Federal Register 30-day notice

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

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 (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 such filing
also will be available for inspection and
copying at the principal office of OCC
and on OCC’s website at https://
www.theocc.com/CompanyInformation/Documents-and-Archives/
By-Laws-and-Rules. 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–OCC–2025–004 and should
be submitted on or before April 29,
2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.37
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–05962 Filed 4–7–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

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[OMB Control No. 3235–0240]

Submission for OMB Review;
Comment Request; Extension: Rule 0–
2, Form ADV–NR
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
37 17

CFR 200.30–3(a)(12).

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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
approved collection of information
discussed below.
The title for the collection of
information is ‘‘Rule 0–2 and Form
ADV–NR under the Investment Advisers
Act of 1940.’’ Rule 0–2 and Form ADV–
NR facilitate service of process on a
non-resident investment adviser, and an
investment adviser’s non-resident
general partner and non-resident
managing agent. Form ADV–NR
designates the Secretary of the
Commission, among others, as the nonresident general partner’s or nonresident managing agent’s agent for
service of process. The collection of
information is necessary for the
Commission to obtain appropriate
consent to permit the Commission and
other parties to bring actions against
non-resident partners and agents for
violations of the federal securities laws
and to enable the commencement of
legal and regulatory actions against
investment advisers that are doing
business in the United States, but are
not residents.
The respondents to this information
collection are each non-resident general
partner and non-resident managing
agent of both SEC-registered investment
advisers and exempt reporting advisers.
Based on our experience with Form
ADV–NR filings, we estimate we will
receive 41 Form ADV–NR filings
annually, each taking one hour to
complete, for an aggregate annual time
burden of 41 hours. We estimate no
external cost burden.
Rule 0–2 and Form ADV–NR do not
require recordkeeping or records
retention. The collection of information
requirements under the rule and form
are mandatory. The information
collected pursuant to Rule 0–2 and
Form ADV–NR is a filing with the
Commission and is 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 OMB
Control Number.
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

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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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202501-3235-023
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by May
9, 2025.
Dated: April 2, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–05988 Filed 4–7–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0565]

Submission for OMB Review;
Comment Request; Revision: Rule 482
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 (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for revision of the
previously approved collection of
information discussed below.
Like most issuers of securities, when
an investment company (‘‘fund’’) 1 offers
its shares to the public, its promotional
efforts become subject to the advertising
restrictions of the Securities Act of 1933
(15 U.S.C. 77) (the ‘‘Securities Act’’). In
recognition of the particular problems
faced by funds that continually offer
securities and wish to advertise their
securities, the Commission has adopted
advertising safe harbor rules. The most
important of these is rule 482 (17 CFR
230.482) under the Securities Act,
which, under certain circumstances,
permits funds to advertise investment
performance data, as well as other
information. Rule 482 advertisements
are deemed to be ‘‘prospectuses’’ under
1 ‘‘Investment company’’ refers to both
investment companies registered under the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) (15 U.S.C. 80a–1 et seq.) and
business development companies.

