Federal Register 60-Day Notice

38682

Federal Register / Vol. 90, No. 152 / Monday, August 11, 2025 / Notices

Exchange does not believe its proposed
pricing changes impose any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
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,33 and Rule
19b–4(f)(2) 34 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:

khammond on DSK9W7S144PROD with NOTICES

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–2025–38 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–2025–38. 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the filing also
33 15
34 17

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

VerDate Sep<11>2014

16:14 Aug 08, 2025

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–2025–38 and
should be submitted on or before
September 2, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–15170 Filed 8–8–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0564]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
17a–6
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’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Section 17(a) of the Investment
Company Act of 1940 (the ‘‘Act’’)
generally prohibits affiliated persons of
a registered investment company
(‘‘fund’’) from borrowing money or other
property from, or selling or buying
securities or other property to or from,
the fund or any company that the fund
controls. Rule 17a–6 (17 CFR 270.17a–
6) permits a fund, or a company
controlled by the fund, and a ‘‘portfolio
affiliate’’ of the fund (a company that is
an affiliated person of the fund because
the fund controls the company, or holds
five percent or more of the company’s
outstanding voting securities) to engage
in principal transactions that would
otherwise be prohibited under section
35 17

Jkt 265001

PO 00000

CFR 200.30–3(a)(12).

Frm 00062

Fmt 4703

Sfmt 4703

17(a) of the Act under certain
conditions. A fund may not rely on the
exemption in the rule to enter into a
principal transaction with a portfolio
affiliate if certain prohibited
participants (e.g., directors, officers,
employees, or investment advisers of
the fund) have a financial interest in a
party to the transaction. Rule 17a–6
specifies certain interests that are not
‘‘financial interests,’’ including any
interest that the fund’s board of
directors (including a majority of the
directors who are not interested persons
of the fund) finds to be not material. A
board making this finding is required to
record the basis for the finding in its
meeting minutes. This recordkeeping
requirement is a collection of
information under the Paperwork
Reduction Act of 1995 (‘‘PRA’’).
The rule is designed to permit
transactions between funds and their
portfolio affiliates in circumstances in
which it is unlikely that the affiliate
would be in a position to take advantage
of the fund. In determining whether a
financial interest is ‘‘material,’’ the
board of the fund should consider
whether the nature and extent of the
interest in the transaction is sufficiently
small that a reasonable person would
not believe that the interest affected the
determination of whether to enter into
the transaction or arrangement or the
terms of the transaction or arrangement.
The information collection requirements
in rule 17a–6 are intended to ensure that
Commission staff can review, in the
course of its compliance and
examination functions, the basis for a
board of director’s finding that the
financial interest of an otherwise
prohibited participant in a party to a
transaction with a portfolio affiliate is
not material.
Based on public filings made with the
Commission, we estimate that annually
326 funds and their series (collectively,
‘‘funds’’) may rely on rule 17a–6 to
engage in otherwise prohibited
transactions under section 17(a) of the
1940 Act. This estimate is based on
publicly available Form N–CEN filings.
For the purposes of this PRA extension,
we assume that each of these funds has
engaged in one transaction per reporting
period and that in thirty percent of
those transactions a prohibited
participant will have a financial interest
in a party to the transaction that the
board of directors of the affected
investment company will consider for
purposes of determining whether that
financial interest is material. We
therefor estimate that annually 98 funds
made a board determination that
resulted in a paperwork burden
pursuant to rule 17a–6.

E:\FR\FM\11AUN1.SGM

11AUN1

khammond on DSK9W7S144PROD with NOTICES

Federal Register / Vol. 90, No. 152 / Monday, August 11, 2025 / Notices
We estimate that compliance with the
recordkeeping requirement for rule 17a–
6 will impose a burden of .2 hours (12
minutes) in clerical and computer
operator costs for each transaction for
which there is a paperwork burden.
Additionally, we are now estimating
that rule 17a–6 will impose a burden of
.5 hours for the board of directors to
determine and document the basis of
the materiality of a financial interest.
Therefore, we estimate 69 burden hours
to be associated with rule 17a–6
requirements annually, with an
associated internal cost of $282,681.
The estimate of burden hours and
burden costs is made solely for the
purposes of the PRA. The estimate is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules. Complying
with this collection of information
requirement is necessary to obtain the
benefit of relying on rule 17a–6.
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 October 10, 2025. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: August 6, 2025.
Sherry R. Haywood,
Assistant Secretary.

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103647; File No. SR–
CboeEDGX–2025–059]

Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend
Fees for Cboe Timestamping Service
Reports To Allow Sponsored
Participants To Purchase These
Reports Directly
August 6, 2025.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 25,
2025, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) proposes to
amend fees for Cboe Timestamping
Service reports to allow Sponsored
Participants to purchase these reports
directly.
The text of the proposed rule change
is available on the Exchange’s website
(http://markets.cboe.com/us/options/
regulation/rule_filings/edgx/) and at the
Exchange’s Office of the Secretary.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.

[FR Doc. 2025–15180 Filed 8–8–25; 8:45 am]
1 15

BILLING CODE 8011–01–P

2 17

VerDate Sep<11>2014

16:14 Aug 08, 2025

Jkt 265001

PO 00000

U.S.C. 78s(b)(1).
CFR 240.19b–4.

Frm 00063

Fmt 4703

Sfmt 4703

38683

A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend fees
for Cboe Timestamping Service reports,
effective July 25, 2025. The Exchange
previously adopted a data product
known as the Cboe Timestamping
Service 3 and subsequently adopted fees
for the Cboe Timestamping Service.4
The Cboe Timestamping Service
provides timestamp information for
orders and cancels for market
participants. More specifically, the Cboe
Timestamping Service reports provide
various timestamps relating to the
message lifecycle throughout the
exchange system. The first report—the
Missed Liquidity Report—covers order
messages of the subscribing firm only
and the second report—Cancels
Report—covers cancel messages of the
subscribing firm only. The reports are
optional products that a participant may
opt to choose both reports, one report,
or neither report.
The Cancels Report provides response
time details for orders that rest on the
book where the subscribing firm
attempted to cancel that resting order or
any other resting order but was unable
to do so as the resting order was
executed before the system processed
the cancel message. The Cancels Report
assists the subscribing firm in
determining by how much time that
order missed being canceled instead of
executing.
The Missed Liquidity Report provides
time details for executions of orders that
rest on the book where the subscribing
firm attempted to execute against that
resting order within an Exchangedetermined amount of time (not to
exceed 1 millisecond) after receipt of
the first attempt to execute against the
resting order and within an Exchangedetermined amount of time (not to
exceed 100 microseconds) before receipt
of the first attempt to execute against the
resting order.
The Exchange notes that the data
included in the reports are based only
on the data of the market participant
that opts to subscribe to the reports
(‘‘Recipient Firm’’) and do not include
information related to any firm other
than the Recipient Firm. Additionally,
neither report includes real-time market
data. Rather, the reports contain
3 See Securities Exchange Act Release No. 100802
(August 28, 2024), 89 FR 68952 (August 22, 2024)
(SR–CboeEDGX–2024–053).
4 See Securities Exchange Act Release No. 101583
(November 18, 2024), 89 FR 90800 (November 12,
2024) (SR–CboeEDGX–2024–075).

E:\FR\FM\11AUN1.SGM

11AUN1