Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 185 / Friday, September 26, 2025 / Notices
(Generic [sic]) to Rule 8.201–E (Generic)
instead. The proposed change would
allow the Trust Shares and Mini Trust
Shares to continue listing and trading
on the Exchange and permit the Trusts
to operate in reliance on the generic
listing standards in Rule 8.201–E
(Generic) instead of the terms of the
Original Approval Orders, thereby
facilitating the continued listing and
trading of exchange-traded products that
will enhance competition among market
participants, to the benefit of investors
and the marketplace. The Trust Shares
and Mini Trust Shares will meet the
requirements of Rule 8.201–E (Generic)
and will be required to comply with the
continued listing standards set forth in
Rule 8.201–E (Generic).
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purpose of the Act. As discussed
above, the proposed change is intended
to facilitate the continued listing and
trading of the Trust Shares and Mini
Trust Shares on the Exchange, thereby
promoting competition among
exchange-traded products to the benefit
of investors and the marketplace.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.

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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 10 and Rule 19b–
4(f)(6) 11 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; or (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 12 and Rule 19b–
4(f)(6) 13 thereunder.
10 15

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
12 15 U.S.C. 78s(b)(3)(A).
13 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of its intent to file the
proposed rule change, along with a brief description
and text of the proposed rule change, at least five
11 17

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A proposed rule change filed under
Rule 19b–4(f)(6) 14 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),15 the
Commission may designate a shorter
time if such action is consistent with
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because it will allow the
Exchange to implement the proposed
rule change without delay and does not
introduce any novel regulatory issues.
Accordingly, the Commission
designates the proposed rule change to
be operative upon filing.16
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.

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–
NYSEARCA–2025–72 on the subject
line.
business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. The Exchange
requested waiver of the five-day prefiling
requirement for this proposal for the reasons stated
in its filing, which the Commission hereby grants.
14 17 CFR 240.19b–4(f)(6).
15 17 CFR 240.19b–4(f)(6)(iii).
16 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).

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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–NYSEARCA–2025–72. 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 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–NYSEARCA–2025–72
and should be submitted on or before
October 17, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–18676 Filed 9–25–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

IV. Solicitation of Comments

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46445

[OMB Control No. 3235–0065]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Form
S–1 Registration Statement
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.
Form S–1 (17 CFR 239.11) is used by
domestic issuers who are not eligible to
use other forms to register a public
offering of their securities under the
17 17

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CFR 200.30–3(a)(12) and (59).

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46446

Federal Register / Vol. 90, No. 185 / Friday, September 26, 2025 / Notices

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Securities Act of 1933 (15 U.S.C. 77a et
seq.). The information collected is
intended to ensure the adequacy of
information available to investors in
connection with securities offerings. We
estimate that Form S–1 takes
approximately 642.56 hours per
response and is filed once per year by
approximately 908 issuers, for a total of
approximately 908 responses annually.
We estimate that 25% of the 642.56
hours per response is carried internally
by the issuer for annual reporting
burden of 145,861 hours ((25% × 642.56
hours per response) × 908 responses).
We estimate that 75% of the 642.56
hours per response is carried externally
by outside professionals retained by the
issuer at an estimated rate of $600 per
hour for a total annual cost burden of
$262,550,016 ((75% × 642.56 hours per
response) × $600 per hour × 908
responses).
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
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.
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 November 25, 2025. There
will be a second opportunity to
comment on this SEC request following
the Federal Register publishing a 30Day Submission Notice.
Dated: September 23, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–18672 Filed 9–25–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104020; File No. SR–PHLX–
2025–46]

Self-Regulatory Organizations; Nasdaq
PHLX LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend PHLX Equity 4,
Rules 3100, 3301A, 3301B, and 3307 To
Add the CORE FIX Order Entry
Protocol
September 23, 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
September 12, 2025, Nasdaq PHLX LLC
(‘‘PHLX’’ or ‘‘Exchange’’) 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
The Exchange proposes to amend
PHLX Equity 4, Rules 3100, 3301A,
3301B, and 3307 to establish ‘‘CORE
FIX’’ as a new Order Entry Protocol
(defined below) on the Exchange. The
proposed amendments will not make
any other substantive changes to the
rules.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/phlx/rulefilings, and at the
principal office of the Exchange.
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.
1 15
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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
PHLX currently offers participants the
ability to send orders to the Exchange
via four Order 3 entry protocols: OUCH,
RASH, FIX, and FLITE.4 Due to
differences in the technical designs and
capabilities of these protocols, they offer
market participants different
functionalities and experiences with
respect to order handling. That is, order
handling behaviors on the Exchange and
the speed at which those behaviors
execute vary, in certain circumstances,
depending upon the particular protocol
that a participant chooses to utilize to
enter its Orders in connection with
particular Order Types 5 and Order
Attributes.6
3 The term ‘‘Order’’ means an instruction to trade
a specified number of shares in a specified NMS
stock submitted to ‘‘PSX’’ or ‘‘System’’ by a
participant. See PHLX Equity 1, Section 1(e). ‘‘PSX’’
or ‘‘System’’ is the automated system for order
execution and trade reporting owned and operated
by the Exchange. See PHLX Equity 1, Section 1(a).
4 The OUCH Order entry protocol is a proprietary
protocol that allows participants to quickly enter
orders into the System and receive executions.
OUCH accepts limit Orders from participants, and
if there are matching Orders, they will execute.
Non-matching Orders are added to the limit order
book, a database of available limit Orders, where
they are matched in price-time priority. OUCH only
provides a method for participants to send Orders
and receive status updates on those Orders. See
https://www.nasdaqtrader.com/Trader.
aspx?id=OUCH. RASH (Routing and Special
Handling) is a proprietary protocol that allows
participants to enter Orders, cancel existing Orders
and receive executions while providing smart order
routing and special handling features. RASH also
allows participants to use advanced functionality,
including discretion, random reserve, pegging and
routing. See https://www.nasdaqtrader.com/Trader.
aspx?id=RASH. FIX is a vendor-neutral standard
message protocol that defines an electronic message
exchange for communicating securities transactions
between two parties. The Exchange’s FIX
implementation acts like a router, converting
incoming FIX messages into OUCH messages and
back again. See https://www.nasdaqtrader.com/
Trader.aspx?id=FIX and https://
www.nasdaqtrader.com/content/ProductsServices/
Trading/Protocols_quickref.pdf. FIX Lite or
‘‘FLITE’’ is an Order entry protocol based on a
subset of FIX. See https://www.nasdaqtrader.com/
Trader.aspx?id=FLITE and https://
www.nasdaqtrader.com/content/ProductsServices/
Trading/Protocols_quickref.pdf.
5 An ‘‘Order Type’’ is a standardized set of
instructions associated with an Order that define
how it will behave with respect to pricing,
execution, and/or posting to the PSX Book when
submitted to the System. See PHLX Equity 1,
Section 1(e). The ‘‘PSX Book’’ is a montage for
quotes and orders that collects and ranks all quotes
and orders submitted by participants. See PHLX
Equity 1, Section 1(a)(1).
6 An ‘‘Order Attribute’’ is a further set of variable
instructions that may be associated with an Order
to further define how it will behave with respect to
pricing, execution, and/or posting to the PSX Book
when submitted to PSX. The available Order Types

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