Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 175 / Friday, September 12, 2025 / Notices

promoting capital formation by reducing
the cost and increasing the efficiency of
Securities Act registration in connection
with exchange offers and business
combination transactions, which may
encourage Canadian issuers to extend
exchange offers and business
combinations to U.S. securityholders.
The information provided is mandatory
and all information is available to the
public. We estimate that Form F-8 takes
approximately one hour per response to
prepare and is filed by approximately
one respondent annually. We estimate
that 25% of the collection of
information burden is carried by the
issuer. For total paperwork burden
hours, where our calculations produced
a number less than one, we have used
an estimate of one for total burden
hours. We estimate a total annual
reporting burden of one hour (.25 hours
× 1 response annually = .25 hours,
rounded to 1 hour). We estimate that
75% of the one hour per response (.75
hours) is carried by outside
professionals retained by the issuer at
an estimated cost of $600 per hour, for
a total annual cost burden of $450 (.75
hours per response × $600 per hour × 1
response annually).
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=202504-3235-019
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
October 14, 2025.
Dated: September 10, 2025.
Sherry Haywood,
Assistant Secretary.
[FR Doc. 2025–17676 Filed 9–11–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103914; File No. SR–
NYSEARCA–2025–19]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on Proceedings To Determine Whether
To Approve or Disapprove a Proposed
Rule Change To List and Trade Shares
of the Bitwise Dogecoin ETF Under
NYSE Arca Rule 8.201–E (CommodityBased Trust Shares)
September 9, 2025.

On March 3, 2025, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) 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 proposed rule
change to list and trade shares of the
Bitwise Dogecoin ETF under NYSE Arca
Rule 8.201–E (Commodity-Based Trust
Shares). The proposed rule change was
published for comment in the Federal
Register on March 17, 2025.3
On April 29, 2025, pursuant to
Section 19(b)(2) of the Act,4 the
Commission designated a longer period
within which to approve the proposed
rule change, disapprove the proposed
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 On June 11,
2025, the Commission initiated
proceedings under Section 19(b)(2)(B) of
the Act 6 to determine whether to
approve or disapprove the proposed
rule change.7
Section 19(b)(2) of the Act 8 provides
that, after initiating proceedings, the
Commission shall issue an order
approving or disapproving the proposed
rule change not later than 180 days after
the date of publication of notice of filing
of the proposed rule change. The
Commission may extend the period for
issuing an order approving or
disapproving the proposed rule change,
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 102570
(Mar. 11, 2025), 90 FR 12429. Comments received
on the proposed rule change are available at:
https://www.sec.gov/comments/sr-nysearca-202519/srnysearca202519.htm.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No.
102942, 90 FR 19039 (May 5, 2025). The
Commission designated June 15, 2025, as the date
by which the Commission shall approve or
disapprove, or institute proceedings to determine
whether to disapprove, the proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Securities Exchange Act Release No.
103236, 90 FR 25697 (June 17, 2025).
8 15 U.S.C. 78s(b)(2).

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however, by not more than 60 days if
the Commission determines that a
longer period is appropriate and
publishes the reasons for such
determination. The proposed rule
change was published for comment in
the Federal Register on March 17,
2025.9 The 180th day after publication
of the proposed rule change is
September 13, 2025. The Commission is
extending the time period for approving
or disapproving the proposed rule
change for an additional 60 days.
The Commission finds it appropriate
to designate a longer period within
which to issue an order approving or
disapproving the proposed rule change
so that it has sufficient time to consider
the proposed rule change and the issues
raised therein. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,10 designates
November 12, 2025, as the date by
which the Commission shall either
approve or disapprove the proposed
rule change (File No. SR–NYSEARCA–
2025–19).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–17601 Filed 9–11–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0764]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
6c–11
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 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.
Rule 6c–11 under the Investment
Company Act of 1940 (the ‘‘Act’’)
permits exchange-traded funds (‘‘ETFs’’)
9 See

supra note 3 and accompanying text.
U.S.C. 78s(b)(2).
11 17 CFR 200.30–3(a)(57).
10 15

