Federal Register 30-Day Notice

Federal Register / Vol. 90, No. 220 / Tuesday, November 18, 2025 / Notices
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104179; File No. 4–698]

Joint Industry Plan; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Amendment, as Modified by
Amendment No. 1, to the National
Market System Plan Governing the
Consolidated Audit Trail Regarding the
Customer and Account Information
System
November 14, 2025.

I. Introduction

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On March 7, 2025, the Consolidated
Audit Trail, LLC (‘‘CAT LLC’’), on
behalf of the following parties to the
National Market System Plan Governing
the Consolidated Audit Trail (the ‘‘CAT
NMS Plan’’ or ‘‘Plan’’): 1 BOX Exchange
LLC, Cboe BYX Exchange, Inc., Cboe
BZX Exchange, Inc., Cboe C2 Exchange,
Inc., Cboe EDGA Exchange, Inc., Cboe
EDGX Exchange, Inc., Cboe Exchange,
Inc., Financial Industry Regulatory
Authority, Inc., Investors Exchange LLC,
Long-Term Stock Exchange, Inc.,
MEMX, LLC, Miami International
Securities Exchange LLC, MIAX
Emerald, LLC, MIAX PEARL, LLC,
MIAX Sapphire, LLC, Nasdaq BX, Inc.,
Nasdaq GEMX, LLC, Nasdaq ISE, LLC,
Nasdaq MRX, LLC, Nasdaq PHLX LLC,
The NASDAQ Stock Market LLC, New
York Stock Exchange LLC, NYSE
American LLC, NYSE Arca, Inc., NYSE
Chicago, Inc., and NYSE National, Inc.
(collectively, the ‘‘Participants’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’)
pursuant to section 11A(a)(3) of the
Securities Exchange Act of 1934
(‘‘Exchange Act’’),2 and Rule 608
thereunder,3 a proposed amendment to
the CAT NMS Plan (the ‘‘Proposed
Amendment’’) to reduce the amount of
Customer 4 information in the CAT
1 In 2012, the Commission adopted Rule 613 of
Regulation NMS, which required the Participants to
jointly develop and submit to the Commission a
national market system plan to create, implement,
and maintain a consolidated audit trail (the
‘‘CAT’’). See Securities Exchange Act Release No.
67457 (July 18, 2012), 77 FR 45722 (Aug. 1, 2012);
17 CFR 242.613 (‘‘Rule 613’’). On November 15,
2016, the Commission approved the CAT NMS
Plan. See Securities Exchange Act Release No.
79318, 81 FR 84696 (Nov. 23, 2016) (‘‘CAT NMS
Plan Approval Order’’). The CAT NMS Plan is
Exhibit A to the CAT NMS Plan Approval Order.
See CAT NMS Plan Approval Order, at 84943–
85034.
2 15 U.S.C. 78k-1(a)(3).
3 17 CFR 242.608.
4 A ‘‘Customer’’ means ‘‘the account holder(s) of
the account at a registered broker-dealer originating
the order; and any person from whom the brokerdealer is authorized to accept trading instructions

