Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 58 / Thursday, March 27, 2025 / Notices
Electronic Comments

Rule 17Ad–22(e)(7)(i) 12 by enhancing
LCH SA’s liquidity risk profile.
B. Clearing Agency’s Statement on
Burden on Competition
Section 17A(b)(3)(I) of the Act 13
requires that the rules of a clearing
agency not impose any burden on
competition not necessary or
appropriate in furtherance of the
purposes of the Act. LCH SA does not
believe that the Proposed Rule Change
would impose any burden on
competition.
The Proposed Rule Change will apply
equally to all participants that will
continue to have access to the clearing
services with the option of posting
securities collateral as initial margin or
instead post cash collateral. The fee
decrease on USD treasuries for
CDSClear clients will promote the
competition on US client clearing
activity.
Therefore, LCH SA does not believe
that the Proposed Rule Change would
impose any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Clearing Agency’s Statement on
Comments on the Proposed Rule
Change Received From Members,
Participants or Others
Written comments relating to the
Proposed Rule Change have not been
solicited or received. LCH SA will
notify the Commission of any written
comments received by LCH SA.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and paragraph (f) of Rule
19b–4 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.

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IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:

• 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–
LCH SA–2025–002 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–LCH SA–2025–002. This
file 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 (http://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 filings
will also be available for inspection and
copying at the principal office of LCH
SA and on LCH SA’s website at http://
www.lch.com/resources/rules-andregulations/proposed-rule-changes-0.
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–LCH SA–2025–002 and
should be submitted on or before April
17, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–05203 Filed 3–26–25; 8:45 am]
BILLING CODE 8011–01–P

12 17

CFR 240.17Ad–22(e)(7)(i).
13 15 U.S.C. 78q–1(b)(3)(I).

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SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0726]

Proposed Collection; Comment
Request; Extension: Rules 300–304 of
Regulation Crowdfunding
(Intermediaries)
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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for Rule 17Ab2–1 (17 CFR
240.17Ab2–1) and Form CA–1:
Registration of Clearing Agencies (17
CFR 249b.200) under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rules 300–304 of Regulation
Crowdfunding enumerate the
requirements with which intermediaries
must comply to participate in the offer
and sale of securities in reliance on
Section 4(a)(6) of the Securities Act of
1933 (‘‘Section 4(a)(6)’’). Rule 300
requires an intermediary to be registered
with the Commission as a broker or as
a funding portal and be a member of a
registered national securities
association.1
Rule 301 requires intermediaries to
have a reasonable basis for believing
that an issuer seeking to offer and sell
securities in reliance on Section 4(a)(6)
through the intermediary’s platform
complies with the requirements in
Section 4A(b) of the Securities Act and
the related requirements in Regulation
Crowdfunding. Rule 302 provides that
no intermediary or associated person of
an intermediary may accept an
investment commitment in a transaction
involving the offer or sale of securities
made in reliance on Section 4(a)(6) until
the investor has opened an account with
the intermediary and the intermediary
has obtained from the investor consent
to electronic delivery of materials. Rule
303 requires an intermediary to make
publicly available on its platform the
information that an issuer of
crowdfunding securities is required to
provide to potential investors, in a
manner that reasonably permits a
1 Currently, FINRA is the only registered national
securities association.

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Federal Register / Vol. 90, No. 58 / Thursday, March 27, 2025 / Notices

person accessing the platform to save,
download, or otherwise store the
information, for a minimum of 21 days
before any securities are sold in the
offering, during which time the
intermediary may accept investment
commitments. Rule 303 also requires
intermediaries to comply with the
requirements related to the maintenance
and transmission of funds. An
intermediary that is a registered broker
is required to comply with the
requirements of Rule 15c2–4 of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’) (Transmission or
Maintenance of Payments Received in
Connection with Underwritings).2 An
intermediary that is a registered funding
portal must direct investors to transmit
the money or other consideration
directly to a qualified third party that
has agreed in writing to hold the funds
for the benefit of, and to promptly
transmit or return the funds to, the
persons entitled thereto in accordance
with Regulation Crowdfunding.
The rules also require intermediaries
to implement and maintain systems to
comply with the information disclosure,
communication channels, and investor
notification requirements. These
requirements include providing
disclosure about compensation at
account opening (Rule 302), obtaining
investor acknowledgements to confirm
investor qualifications and review of
educational materials (Rule 303),
providing investor questionnaires (Rule
303), providing communication
channels with third parties and among
investors (Rule 303), notifying investors
of investment commitments (Rule 303),
confirming completed transactions
(Rule 303) and confirming or
reconfirming offering cancellations
(Rule 304).
The Commission staff estimates that
there will be 135 intermediaries engaged
in crowdfunding activity and therefore
subject to Rules 300–304. The
Commission staff estimates the
annualized industry burden will be
27,732 hours to comply with Rules 300–
304. The Commission staff further
estimates that the costs associated with
complying with Rules 300–304 will be
a total amount of $16,960,716.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimates of the burden of the proposed
collection of information; (c) ways to
enhance the quality, utility, and clarity
2 17

CFR 240.15c2–4.

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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.
Consideration will be given to
comments and suggestions submitted by
May 27, 2025.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549, or
send an email to:
[email protected].
Dated: March 24, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–05264 Filed 3–26–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0645]

Proposed Collection; Comment
Request; Extension: Interactive Data
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’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The ‘‘Interactive Data’’ collection of
information requires issuers filing
registration statements under the
Securities Act of 1933 (15 U.S.C. 77a et
seq.) (‘‘Securities Act’’) and reports
under the Securities Exchange Act of
1934 (15 U.S.C. 78a et seq.) (‘‘Exchange
Act’’) to submit specified financial
information to the Commission in
interactive data format using eXtensible
Business Reporting Language (XBRL).
This collection of information is located
primarily in registration statement and
report exhibit provisions, which require
interactive data, and Rule 405 of
Regulation S–T (17 CFR 232.405), which
specifies how to submit interactive data.

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The exhibit provisions are in Item
601(b)(101) of Regulation S–K (17 CFR
229.601(b)(101)), Form F–10 under the
Securities Act (17 CFR 239.40), and
Forms 20–F, 40–F, and 6–K under the
Exchange Act (17 CFR 249.220f, 17 CFR
249.240f, and 17 CFR 249.306).
In interactive data format, financial
statement information can be
downloaded directly into spreedsheets
and analyzed in a variety of ways using
commercial off-the-shelf software. The
specified financial information already
is and will continue to be required to be
submitted to the Commission in
traditional format under existing
requirements. The purpose of the
interactive data requirements is to make
financial information easier for
investors to analyze and assist issuers in
automating regulatory filings and
business information processing. We
estimate that 8,218 respondents per year
will each submit an average of 4.5
reponses per year for an estimated total
of 36,981 responses annually. We
further estimate an internal burden of
53.11111 hours per response for a total
internal burden of 1,964,102 hours
(53.11111 hours per response × 36,981
responses).
Written comments are invited on: (a)
whether this proposed 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. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication by May 27, 2025.
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.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 or
send an email to:
[email protected].
Dated: March 24, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–05274 Filed 3–26–25; 8:45 am]
BILLING CODE 8011–01–P

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