Federal Register 30-Day Notice

Federal Register / Vol. 90, No. 224 / Monday, November 24, 2025 / Notices
Act 16 and Rule 19b–4(f)(6) 17
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 will institute proceedings
to determine whether the proposed rule
change 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:
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–
CBOE–2025–070 on the subject line.
Paper Comments

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• 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–CBOE–2025–070. 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–CBOE–2025–070 and
should be submitted on or before
December 15, 2025.
16 15
17 17

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).

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18:50 Nov 21, 2025

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20685 Filed 11–21–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0410]

Agency Information Collection
Activities; Submission for OMB
Review;
Comment Request; Extension: Rules
17h–1T and 17h–2T
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 (SEC or
‘‘Commission’’) is submitting to the
Office of Management and Budget
(‘‘OMB’’) this request for an extension of
the proposed collection of information
in Rules 17h–1T and 17h–2T.
Rule 17h–1T requires a covered
broker-dealer to maintain and preserve
records and other information
concerning certain entities that are
associated with the broker-dealer. This
requirement extends to the financial and
securities activities of the holding
company, affiliates and subsidiaries of
the broker-dealer that are reasonably
likely to have a material impact on the
financial or operational condition of the
broker-dealer. Rule 17h–2T requires a
covered broker-dealer to file with the
Commission quarterly reports and a
cumulative year-end report concerning
the information required to be
maintained and preserved under Rule
17h–1T.
The collection of information required
by Rules 17h–1T and 17h–2T,
collectively referred to as the ‘‘risk
assessment rules’’, is mandatory and is
necessary to enable the Commission to
monitor the activities of a broker-dealer
affiliate whose business activities are
reasonably likely to have a material
impact on the financial and operational
condition of the broker-dealer. Without
this information, the Commission would
be unable to assess the potentially
damaging impact of the affiliate’s
activities on the broker-dealer.
There are currently 238 respondents
that must comply with Rules 17h–1T
18 17

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and 17h–2T. Each of these 238
respondents are estimated to require 10
hours per year to maintain the records
required under Rule 17h–1T, for an
aggregate estimated annual burden of
2,380 hours (238 respondents ¥ 10
hours). In addition, each of these 238
respondents must make five annual
responses under Rule 17h–2T. These
five responses are estimated to require
14 hours per respondent per year for an
aggregate estimated annual burden of
3,332 hours (238 respondents × 14
hours).
In addition, new respondents must
draft an organizational chart required
under Rule 17h–1T and establish a
system for complying with the risk
assessment rules. The staff estimates
that drafting the required organizational
chart requires one hour and establishing
a system for complying with the risk
assessment rules requires three hours.
Based on the reduction in the number
of filers in recent years, the staff
estimates there will be four new
respondents, and thus, a corresponding
estimated burden of four hours for new
respondents.
In addition, the Commission adopted
amendments in 2024 that require
broker-dealers subject to Rule 17h–2T to
file Form 17h–2T electronically on
EDGAR and that would require a
portion of the form to be filed using
Inline XBRL. Thus, the Commission
estimates an average additional burden
of 2 hour per response four times a year
(quarterly) for 238 respondents,
resulting in a total industrywide burden
of 1,904 hours 1 per year for Form 17–
H filers to structure their financial
statements (Item 4 of Form 17–H) in
Inline XBRL. The total compliance
burden per year is approximately 7,620
burden hours (2,380 hours + 3,332
hours + 4 hours + 1,904 hours).2
On September 12, 2025, the
Commission published a Federal
Register notice with a 60-day comment
period soliciting comments on this
collection of information. One comment
letter was received. The comment letter
supports the Commission’s recent
extension of the compliance date for the
2024 amendments and agrees with the
collection of data in Inline XBRL format.
The comment letter does not discuss the
estimated burdens for the collection of
respondents × 8 hours = 1,904 hours.)
Commission recently extended the
compliance date for certain of the 2024 rule
amendments by twelve months. See Extension of
Compliance Dates for Electronic Submission of
Certain Materials Under the Securities Exchange
Act of 1934; Amendments Regarding the FOCUS
Report; SEC Release Nos. 33–11386; 34–103877; IC–
35738; (Sept. 8, 2025); 90 FR 43552 (Sept. 10, 2025)
(File No. S7–08–23).
1 (238
2 The

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Federal Register / Vol. 90, No. 224 / Monday, November 24, 2025 / Notices

information, and changes were not
made to the estimated burdens in
connection with the comment letter.3
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=202509-3235-002
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 26, 2025.
Dated: November 20, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20739 Filed 11–21–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104229; File No. SR–BX–
2025–023]

Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To amend Rule Equity 7,
Section 115 To Establish Port and
Disaster Recovery Fees for CORE FIX
Order Entry Ports, Amend Rule Equity
7, Section 130 To Waive the BX Testing
Facility Fee for CORE FIX Entry Ports,
and Amend the Language in Sections
of 115 and 130 To Remove the
Temporary Fee Waiver Language
Pertaining to OUCH 5.0

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November 19, 2025.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
September 25, 2025, Nasdaq BX, Inc.
(‘‘BX’’ or ‘‘Exchange’’) 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.
3 Letter from Campbell Pryde, XBRL US,
November 12, 2025.
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.

