investment companies (collectively,
‘‘Covered Persons’’). Section 624 and
Regulation S–AM limit a Covered
Person’s use of certain consumer
financial information received from an
affiliate to solicit a consumer for
marketing purposes, unless the
consumer was given notice and a
reasonable opportunity and a reasonable
and simple method to opt out of such
solicitations. Regulation S–AM
potentially applies to all of the
approximately 22,824 Covered Persons
registered with the Commission,
although only approximately 12,781 of
them have one or more corporate
affiliates, and the regulation requires
only approximately 2,282 to provide
consumers with an affiliate marketing
notice and an opt-out opportunity.
The Commission staff estimates that
there are approximately 12,781 Covered
Persons having one or more affiliates,
and that they each spend an average of
0.20 hours per year to review affiliate
marketing practices, for, collectively, an
estimated annual time burden of
approximately 2,556 hours at an annual
internal compliance cost of
approximately $1,686,960. The staff also
estimates that approximately 2,282
Covered Persons provide notice and optout opportunities to consumers, and
that they each spend an average of 7.6
hours per year creating notices,
providing notices and opt-out
opportunities, monitoring the opt-out
notice process, making and updating
records of opt-out elections, and
addressing consumer questions and
concerns about opt-out notices, for,
collectively, an estimated annual time
burden of approximately 17,343 hours
at an annual internal compliance cost of
approximately $4,210,665. Thus, the
staff estimates that the collection of
information requires a total of
approximately 12,781 respondents to
incur an estimated total annual time
burden of approximately 19,899 hours
at a total annual internal cost of
compliance of approximately
$5,897,625.
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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Federal Register / Vol. 90, No. 227 / Friday, November 28, 2025 / Notices
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.
Please direct your written comments
on this 60-Day Collection Notice to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via
email to PaperworkReductionAct@
sec.gov by January 27, 2026. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: November 24, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21392 Filed 11–26–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0282]

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Agency Information Collection
Activities; Submission for OMB
Review; Comment Request;
Reinstatement Without Change: Rule
23c–2
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 (‘‘SEC’’ or
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
The title for the collection of
information is ‘‘Rule 23c–2 (17 CFR
270.23c–2) under the Investment
Company Act of 1940.’’ Rule 23c–2(a)
(17 CFR 270.23c–2(a)) under the Act
provides that a closed-end fund may
call or redeem any securities it has
issued in accordance with the charter,
provided that in instances where less
than all of the outstanding shares of a
class or series are called or redeemed,
the call or redemption is made by lot on
a pro rata basis, or in a manner that does

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not discriminate against any
shareholders. Further, rule 23c–2(b) (17
CFR 270.23c–2(b)) requires closed-end
funds that propose to call or redeem any
securities it has issued to file with the
Commission notice of its intention at
least 30 days prior to the date set for the
call or redemption, provided that if such
notice is required to by published in
newspaper, notice is required within 10
days of publication. The notice is
required to include (1) the title of the
class of securities to be called or
redeemed; (2) the date on which the
securities are to be called or redeemed;
(3) the applicable provisions of the
governing instrument pursuant to which
the securities are to be called or
redeemed; and (4) if less than all the
outstanding securities of a class or series
are to be called or redeemed, the
principal amount or number of shares
and the basis upon which the securities
to be call or redeemed are to be selected.
The Commission last submitted an
information collection request (‘‘ICR’’)
regarding this rule to OMB for approval
under the Paperwork Reduction Act of
1995 (‘‘PRA’’) in November of 1982. The
submission was subsequently approved
in February of 1983. The Commission
never sought an extension of the
previously approved ICR upon
expiration of the OMB approval in
February of 1986. The reason the
Commission never sought an extension
is because the number of responses to
this ICR recorded within the 1982
submission was only five, which is
below the threshold of ten respondents
outlined within the PRA for requiring
OMB clearance. The Commission is now
seeking to reinstate the rule 23c–2 ICR
under control number 3235–0282.
Commission staff estimates that
approximately 75 closed-end funds
undertake an average of 110 proposed
calls or redemptions of securities
annually under rule 23c–2. Staff
estimates further that, with respect to
each proposed call or redemption, each
fund spends 1.5 hours to comply with
the rule’s filing requirement with the
Commission. Thus, Commission staff
estimates the total annual respondent
reporting burden is 165 hours. The total
annual cost for all funds is estimated to
be $81,180.
The requirements of this collection of
information are mandatory. Responses
will not be 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 OMB Control
Number.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/

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PRAViewICR?ref_nbr=202507-3235-015
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
December 29, 2025.
Dated: November 24, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21390 Filed 11–26–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104249; File No. SR–FICC–
2025–022]

Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend the
FICC Rules To Align With Exchange
Act Rule 17ad–26
November 24, 2025.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
21, 2025, Fixed Income Clearing
Corporation (‘‘FICC’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II and III
below, which Items have been prepared
by the clearing agency. FICC filed the
proposed rule change pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f)(4) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
The proposed rule change consists of
certain changes to Rule 17B (Winddown of the Corporation) of the Clearing
Rules of the Mortgage-Backed Securities
Division (‘‘MBSD,’’ and its Clearing
Rules, ‘‘MBSD Rules’’) of Fixed Income
Clearing Corporation (‘‘FICC’’), and Rule
22D (Wind-down of the Corporation) of
the rulebook of the Government
Securities Division (‘‘GSD,’’ and its
rulebook, ‘‘GSD Rules’’) 5 of FICC to
revise certain defined terms and make
related technical changes to align with
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f)(4).
5 Terms not otherwise defined herein have the
meaning set forth in the MBSD Rules and GSD
Rules (collectively the ‘‘Rules’’), available at
www.dtcc.com/legal/rules-and-procedures.
2 17

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