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Federal Register / Vol. 90, No. 175 / Friday, September 12, 2025 / Notices
that satisfy certain conditions to operate
without first obtaining an exemptive
order from the Commission. The rule
was designed to create a consistent,
transparent, and efficient regulatory
framework for ETFs and facilitate
greater competition and innovation
among ETFs. Rule 6c–11 requires an
ETF to disclose certain information on
its website, to maintain certain records,
and to adopt and implement written
policies and procedures governing its
constructions of baskets, as well as
written policies and procedures that set
forth detailed parameters for the
construction and acceptance of custom
baskets that are in the best interests of
the ETF and its shareholders.
We estimate that the total hour
burdens and time costs associated with
rule 6c–11, including the burden
associated with reviewing and updating
website disclosures, recordkeeping, and
reviewing and updating policies and
procedures, will result in an average
aggregate annual burden of 74,580.75
hours and an average aggregate time cost
of $1,964,817.
The requirements of this collection of
information are mandatory. If
information collected pursuant to rule
6c–11 is reviewed by the Commission’s
examination staff, it will be accorded
the same level of confidentiality
accorded to other responses provided to
the Commission in the context of its
examination and oversight program.
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 November 12, 2025. There
will be a second opportunity to
comment on this SEC request following

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the Federal Register publishing a 30Day Submission Notice.
Dated: September 9, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–17589 Filed 9–11–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103923; File No. SR–
NYSENAT–2025–21]

Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend the Rule
6.6800 Series
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 August
27, 2025, NYSE National, Inc. (‘‘NYSE
National’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (the ‘‘Commission’’) a
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
Rule 6.6800 Series, the Exchange’s
compliance rule (‘‘Compliance Rule’’)
regarding the National Market System
Plan Governing the Consolidated Audit
Trail (the ‘‘CAT NMS Plan’’ or ‘‘Plan’’) 3
to be consistent with the exemptive
relief granted by the Commission from
certain provisions of the CAT NMS Plan
related to timestamp granularity (‘‘2025
Timestamp Granularity Exemption’’).4
Specifically, the Exchange proposes to
update the expiration date of the
exemption in Rule 6.6860(a)(2) from
April 8, 2025 to April 8, 2030. The
proposed rule change is available on the
Exchange’s website at www.nyse.com
and at the principal office of the
Exchange.
1 15

U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 Unless otherwise specified, capitalized terms
used in this rule filing are defined as set forth in
the Compliance Rule.
4 See Securities Exchange Act Release No. 102980
(May 2, 2025), 90 FR 19334 (May 7, 2025).

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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. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose

September 9, 2025.

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The purpose of this proposed rule
change is to amend Rule 6.6860 of the
Compliance Rule to be consistent with
the 2025 Timestamp Granularity
Exemption. Under the 2025 Timestamp
Granularity Exemption, the Commission
extended the existing exemptive relief
pursuant to which Industry Members
that capture timestamps in increments
more granular than nanoseconds must
truncate the timestamps after the
nanosecond level for submission to
CAT, rather than rounding such
timestamps up or down, from April 8,
2025 to April 8, 2030. Accordingly, the
Exchange proposes to update the
expiration date of the exemption in Rule
6.6860(a)(2) from April 8, 2025 to April
8, 2030.
On February 3, 2020, the Participants
filed with the Commission a request for
exemptive relief from the requirement
in Section 6.8(b) of the CAT NMS Plan
for each Participant, through its
Compliance Rule, to require that, to the
extent that its Industry Members utilize
timestamps in increments finer than
nanoseconds in their order handling or
execution systems, such Industry
Members utilize such finer increment
when reporting CAT Data to the Central
Repository.5 On April 8, 2020, the
Participants received the requested
exemptive relief.6 As a condition to this
exemption, the Participants, through
their Compliance Rules, required
Industry Members that capture
5 See Letter to Vanessa Countryman, Secretary,
SEC, from Michael Simon, CAT NMS Plan
Operating Committee Chair, re: Request for
Exemption from Certain Provisions of the National
Market System Plan Governing the Consolidated
Audit Trail related to Granularity of Timestamps
and Relationship Identifiers (Feb. 3, 2020).
6 See Securities Exchange Act Release No. 88608
(April 8, 2020), 85 FR 20743 (April 14, 2020).

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