Federal Register 30-Day Notice

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Federal Register / Vol. 90, No. 93 / Thursday, May 15, 2025 / Notices

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–NYSETEX–2025–06 and should be
submitted on or before June 5, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2025–08550 Filed 5–14–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103017; File No. SR–
CBOE–2025–020]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Designation
of a Longer Period for Commission
Action on a Proposed Rule Change To
Eliminate Position and Exercise Limits
for Options on the S&P 500 Equal
Weight Index and the S&P 500 ESG
Index

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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Stephanie A. Fouse,
Assistant Secretary.
[FR Doc. 2025–08549 Filed 5–14–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0224]

May 9, 2025.

On March 14, 2025, Cboe Exchange,
Inc. (the ‘‘Exchange’’ or ‘‘Cboe
Options’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3 a
proposed rule change to eliminate
position and exercise limits for options
that overlie the S&P 500 Equal Weight
Index (based on both the full value and
one-tenth the value of the index) and
the S&P 500 ESG Index (which the
Exchange also proposes to rename as the
S&P 500 Scored & Screened Index). The
17 17

CFR 200.30–3(a)(12), (59).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15

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proposed rule change was published for
comment in the Federal Register on
March 31, 2025.4
Section 19(b)(2) of the Act 5 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
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 May 15, 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
and the issues raised therein.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,6
designates June 30, 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–CBOE–2025–020).

16:47 May 14, 2025

Jkt 265001

Submission for OMB Review;
Comment Request; Extension: Rule
17j–1
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. 3501-3520), the Securities
and Exchange Commission (the
4 See Securities Exchange Act Release No. 102720
(Mar. 25, 2025), 90 FR 14297. The Commission has
received no comments on the proposed rule change.
5 15 U.S.C. 78s(b)(2).
6 15 U.S.C. 78s(b)(2).
7 17 CFR 200.30–3(a)(31).

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‘‘Commission’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
Conflicts of interest between
investment company personnel (such as
portfolio managers) and their funds can
arise when these persons buy and sell
securities for their own accounts
(‘‘personal investment activities’’).
These conflicts arise because fund
personnel have the opportunity to profit
from information about fund
transactions, often to the detriment of
fund investors. Section 17(j) of the
Investment Company Act of 1940 (the
‘‘Investment Company Act’’) (15 U.S.C.
80a–17(j)) makes it unlawful for persons
affiliated with a registered investment
company (‘‘fund’’) or with the fund’s
investment adviser or principal
underwriter (each a ‘‘17j–1
organization’’), in connection with the
purchase or sale of securities held or to
be acquired by the investment company,
to engage in any fraudulent, deceptive,
or manipulative act or practice in
contravention of the Commission’s rules
and regulations. Section 17(j) also
authorizes the Commission to
promulgate rules requiring 17j–1
organizations to adopt codes of ethics.
To implement section 17(j), rule 17j–
1 imposes certain requirements on 17j–
1 organizations and ‘‘Access Persons’’ 1
of those organizations. The rule
prohibits fraudulent, deceptive or
manipulative acts by persons affiliated
with a 17j–1 organization in connection
with their personal securities
transactions in securities held or to be
acquired by the fund. The rule requires
each 17j–1 organization, unless it is a
money market fund or a fund that does
not invest in Covered Securities,2 to: (i)
1 Rule 17j–1(a)(1) defines an ‘‘access person’’ as
‘‘Any Advisory Person of a Fund or of a Fund’s
investment adviser; if an investment adviser’s
primary business is advising Funds or other
advisory clients, all of the investment adviser’s
directors, officers, and general partners are
presumed to be Access Persons of any Fund advised
by the investment adviser; all of a Fund’s directors,
officers, and general partners are presumed to be
Access Persons of the Fund.’’; the definition of
Access Person also includes ‘‘Any director, officer
or general partner of a principal underwriter who,
in the ordinary course of business, makes,
participates in or obtains information regarding, the
purchase or sale of Covered Securities by the Fund
for which the principal underwriter acts, or whose
functions or duties in the ordinary course of
business relate to the making of any
recommendation to the Fund regarding the
purchase or sale of Covered Securities.’’ Rule 17j–
1(a)(1).
2 A ‘‘Covered Security’’ is any security that falls
within the definition in section 2(a)(36) of the Act,
except for direct obligations of the U.S.
Government, bankers’ acceptances, bank certificates
of deposit, commercial paper and high quality
short-term debt instruments, including repurchase

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Federal Register / Vol. 90, No. 93 / Thursday, May 15, 2025 / Notices

