Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 144 / Wednesday, July 30, 2025 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A) of the Act 22 and Rule 19b–
4(f)(6) 23 thereunder. Because the
foregoing proposed rule change does
not: (i) significantly affect the protection
of investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
for 30 days from the date on which it
was filed, or such shorter time as the
Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 24 and Rule 19b–
4(f)(6) 25 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 will institute proceedings
to determine whether the proposed rule
change 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:
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–
PEARL–2025–36 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–PEARL–2025–36. This file
22 15

U.S.C. 78(b)(3)(A).
CFR 240.19b–4(f)(6).
24 15 U.S.C. 78s(b)(3)(A).
25 17 CFR 240.19b–4(f)(6). In addition, Rule 19b4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.

khammond on DSK9W7S144PROD with NOTICES

23 17

VerDate Sep<11>2014

17:34 Jul 29, 2025

Jkt 265001

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 (https://www.sec.gov/
rules/sro.shtml). Copies of the filing 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–PEARL–2025–36 and
should be submitted on or before
August 20, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–14357 Filed 7–29–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0033]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
17a–3
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 soliciting comments
on the proposed collection of
information.
Rule 17a–3, 17 CFR 240.17–3, under
the Securities Exchange Act of 1934
establishes minimum standards with
respect to business records that brokerdealers registered with the Commission
must make and keep current. These
records are maintained by the brokerdealer (in accordance with a separate
rule), so they can be used by the brokerdealer and reviewed by Commission
examiners, as well as other regulatory
authority examiners, during inspections
of the broker-dealer.
The collections of information
included in Rule 17a–3 are necessary to

PO 00000

26 17

CFR 200.30–3(a)(12).

Frm 00108

Fmt 4703

Sfmt 4703

35949

enable the Commission, self-regulatory
organization (‘‘SRO’’), and state
examiners to conduct effective and
efficient examinations to determine
whether broker-dealers are complying
with relevant laws, rules, and
regulations. If broker-dealers were not
required to create these baseline,
standardized records, Commission,
SRO, and state examiners could be
unable to determine whether brokerdealers are in compliance with the
Commission’s antifraud and antimanipulation rules, financial
responsibility program, and other
Commission, SRO, and State laws, rules,
and regulations.
The collection of information is
mandatory and is confidential subject to
the provisions of the Freedom of
Information Act (5 U.S.C. 552.)
As of December 31, 2024 there were
3,342 broker-dealers registered with the
Commission. The Commission estimates
that these broker-dealer respondents
incur a total hour burden of
approximately 9,818,416 hours per year
to comply with Rule 17a–3.
In addition, Rule 17a–3 contains
ongoing operation and maintenance
costs for broker-dealers, including the
cost of postage to provide customers
with account information, and costs for
equipment and systems development.
The Commission estimates that the total
cost burden associated with Rule 17a–
3 would be approximately $138,852,510
per year.
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.
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 29, 2025. There
will be a second opportunity to

E:\FR\FM\30JYN1.SGM

30JYN1

35950

Federal Register / Vol. 90, No. 144 / Wednesday, July 30, 2025 / Notices

comment on this SEC request following
the Federal Register publishing a 30Day Submission Notice.
Dated: July 25, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–14351 Filed 7–29–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103548; File Nos. SR–
NYSE–2025–12, SR–NYSEAMER–2025–21,
SR–NYSEARCA–2025–29, SR–NYSETEX–
2025–03, SR–NYSENAT–2025–07]

Self-Regulatory Organizations; New
York Stock Exchange LLC; NYSE
American LLC; NYSE Arca, Inc.; NYSE
Texas, Inc.; NYSE National, Inc.; Notice
of Filing of Amendments and Order
Granting Accelerated Approval of
Proposed Rule Changes, Each as
Modified by the Amendment, To
Expand the Virtual Control Circuit
Service in the Connectivity Fee
Schedule
July 25, 2025.