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

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Section 10(b) of the Securities Act (15
U.S.C. 77j(b)).
Rule 482 contains certain
requirements regarding the disclosure
that funds are required to provide in
qualifying advertisements. These
requirements are intended to encourage
the provision to investors of information
that is balanced and informative,
particularly in the area of investment
performance. For example, a fund is
required to include disclosure advising
investors to consider the fund’s
investment objectives, risks, charges and
expenses, and other information
described in the fund’s prospectus, and
highlighting the availability of the
fund’s prospectus and, if applicable, its
summary prospectus. In addition, rule
482 advertisements that include
performance data of open-end funds or
insurance company separate accounts
offering variable annuity contracts are
required to include certain standardized
performance information, information
about any sales loads or other
nonrecurring fees, and a legend warning
that past performance does not
guarantee future results. Such funds
including performance information in
rule 482 advertisements are also
required to make available to investors
month-end performance figures via
website disclosure or by a toll-free
telephone number, and to disclose the
availability of the month-end
performance data in the advertisement.
The rule also sets forth requirements
regarding the prominence of certain
disclosures, requirements regarding
advertisements that make tax
representations, requirements regarding
advertisements used prior to the
effectiveness of the fund’s registration
statement, requirements regarding the
timeliness of performance data, and
certain required disclosures by money
market funds.
Rule 482 advertisements must be filed
with the Commission or, in the
alternative, with the Financial Industry
Regulatory Authority (‘‘FINRA’’).2 This
information collection differs from
many other federal information
collections that are primarily for the use
and benefit of the collecting agency.
Rule 482 contains requirements that
are intended to encourage the provision
to investors of information that is
balanced and informative, particularly
2 See note to rule 482(h) under the Securities Act,
which states that ‘‘these advertisements, unless
filed with [FINRA], are required to be filed in
accordance with the requirements of § 230.497.’’
See also rule 24b–3 under the Investment Company
Act (17 CFR 270.24b–3), which provides that any
sales material, including rule 482 advertisements,
shall be deemed filed with the Commission for
purposes of Section 24(b) of the Investment
Company Act upon filing with FINRA.

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in the area of investment performance.
The Commission is concerned that in
the absence of such provisions fund
investors may be misled by deceptive
rule 482 advertisements and may rely
on less-than-adequate information when
determining in which funds they should
invest money. As a result, the
Commission believes it is beneficial for
funds to provide investors with
balanced information in fund
advertisements in order to allow
investors to make better-informed
decisions.
On November 7, 2024, the
Commission adopted amendments to
rule 482 to correct outdated crossreferences and conform the risk
statements that money market funds
must include in their advertisements
and sales literature to the risk
statements that money market funds
must include in their prospectuses.3
The 2023 money market fund reform
adopting release amended the risk
statements that money market funds
must include in their prospectuses to
align with the changes to money market
fund regulations adopted in that
release.4 However, rule 482 was not
included in the amendments and the
statements that rule 482 required were
inconsistent with the recently amended
regulatory framework for money market
funds. Further, the risk statements that
money market funds were required to
include in prospectuses and
advertisements have otherwise always
been identical and the risk statements
should not differ based on whether an
investor is reviewing a prospectus or an
advertisement. As a result, rule 482
included outdated references to
concepts that have been removed or
significantly modified in underlying
money market fund regulations (e.g.,
allowing temporary suspensions of
redemptions). The amendments to rule
482 correct this error, make certain
other conforming edits to further align
the language of the risk statements with
the risk statements that money market
funds must include in their
prospectuses, and correct inaccurate
cross references to money market fund
rules.
We estimate the total annual burden
to comply with amended rule 482 to be
577,896 hours, at an average time cost
of $213,154,498. The estimate of average
3 Conforming Amendments to Commission Rules
and Forms, Investment Company Act Release No.
35377 (Nov. 7, 2024) (the ‘‘Adopting Release’’).
4 See Money Market Fund Reforms; Form PF
Reporting Requirements for Large Liquidity Fund
Advisers; Technical Amendments to Form N–CSR
and Form N–1A, Investment Company Act Release
No. 34959 (July 12, 2023) [88 FR 51404 (Aug. 3,
2023)].

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15179

burden hours is made solely for the
purposes of the Paperwork Reduction
Act and is not derived from a
comprehensive or even a representative
survey or study of the costs of
Commission rules and forms. The
provision of information under rule 482
is necessary to obtain the benefits of the
safe harbor offered by the rule. The
information provided under rule 482
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.
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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202412-3235-007
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by May
9, 2025.
Dated: April 2, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–05984 Filed 4–7–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0536]

Submission for OMB Review;
Comment Request; Extension:
Regulation FD—Other Disclosure
Materials
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 this
request for extension of the previously

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