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adopt a written codes of ethics, (ii)
submit the code and any material
changes to the code, along with a
certification that it has adopted
procedures reasonably necessary to
prevent Access Persons from violating
the code of ethics, to the fund board for
approval, (iii) use reasonable diligence
and institute procedures reasonably
necessary to prevent violations of the
code, (iv) submit a written report to the
fund describing any issues arising under
the code and procedures and certifying
that the 17j–1 entity has adopted
procedures reasonably necessary to
prevent Access Persons form violating
the code, (v) identify Access Persons
and notify them of their reporting
obligations, and (vi) maintain and make
available to the Commission for review
certain records related to the code of
ethics and transaction reporting by
Access Persons.
The rule requires each Access Person
of a fund (other than a money market
fund or a fund that does not invest in
Covered Securities) and of an
investment adviser or principal
underwriter of the fund, who is not
subject to an exception,3 to file: (i)
within 10 days of becoming an Access
Person, a dated initial holdings report
that sets forth certain information with
respect to the Access Person’s securities
and accounts; (ii) dated quarterly
transaction reports within 30 days of the
end of each calendar quarter providing
certain information with respect to any
securities transactions during the
quarter and any account established by
agreements, and shares issued by open-end funds.
Rule 17j–1(a)(4).
3 Rule 17j–1(d)(2) contains the following
exceptions: (i) an Access Person need not file a
report for transactions effected for, and securities
held in, any account over which the Access Person
does not have control; (ii) an independent director
of the fund, who would otherwise be required to
report solely by reason of being a fund director and
who does not have information with respect to the
fund’s transactions in a particular security, does not
have to file an initial holdings report or a quarterly
transaction report,; (iii) an Access Person of a
principal underwriter of the fund does not have to
file reports if the principal underwriter is not
affiliated with the fund (unless the fund is a unit
investment trust) or any investment adviser of the
fund and the principal underwriter of the fund does
not have any officer, director, or general partner
who serves in one of those capacities for the fund
or any investment adviser of the fund; (iv) an
Access Person to an investment adviser need not
make quarterly reports if the report would duplicate
information provided under the reporting
provisions of the Investment Adviser’s Act of 1940;
(v) an Access Person need not make quarterly
transaction reports if the information provided in
the report would duplicate information received by
the 17j–1 organization in the form of broker trade
confirmations or account statements or information
otherwise in the records of the 17j–1 organization;
and (vi) an Access Person need not make quarterly
transaction reports with respect to transactions
effected pursuant to an Automatic Investment Plan.

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the Access Person in which any
securities were held during the quarter;
and (iii) dated annual holding reports
providing information with respect to
each Covered Security the Access
Person beneficially owns and accounts
in which securities are held for his or
her benefit. In addition, rule 17j–
1requires investment personnel of a
fund or its investment adviser, before
acquiring beneficial ownership in
securities through an initial public
offering (IPO) or in a private placement,
to obtain approval from the fund or the
fund’s investment adviser.
The requirements that the
management of a rule 17j–1 organization
provide the fund’s board with new and
amended codes of ethics and an annual
issues and certification report are
intended to enhance board oversight of
personal investment policies applicable
to the fund and the personal investment
activities of Access Persons. The
requirements that Access Persons
provide initial holdings reports,
quarterly transaction reports, and
annual holdings reports and request
approval for purchases of securities
through IPOs and private placements
are intended to help fund compliance
personnel and the Commission’s
examinations staff monitor potential
conflicts of interest and detect
potentially abusive activities. The
requirement that each rule 17j–1
organization maintain certain records is
intended to assist the organization and
the Commission’s examinations staff in
determining if there have been
violations of rule 17j–1.
We estimate that annually there are
approximately 84,567 respondents
under rule 17j–1, of which 14,567 are
rule 17j–1 organizations and 70,000 are
Access Persons. In the aggregate, these
respondents make approximately
109,344 responses annually. We
estimate that the total annual burden of
complying with the information
collection requirements in rule 17j–1 is
approximately 428,708 hours. This hour
burden represents time spent by Access
Persons that must file initial and annual
holdings reports and quarterly
transaction reports, investment
personnel that must obtain approval
before acquiring beneficial ownership in
any securities through an IPO or private
placement, and the responsibilities of
Rule 17j–1 organizations arising from
information collection requirements
under rule 17j–1. These include
notifying Access Persons of their
reporting obligations, preparing an
annual rule 17j–1report and certification
for the board, documenting their
approval or rejection of IPO and private
placement requests, maintaining annual

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rule 17j–1records, maintaining
electronic reporting and recordkeeping
systems, amending their codes of ethics
as necessary, and, for new fund
complexes, adopting a code of ethics.
We estimate that there is an annual
cost burden of approximately $5,000 per
fund complex, for a total of $4,675,000,
associated with complying with the
information collection requirements in
rule 17j–1. This represents the costs of
purchasing and maintaining computers
and software to assist funds in carrying
out rule 17j–1 recordkeeping.
These burden hour and cost estimates
are based upon the Commission staff’s
experience and discussions with the
fund industry. The estimates of average
burden hours and costs are made solely
for the purposes of the Paperwork
Reduction Act. These estimates are not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule.
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
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=202502-3235-016
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 June
16, 2025.
Dated: May 9, 2025.
Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2025–08542 Filed 5–14–25; 8:45 am]
BILLING CODE 8011–01–P

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