I. Introduction
On April 7, 2025, New York Stock
Exchange LLC (‘‘NYSE’’), NYSE
American LLC (‘‘NYSE American’’),
NYSE Arca, Inc. (‘‘NYSE Arca’’), NYSE
Texas, Inc. (‘‘NYSE Texas’’), and NYSE
National, Inc. (‘‘NYSE National’’) (each
an ‘‘Exchange,’’ collectively,
‘‘Exchanges’’) each filed with the
Securities and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) of the Securities Exchange Act
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposal to amend its
connectivity fee schedule to add and
establish fees for connectivity from the
Mahwah Data Center to one or more
trading floors. On April 16, 2025, NYSE
American filed Amendment No. 1 to its
proposed rule change.3 The proposed
rule changes were published for
comment in the Federal Register on
April 28, 2025.4 On June 11, 2025,
pursuant to Section 19(b)(2) of the Act,5
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Amendment No. 1 to NYSE American’s
proposed rule change more closely conformed the
text of Exhibit 1 of the proposed rule change to the
filed Form 19b–4.
4 See Securities Exchange Act Release Nos.
102898 (April 22, 2025), 90 FR 17635 (SR–NYSE–
2025–12); 102897 (April 22, 2025), 90 FR 17658
(SR–NYSEAMER–2025–21); 102899 (April 22,
2025), 90 FR 17640 (SR–NYSEARCA–2025–29);
102902 (April 22, 2025), 90 FR 17665 (SR–
NYSETEX–2025–03); 102900 (April 22, 2025), 90
FR 17675 (SR–NYSENAT–2025–07).
5 15 U.S.C. 78s(b)(2).

khammond on DSK9W7S144PROD with NOTICES

2 17

VerDate Sep<11>2014

17:34 Jul 29, 2025

Jkt 265001

the Commission designated a longer
period within which to approve the
proposed rule changes, disapprove the
proposed rule changes, or institute
proceedings to determine whether to
disapprove the proposed rule changes.6
The Commission has not received any
comments on the proposed rule
changes. On June 26, 2025, NYSE, NYSE
Arca, NYSE Texas and NYSE National
each filed Amendment No. 1 to its
proposed rule change, and NYSE
American filed Amendment No. 2 to its
proposed rule change (each an
‘‘Amendment’’ and collectively,
‘‘Amendments’’).7 The Amendments
superseded each Exchange’s prior filing
in its entirety.8 This order provides
notice of the filings of Amendment No.
1 to NYSE, NYSE Arca, NYSE Texas and
NYSE National’s proposed rule changes,
and notice of the filing of Amendment
No. 2 to NYSE American’s proposed
rule change, and grants approval of the
proposed rule changes, each as modified
by Amendment No. 1 or Amendment
No. 2, as applicable, on an accelerated
basis.
6 See Securities Exchange Act Release No.
103224, 90 FR 25698 (June 17, 2025) (designating
July 27, 2025, as the date by which the Commission
shall either approve, disapprove, or institute
proceedings to determine whether to disapprove the
proposed rule change).
7 Amendment No. 1 to the proposed rule changes
for NYSE, NYSE Arca, NYSE Texas and NYSE
National, and Amendment No. 2 to NYSE
American’s proposed rule change are identical in
substance. For ease of reference, this order provides
page citations to SR–NYSE–2025–12 Amendment
No. 1, which is available on the Commission’s
website at: https://www.sec.gov/comments/sr-nyse2025-12/srnyse202512-617407-1811334.pdf
(‘‘Amendment No. 1’’).
8 The Amendments revise the proposals to
provide additional explanation for why the
Exchanges believe the proposed service is
reasonable. Specifically, the Exchanges, in the
Amendments, provide additional support for the
assertion that telecommunication service providers
(‘‘Telecoms’’) provide a substantially similar
substitute for the Exchanges’ proposed service,
including a description of the path the Telecoms
and Exchanges take to the Exchanges’ trading floors.
The Exchanges also clarify that the pathways
offered by the proposed connections and the
Telecom circuits are not normalized within the
Exchange buildings. The Amendment for each filing
is available on the Commission’s website at: https://
www.sec.gov/comments/sr-nyse-2025-12/
srnyse202512-617407-1811334.pdf (SR–NYSE–
2025–12); https://www.sec.gov/comments/srnyseamer-2025-21I/srnyseamer202521-6174271811354.pdf (SR–NYSEAMER–2025–21); https://
www.sec.gov/comments/sr-nysearca-2025-29/
srnysearca202529-617428-1811374.pdf (SR–
NYSEARCA–2025–29); https://www.sec.gov/
comments/sr-nysetex-2025-03/srnysetex202503617467-1811414.pdf (SR–NYSETEX–2025–03);
https://www.sec.gov/comments/sr-nysenat-2025-07/
srnysenat202507-617447-1811394.pdf (SR–
NYSENAT–2025–07).