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18:50 Nov 21, 2025

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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to (1) amend
Rule Equity 7, Section 115 (Ports and
Services) to establish port and disaster
recovery fees for newly added CORE
FIX Order entry ports and to make a
non-substantive change to add a symbol
that was inadvertently removed from
this section, (2) amend Rule Equity 7,
Section 130 (Other Services) to waive
the BX testing facility fee for the newly
added CORE FIX entry ports, and (3)
amend the language in Sections of 115
and 130 to remove the temporary fee
waiver language pertaining to OUCH
5.0, as described further below.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/bx/rulefilings, and at the
principal office of the Exchange.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and the
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange recently established
CORE FIX, a new Order 4 entry protocol
4 See Securities Exchange Act Release No.
103891(Sept. 5, 2025), 90 FR 43705 (Sept. 10, 2025)
(SR–BX–2025–017). The term ‘‘Order’’ means an
instruction to trade a specified number of shares in
a specified System Security submitted to the
System by a Participant. 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
Exchange Book when submitted to the System. 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 Exchange
Book when submitted to the System. The available
Order Types and Order Attributes, and the Order
Attributes that may be associated with particular
Order Types, are described in Rules 4702 and 4703.
One or more Order Attributes may be assigned to
a single Order; provided, however, that if the use
of multiple Order Attributes would provide
contradictory instructions to an Order, the System
will reject the Order or remove non-conforming
Order Attributes. See Equity 1, Section 1(a)(11).

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that will cater to the customer segment
that currently uses FIX but does not
have a need for its routing capabilities.5
CORE FIX will utilize the same
standardized protocol as FIX but
eliminate the intricate RASH-based
software layer that provides for Order
routing functionality. Currently, BX
charges a $500/port/month port fee and
a $25/port/month disaster recovery port
fee for similar Order entry protocols
such as OUCH and RASH.6
The Exchange proposes to amend
Equity 7, Section 115 to adopt a fee of
$500/port/month and a disaster
recovery port fee of $25/port/month for
the newly added CORE FIX order
protocol, which is similar to other
current port fees. Additionally, the
Exchange proposes a 30-day waiver of
the CORE FIX production port fee for up
to five (5) newly added CORE FIX ports.
The fee waiver would be offered for a
three-month period, beginning on the
date when CORE FIX first becomes
available on the Exchange, which such
date the Exchange shall announce in an
Equity Trader Alert. At the end of the
three-month period, users would no
longer be eligible for the waiver. A user
may only receive the 30-day waiver
once per port (up to a maximum of five
ports) within the three-month window.
The Exchange proposes to offer this
temporary waiver to encourage new,
prospective customers to adopt, and
returning customers to utilize, the CORE
FIX Order entry protocol.
The Exchange also proposes to amend
Equity 7, Section 130 to provide a 30day waiver for the $300 Testing Facility
fee in Section 130(d)(1) for up to five 7
newly added CORE FIX Testing Facility
ports. This fee waiver would be offered
for a three-month period, beginning on
5 The CORE FIX Order entry protocol is a
proprietary protocol that allows subscribers that do
not utilize routing strategies to gain faster direct
access to quickly enter orders into the System and
receive executions. CORE FIX accepts limit Orders
from members, and if there are matching Orders,
they will execute. Nonmatching Orders are added
to the Limit Order Book, a database of available
limit Orders, where they are matched in price-time
priority. CORE FIX only provides a method for
members to send Orders and receive status updates
on those Orders.
6 The OUCH Order entry protocol is a proprietary
protocol that allows members to enter, replace, and
cancel orders and receive executions. OUCH is
intended to allow participants and their software
developers to integrate NASDAQ into their
proprietary trading systems or to build custom front
ends. The RASH (Routing and Special Handling)
Order entry protocol is a proprietary protocol that
allows members to enter Orders, cancel existing
Orders and receive executions. RASH allows
participants to use advanced functionality,
including discretion, random reserve, pegging and
routing. See https://www.nasdaqtrader.com/
Trader.aspx?id=rash.
7 The fee waiver is limited to a maximum of five
CORE FIX ports per CRD membership.

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