Federal Register 30-Day Notice

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

approved collection of information
discussed below.
Regulation FD (17 CFR 243.100 et
seq.) requires public disclosure of
material information from issuers of
publicly traded securities so that
investors have current information upon
which to base investment decisions. The
purpose of the regulation is to require
that: (1) when an issuer intentionally
discloses material information, to do so
through public disclosure, not selective
disclosure; and (2) to make prompt
public disclosure of material
information that was unintentionally
selectively disclosed. We estimate that
approximately 7,196 issuers make
Regulation FD disclosures
approximately five times a year for a
total of 19,274 responses annually (after
excluding the approximately 16,706
Form 8–K filings that are made annually
to comply with Regulation FD). We
estimate that it takes 5 hours per
response for a total burden of 96,370
hours annually (19,274 responses × 5
hours). In addition, we estimate that
75% of the 5 hours per response (3.75
hours) is carried internally by the filer
for an annual reporting burden of 72,278
hours (3.75 hours per response × 19,274
responses).
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=202501-3235-003
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. 2025–05985 Filed 4–7–25; 8:45 am]
BILLING CODE 8011–01–P

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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102760; File No. SR–CFE–
2025–002]

Self-Regulatory Organizations; Cboe
Futures Exchange, LLC; Notice of a
Filing of a Proposed Rule Change To
Accommodate the Use of Multiple
Clearing Houses
April 2, 2025.

Pursuant to Section 19(b)(7) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
March 24, 2025 Cboe Futures Exchange,
LLC (‘‘CFE’’ or ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change described in Items
I, II, and III below, which Items have
been prepared by CFE. The Commission
is publishing this notice to solicit
comments on the proposed rule change
from interested persons. CFE also has
filed this proposed rule change with the
Commodity Futures Trading
Commission (‘‘CFTC’’). CFE filed a
written certification with the CFTC
under Section 5c(c) of the Commodity
Exchange Act (‘‘CEA’’) 2 on March 24,
2025.
I. Self-Regulatory Organization’s
Description of the Proposed Rule
Change
CFE currently utilizes The Options
Clearing Corporation (‘‘OCC’’) as the
Derivatives Clearing organization
(‘‘DCO’’) for all CFE products. CFE plans
to begin utilizing Cboe Clear U.S., LLC
(‘‘CCUS’’) as the DCO for certain CFE
products. CCUS is a DCO that is an
affiliate of CFE.
The initial products that CFE plans to
utilize CCUS to clear are financiallysettled bitcoin (‘‘FBT’’) and ether
(‘‘FET’’) futures. FBT and FET futures
are not currently listed for trading on
CFE. CFE plans to list these two
products for trading in the near future.
CFE currently plans to continue to
utilize OCC to clear the CFE products
that are currently listed for trading on
CFE.
In the future, CFE may utilize either
OCC or CCUS as the DCO for a CFE
product, provided that OCC or CCUS is
otherwise authorized to act as the DCO
for the applicable product. In particular,
CFE would not utilize CCUS to clear
security futures unless CCUS satisfied
the applicable requirements in order to
do so. Consistent with proposed
amendments to CFE Rules 1603, 1803,
and 1903 that are described below, CFE

II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, CFE
included statements concerning the

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U.S.C. 78s(b)(7).
U.S.C. 7a–2(c).

will continue to require OCC clearing of
security futures and any change to the
clearing entity used for security futures
would be done after a proposed change.
The proposed rule change includes
rule updates to accommodate the use by
CFE of more than one DCO as a Clearing
House for CFE products. The scope of
this filing is limited solely to the
application of the rule amendments to
security futures that may be traded on
CFE. Although no security futures are
currently listed for trading on CFE, CFE
may list security futures for trading in
the future.
CFE is making the rule amendments
included in this proposed rule change
in conjunction with other rule
amendments being made by CFE in
connection with its planned use of more
than one Clearing House which are not
required to be submitted to the
Commission pursuant to Section
19(b)(7) of the Act 3 and thus are not
included as part of this rule change.
Along these lines, if an amendment to
a rule is included as part of this rule
change and a different amendment to
that rule is not required to be included
as part of this rule change, this rule
change discusses the former amendment
to that rule but does not discuss the
amendment to that rule that is not
required to be included as part of this
rule change.
CFE is submitting the rule
amendments included as part of this
proposed rule change to the
Commission under Section 19(b)(7) of
the Act 4 because they relate to reporting
requirements, recordkeeping
requirements, or fraud and would apply
with respect to any security futures that
may be traded on CFE or because they
relate to the clearance and settlement of
security futures that may be listed for
trading on CFE. For reference, the rule
amendments included as part of this
proposed rule change that relate to
reporting requirements, recordkeeping
requirements, and fraud are to apply to
all products traded on CFE, including
both non-security futures and any
security futures that may be listed for
trading on CFE.
The text of the proposed rule change
is attached as Exhibit 4 to the filing but
is not attached to the publication of this
notice.

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U.S.C. 78s(b)(7).
U.S.C. 78s(b)(7).

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