PO 00000

Frm 00109

Fmt 4703

Sfmt 4703

II. Description of the Proposed Rule
Changes, as Modified by the
Amendments
A. Background
The Exchanges currently offer a
virtual control circuit (‘‘VCC’’) service 9
that is a unicast connection through
which two Users can establish a
connection between two points over
dedicated bandwidth.10 The Exchanges
offer VCC connections between two
Users in the Mahwah Data Center
(‘‘MDC’’).11 The Exchanges, in 2024,
amended this service to also offer VCCs
between the MDC and the U.S. FIDS
remote access centers; specifically, the
Exchanges offer a connection between a
User in the MDC and either the same
User outside the MDC at a remote access
center or a third party outside the MDC
at a remote access center.12 Fees for VCC
services are based on the bandwidth
requirements chosen by the User per
VCC connections.13 Connectivity to
VCCs requires permission from both
parties before the Exchanges will
establish the connection.14
The Exchanges propose to further
expand this service to offer connectivity
from the MDC to the NYSE, NYSE
American, and NYSE Arca trading floors
(each a ‘‘Trading Floor,’’ collectively,
‘‘Trading Floors’’).15 These connections
may be between a User at the MDC and
itself on a Trading Floor, or between a
User at the MDC and a third party on
9 See Securities Exchange Act Release No. 80311
(March 24, 2017), 82 FR 15741 (March 30, 2017)
(SR–NYSE–2016–45); 80309 (March 24, 2017), 82
FR 15725 (March 30, 2017) (SR–NYSEMKT–2016–
63); 80310 (March 24, 2017), 82 FR 15763 (March
30, 2017) (SR–NYSEARCA–2016–89); 83351 (May
31, 2018), 83 FR 26314 (June 6, 2018) (SR–
NYSENAT–2018–07); 87408 (October 28, 2019), 84
FR 58778 (November 1, 2019) (SR–NYSECHX–
2019–12) (adding the VCC service and related fees).
10 See Amendment No. 1, supra note 7, at 4.
11 Id. The Exchanges state that through its Fixed
Income and Data Services (‘‘FIDS’’) business,
Intercontinental Exchange, Inc. (‘‘ICE’’) operates the
MDC and that the Exchanges are indirect
subsidiaries of ICE. See id., at 4 n.5.
12 Id. See also Securities Exchange Act Release
Nos. 101582 (November 12, 2024), 89 FR 90812
(November 18, 2024) (SR–NYSE–2024–69); 101575
(November 12, 2024), 89 FR 90770 (November 18,
2024) (SR–NYSEAMER–2024–64); 101576
(November 12, 2024), 89 FR 90775 (November 18,
2024) (SR–NYSEARCA–2024–91); 102902
(November 12, 2024), 89 FR 90893 (November 18,
2024) (SR–NYSECHX–2024–31); 101578 (November
12, 2024), 89 FR 90794 (November 18, 2024) (SR–
NYSENAT–2024–28) (adding VCC services between
the MDC and the U.S. remote access centers to the
connectivity fee schedule).
13 Id. at 5.
14 Id.
15 As noted by the Exchanges, ‘‘Trading Floor’’ is
used as defined in, as applicable, NYSE Rule 6A
(Trading Floor), NYSE American Scope of Terms
(17), and NYSE Arca Rule 1 (Definitions), Floor,
Trading Floor and Options Trading Floor. NYSE
National and NYSE Texas do not have trading
floors. Id. at 4 n.3.

E:\FR\FM\30JYN1.SGM

30JYN1