Federal Register 60-Day Notice

45426

Federal Register / Vol. 90, No. 181 / Monday, September 22, 2025 / Notices

All submissions should refer to file
number SR–Phlx–2025–43. 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–Phlx–2025–43 and
should be submitted on or before
October 14, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–18253 Filed 9–19–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0067]

khammond on DSK9W7S144PROD with NOTICES

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Form
S–11—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–11 (17 CFR 239.18) is the
registration statement form used to
register securities issued in real estate
investment trusts by issuers whose
business is primarily that of acquiring
and holding investment interest in real
estate under the 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–11
takes approximately 732.48 hours per
response and is filed once per year by
approximately 14 issuers, for a total of
approximately 14 responses annually.
We estimate that 25% of the 732.48
hours per response is carried internally
by the issuer for annual reporting
burden of 2,564 hours ((25% × 732.48
hours per response) × 14 responses). We
estimate that 75% of the 732.48 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
$4,614,624 ((75% × 732.48 hours per
response) × $600 per hour × 14
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 21, 2025. There
will be a second opportunity to
comment on this SEC request following
the Federal Register publishing a 30Day Submission Notice.
Dated: September 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–18242 Filed 9–19–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103989; File No. SR–
NASDAQ–2025–072]

Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Proposed Rule Change To
Amend the Exchange’s Rules To
Enable the Trading of Securities on the
Exchange in Tokenized Form
September 16, 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 8, 2025, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change as described
in Items I and II 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 the
Exchange’s rules to enable the trading of
securities on the Exchange in tokenized
form. Specifically, proposed rules
Equity 1, Section 1 and Equity 4, Rules
4756, 4757, and 4758 will clarify how
Nasdaq trades tokenized securities.
The text of the proposed rule change
is set forth below. Proposed new
language is italicized; deleted text is in
brackets.
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The NASDAQ Stock Market LLC Rules
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EQUITY 1

CFR 200.30–3(a)(12).

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EQUITY DEFINITIONS

Section 1 Equity Definitions
(a) When used in the Equity Rules,
unless the context otherwise requires:
(1) No change.
(2) ‘‘Security’’ Unless the context
requires otherwise, the term ‘‘security’’
shall mean a ‘‘security,’’ as that term is
defined in section 3(a) (10) of the
Securities Exchange Act of 1934, as
amended, that is either listed on the
Exchange or traded on the Exchange
pursuant to unlisted trading privileges.
A security may be traded in the Nasdaq
Market Center in either traditional form
(a digital representation of ownership
1 15

20 17

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Equity Rules

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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