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Customer and Account Information
System (‘‘CAIS’’).5 The Proposed
Amendment was published for
comment in the Federal Register on
March 19, 2025 (‘‘Notice’’).6
On May 28, 2025, the Participants
filed Amendment No. 1 to the Proposed
Amendment (‘‘Amendment No. 1’’).7 On
June 17, 2025, the Commission noticed
Amendment No. 1 for comment and
instituted proceedings to determine
whether to approve or disapprove the
Proposed Amendment, as modified by
Amendment No. 1.8 On September 11,
2025, pursuant to Rule 608(b)(2)(i) of
Regulation NMS,9 the Commission
extended the period within which to
conclude proceedings regarding the
Proposed Amendment, as modified by
Amendment No. 1, to 240 days from the
date of publication of the Notice.10 The
240th day after publication of the Notice
is November 14, 2025.
Rule 608(b)(2)(ii) of Regulation NMS
provides that the time for conclusion of
proceedings to determine whether a
national market system plan or
proposed amendment should be
approved or disapproved may be
extended for an additional period up to
60 days (up to 300 days from the date
of notice publication) if the Commission
determines that a longer period is
appropriate and publishes the reasons
for such determination or the plan
participants consent to the longer
period.11 The Commission is extending
this 240-day period.
The Commission finds that it is
appropriate to designate a longer period
within which to conclude proceedings
regarding the Proposed Amendment, as
modified by Amendment No. 1, so that
it has sufficient time to consider the
for such account, if different from the account
holder(s).’’ See CAT NMS Plan, supra note 1, at
section 1.1.
5 See Letter from Brandon Becker, CAT NMS Plan
Operating Committee Chair, dated March 7, 2025.
6 See Securities Exchange Act Release No. 102665
(Mar. 13, 2025), 90 FR 12845. Comments received
in response to the Notice can be found on the
Commission’s website at https://www.sec.gov/
comments/4-698/4-698-f.htm. While the SEC is
currently ‘‘accepting’’ comments, in that we will
not prevent the submission of letters via the usual
methods (webform, email, or mail), the SEC will not
be posting them until after the resumption of duties.
Please note that there may be a delay in the public
availability of comments after the resumption of
duties; comments will be treated as if received on
the original submission date.
7 See Letter from Brandon Becker, CAT NMS Plan
Operating Committee Chair, dated May 28, 2025.
8 See Securities Exchange Act Release No.
103288, 90 FR 26637 (June 23, 2025). Comments
received in response to Amendment No. 1 can be
found on the Commission’s website at https://
www.sec.gov/comments/4-698/4-698-f.htm.
9 See 17 CFR 242.608(b)(2)(i).
10 See Securities Exchange Act Release No.
103946, 90 FR 44734 (Sept. 16, 2025).
11 See 17 CFR 242.608(b)(2)(ii).

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important policy issues raised by the
Proposed Amendment, as modified by
Amendment No. 1, and the comments
received. Accordingly, pursuant to Rule
608(b)(2)(ii) of Regulation NMS,12 the
Commission designates January 13,
2026 as the date by which the
Commission shall conclude the
proceedings to determine whether to
approve or disapprove the Proposed
Amendment, as modified by
Amendment No. 1 (File No. 4–698).
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20226 Filed 11–17–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0219]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request;
Reinstatement With Change: Rule
30a–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 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’ or ‘‘SEC’’) has submitted
to the Office of Management and Budget
a request for reinstatement of the
previously approved collection of
information discussed below.
The title for the collection of
information is ‘‘Rule 30a–1 (17 CFR
270.30a–1) under the Investment
Company Act of 1940.’’
The Commission is seeking to
reinstate the Paperwork Reduction Act
(‘‘PRA’’) information collection request
for rule 30a–1 (17 CFR 270.30a–1) under
the Investment Company Act of 1940
under OMB control number 3235–0219
for the purpose of discontinuing this
information collection. The last
Commission request for OMB approval
under this control number was
submitted in May of 2000. Rule 30a–1
is an active rule, but it has been
amended since the last PRA submission
in 2000. The current rule requires
investment companies and unit
investment trusts to file an annual
report on Form N–CEN at least every
twelve months. The burden associated
with the information request outlined
12 Id.

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Federal Register / Vol. 90, No. 220 / Tuesday, November 18, 2025 / Notices

within rule 30a–1 is contained within
the information collection request for
Form N–CEN under OMB control
number 3235–0729. Thus, there has
been no lapse in reporting the burden
associated with rule 30a–1. Since the
burden is being reported under an
alternative ICR, the Commission is
seeking to reinstate the rule 30a–1 ICR
under control number 3235–0729 in
order to have it properly discontinued.
Moving forward, the Commission will
reference rule 30a–1 within the ICR for
Form N–CEN.
The requirements of this collection of
information are mandatory. Responses
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 control
number.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202507-3235-014
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
December 19, 2025.
Dated: November 14, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20183 Filed 11–17–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0035]

