Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 133 / Tuesday, July 15, 2025 / Notices

of Select Symbols contained in the
PCRP in order to avoid potential
confusion on the part of market
participants and other competing
options exchanges.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
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)(ii) of the Act,13 and Rule
19b–4(f)(2) 14 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. If the Commission
takes such action, the Commission shall
institute proceedings to determine
whether the proposed rule should be
approved or disapproved.
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:

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 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–MIAX–2025–28 and should be
submitted on or before August 5, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–13194 Filed 7–14–25; 8:45 am]
BILLING CODE 8011–01–P

Electronic Comments
• 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–
MIAX–2025–28 on the subject line.

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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–MIAX–2025–28. 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
13 15
14 17

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0006]

Submission for OMB Review;
Comment Request; Extension: Form
13F
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

U.S.C. 78s(b)(3)(A)(ii).
CFR 240.19b–4(f)(2).

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CFR 200.30–3(a)(12).

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summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Section 13(f) 1 of the Securities
Exchange Act of 1934 2 (the ‘‘Exchange
Act’’) empowers the Commission to: (1)
adopt rules that create a reporting and
disclosure system to collect specific
information; and (2) disseminate such
information to the public. Rule 13f–1 3
under the Exchange Act requires
institutional investment managers that
exercise investment discretion over
accounts that have in the aggregate a fair
market value of at least $100,000,000 of
certain U.S. exchange-traded equity
securities, as set forth in rule 13f–1(c),
to file quarterly reports with the
Commission on Form 13F.4
On June 23, 2022, the Commission
adopted amendments to Form 13F to
require, among other things,
institutional investment managers that
make confidential treatment requests for
filings made under Section 13(f) of the
1934 Act to submit them electronically
via EDGAR.5
In our most recent PRA submission
for Form 13F, we estimated a total hour
burden of 101,339.29 hours, with an
external cost burden of $4,846,374.
Estimates concerning the burdens
associated with the information
collections required by rule 13f–1 and
Form 13F are set forth in the table
below. The estimate of average burden
hours is made solely for the purposes of
the Paperwork Reduction Act. The
estimate is not derived from a
comprehensive or even a representative
survey or study of Commission rules.
Reporting burdens may differ
substantially across respondents.
1 15

U.S.C. 78m(f).
U.S.C. 78a et seq.
3 17 CFR 240.13f–1.
4 17 CFR 249.325.
5 See Electronic Submission of Applications for
Orders under the Advisers Act and the Investment
Company Act, Confidential Treatment Requests for
Filings on Form 13F, and Form ADV–NR;
Amendments to Form 13F, Release No. IC–34635
(June 23, 2022); the amendments to Form 13F also
require managers to provide additional identifying
information and allow managers to disclose, for any
security reported on Form 13F, the security’s share
class level Financial Instrument Global Identifier;
the rules also make certain technical amendments,
including to modernize the structure of data
reporting and amend the instructions on Form 13F
for confidential treatment requests in light of a
recent decision of the U.S. Supreme Court.
2 15

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Federal Register / Vol. 90, No. 133 / Tuesday, July 15, 2025 / Notices
TABLE—FORM 13F PRA ESTIMATES
Initial
hours

Annual hours

Wage rate

External costs 1

Internal time cost

PRA BURDEN ESTIMATES
Burdens for 13F–HR Filings
Estimated burden per filing

................

2 hours ............................

×

Number of filings ..............
Annual burden of Form
13F–HR filings.

................
................

28,925 filings 4 .................
57,850 hours ...................

................
................

$314 (blended rate for
compliance attorney,
senior programmer, and
compliance clerk) 2.
..........................................
..........................................

$628 .................................

$221.3

28,925 filings ...................
$18,164,900 .....................

28,925 filings.
$6,392,425.

$494 .................................

$75.7

6,935 filings .....................
$3,425,890 .......................

6,935 filings.
$520,125.

$628 .................................

$75.7

1,450 amendments ..........
$910,600 ..........................

1,450 amendments.
$108,750.

Burdens for 13F–NT Filings
Estimated burden of per
filing.

................

2 hours ............................

×

Number of filings ..............

................

6,935 filings 5 ...................
13,870 hours ....................

................
................

Estimated burden per
amendment.

................

2 hours ............................

×

Number of amendments ...
Annual estimated burden
of all amendments.

................
................

1,450 amendments 8 ........
2,900 hours .....................

................
................

$247 (blended rate for
senior programmer and
compliance clerk) 6.
..........................................
..........................................

Burdens for Form 13F Amendment Filings
$314 (blended rate for
compliance attorney,
senior programmer, and
compliance clerk) 2.
..........................................
..........................................

TOTAL ESTIMATED FORM 13F BURDEN
Currently approved burden
estimates.
Revised current burden
estimates.

................

101,339.29 hours ............

................

..........................................

$22,092,421.60 ................

$4,846,374.

................

74,620 hours ...................

................

..........................................

$22,501,390 .....................

$7,021,300.

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Notes:
1 The external costs of complying with Form 13F can vary among filers; some filers use third-party vendors for a range of services in connection with filing reports
on Form 13F, while other filers use vendors for more limited purposes such as providing more user-friendly versions of the list of section 13(f) Securities. For purposes of the PRA, we estimate that each filer will spend an average of $300 on vendor services each year in connection with the filer’s four quarterly reports on Form
13F–HR (13F Holdings or Combination Report) or Form 13F–NT (13F Notice), as applicable, in addition to the estimated vendor costs associated with any amendments; in addition, some filers engage outside legal services in connection with the preparation of requests for confidential treatment or analyses regarding possible
requests, or in connection with the form’s disclosure requirements; for purposes of the PRA, we estimate that each manager filing reports on Form 13F–HR will incur
$584 for one hour of outside legal services each year. The Commission’s estimates of the relevant wage rates for external time costs, such as outside legal services,
take into account staff experience, a variety of sources including general information websites, and adjustments for inflation.
2 This estimated burden is from Securities Industry and Financial Markets Association’s Management & Professional Earnings in the Securities Industry 2013, modified by Commission staff to account for an 1800-hour work-year and inflation, and multiplied by 5.35 to account for bonuses, firm size, employee benefits and overhead (‘‘SIFMA Wage Report’’); the wage rate reflects current estimates from the SIFMA Wage Report of the blended hourly rate for a compliance attorney ($449),
senior programmer ($408), and compliance clerk ($86) (($449 + $408 + $86)/3 = $314.33).
3 This includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $584 for one hour of outside legal
services ($884/4 filings per year = $221 per filing). We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings.
4 This estimate is based on the number of 13F–HR filings averaged over three years as of December 2024.
5 This estimate is based on the number of Form 13F–NT filings averaged over three years as of December 2024.
6 The wage rate reflects current estimates from the SIFMA Wage Report of the blended hourly rate for a senior programmer ($408) and compliance clerk ($86)
(($408 + $86)/2 = $247).
7 This includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–NT filing and Form 13F amendments ($300/4 filings per year = $75
per filing).
8 This estimate is based on the number of Form 13F amendments filed averaged over three years as of December 2024.

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.
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

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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 September 15, 2025. There
will be a second opportunity to
comment on this SEC request following
the Federal Register publishing a 30Day Submission Notice.

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Dated: July 11, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–13243 Filed 7–14–25; 8:45 am]
BILLING CODE 8011–01–P

SELECTIVE SERVICE SYSTEM
Forms Submitted to the Office of
Management and Budget for Extension
Clearance
AGENCY:
ACTION:

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Selective Service System.

Notice.

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