Federal Register 30-Day Notice

54806

Federal Register / Vol. 90, No. 227 / Friday, November 28, 2025 / Notices

reflects the Commission’s grant of the
Multi-Class Fund Exemptive Relief and
provides additional clarity with respect
to the application of the Exchange’s
proposed listing standards and the
requirements of the Multi-Class Fund
Exemptive Relief. Amendment No. 2
also makes certain additional
corrections that are minor and technical
in nature. In addition, the proposal, as
modified by Amendment No. 1, has
been subject to public comment and no
comments have been received.
The Commission finds that
Amendment No. 2 to the proposed rule
change raises no novel regulatory issues
that have not previously been subject to
comment, and is reasonably designed,
among other things, to prevent
fraudulent and manipulative acts and
practices, to remove impediments to
and perfect the mechanism of a free and
open market, and, in general, to protect
investors and the public interest. The
Commission also finds that Amendment
No. 2 to the proposed rule change is
consistent with Section 11A(a)(1)(C)(iii)
of the Act.71 Accordingly, pursuant to
Section 19(b)(2) of the Act,72 the
Commission finds good cause to
approve the proposed rule change, as
modified by Amendment No. 2, on an
accelerated basis.
VI. Conclusion
It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,73 that the
proposed rule change (SR–CboeBZX–
2025–076), as modified by Amendment
No. 2, be, and it hereby is, approved on
an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.74
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21400 Filed 11–26–25; 8:45 am]
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[OMB Control No. 3235–0067]

khammond on DSK9W7S144PROD with NOTICES

Agency Information Collection
Activities; Submission for OMB
Review; 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
71 See
72 15

supra note 40 and accompanying text.
U.S.C. 78s(b)(2).

Dated: November 24, 2025.
Sherry R. Haywood,
Assistant Secretary.

17:40 Nov 26, 2025

[Release No. 34–104245; File No. SR–
CBOE–2025–081]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Rule 5.34 To
Adopt a Wide Market Protection
Mechanism
November 24, 2025.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on November
19, 2025, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (the ‘‘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
Rule 5.34 to adopt a wide market
protection mechanism designed to
reduce the risk of orders executing at
extreme or adverse prices when the
national best bid and offer (‘‘NBBO’’) is
determined to be wide. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Commission’s
website (https://www.sec.gov/rules/
sro.shtml), the Exchange’s website
(https://www.cboe.com/us/options/
regulation/rule_filings/bzx/), 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

CFR 200.30–3(a)(12).

VerDate Sep<11>2014

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COMMISSION

[FR Doc. 2025–21388 Filed 11–26–25; 8:45 am]
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73 Id.
74 17

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’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Form S–11 (17 CFR 239.18) is the
registration statement form used to
register securities issued by real estate
investment trusts or by issuers whose
business is primarily that of acquiring
and holding for investment interests 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. The
information required by Form S–11 is
mandatory, and Form S–11 is publicly
available on the Commission’s
Electronic Data Gathering, Analysis, and
Retrieval (‘‘EDGAR’’) system. 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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202508-3235-005
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 29, 2025.

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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