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Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 17a–13
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 (SEC or
‘‘Commission’’) is submitting to the
Office of Management and Budget
(‘‘OMB’’) this request for an extension of
the proposed collection of information
in Rule 17a–13.
Rule 17a–13(b) (17 CFR 240.17a–
13(b)) generally requires that at least
once each calendar quarter, all
registered brokers-dealers physically
examine and count all securities held
and account for all other securities not
in their possession, but subject to the

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broker-dealer’s control or direction. Any
discrepancies between the brokerdealer’s securities count and the firm’s
records must be noted and, within seven
days, the unaccounted for difference
must be recorded in the firm’s records.
Rule 17a–13(c) (17 CFR 240.17a–13(c))
provides that under specified
conditions, the count, examination, and
verification of the broker-dealer’s entire
list of securities may be conducted on
a cyclical basis rather than on a certain
date. Although Rule 17a–13 does not
require broker-dealers to file a report
with the Commission, discrepancies
between a broker-dealer’s records and
the securities counts may be required to
be reported, for example, as a loss on
Form X–17a–5 (17 CFR 248.617), which
must be filed with the Commission
under Exchange Act Rule 17a–5 (17 CFR
240.17a–5). Rule 17a–13 exempts
broker-dealers that limit their business
to the sale and redemption of securities
of registered investment companies and
interests or participation in an
insurance company separate account
and those who solicit accounts for
federally insured savings and loan
associations, provided that such persons
promptly transmit all funds and
securities and hold no customer funds
and securities. Rule 17a–13 also does
not apply to certain broker-dealers
required to register only because they
effect transactions in securities futures
products.
Rule 17a–13 requires the recording of
only those differences in the brokerdealer’s records that remain unresolved
seven business days after the date of the
examination, count, and verification.
The Commission or the self-regulatory
organization (‘‘SRO’’) designated as the
broker-dealer’s examining authority may
examine these recorded discrepancies in
a broker-dealer’s records to determine
whether they are the result of the firm’s
inability to maintain control of its
business.
The information obtained from Rule
17a–13 is used as an inventory control
device to monitor a broker-dealer’s
ability to account for all securities held
in transfer, in transit, pledged, loaned,
borrowed, deposited, or otherwise
subject to the firm’s control or direction.
Discrepancies between the securities
counts and the broker-dealer’s records
alert the Commission and applicable
SROs to those firms experiencing backoffice operational issues.
As of December 2024, there were
approximately 3,342 active brokerdealers registered with the Commission.
However, given the variability in their
businesses, it is difficult to quantify
how many hours per year each brokerdealer spends complying with Rule

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17a–13. As noted, Rule 17a–13 requires
a broker-dealer to account for all
securities in its possession or subject to
its control or direction. Many brokerdealers hold few, if any, securities,
while others hold large quantities.
Therefore, the time burden of complying
with Rule 17a–13 will depend on
respondent-specific factors, including
size, number of customers, and
proprietary trading activity. The staff
estimates that the average time spent per
respondent is 100 hours per year on an
ongoing basis to maintain the records
required under Rule 17a–13. This
estimate takes into account the fact that
more than half of the 3,342
respondents—according to financial
reports filed with the Commission—may
spend little or no time complying with
Rule 17a–13, given that they do not do
a public securities business or do not
hold inventories of securities. For these
reasons, the staff estimates that the total
recordkeeping burden per year is
approximately 334,200 hours (3,342
respondents × 100 hours/respondent)
The records required to be made by
Rule 17a–13 are available only to
Commission examination staff, state
securities authorities, and applicable
SROs. Subject to the provisions of the
Freedom of Information Act, 5 U.S.C.
522, and the Commission’s rules
thereunder (17 CFR 200.80(b)(4)(iii)),
the Commission does not generally
publish or make available information
contained in any reports, summaries,
analyses, letters, or memoranda arising
out of, in anticipation of, or in
connection with an examination or
inspection of the books and records of
any person or any other investigation.
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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202508-3235-002
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
December 19, 2025.
Dated: November 14, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20181 Filed 11–17–25; 8:45 am]
BILLING CODE 8011–01–P

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