Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 188 / Wednesday, October 1, 2025 / Notices
believes from discussions with several
Users that such a deposit requirement
would dissuade Users from submitting
such inflated orders for power.
The Exchange believes that increasing
the deposit requirement to six months
from two months for orders more than
32 kW is the best way to meet the goals
of the Ordering Window procedure
while dissuading certain Users’
opportunistic ordering behavior. In
addition, the proposal would have no
impact on Users ordering less than 32
kW of power, whose deposit
requirement would not change and who
would continue to be allocated power in
‘‘Step 2’’ of the allocation procedure,
before any orders larger than 32 kW are
considered. The Exchange’s proposal is
thus specifically tailored to dissuade
Users from submitting orders for
significantly more power than their
actual desired amounts.
The proposed rule change would
protect investors and the public interest
in that it would provide the Exchange
with more accurate insight into Users’
true power requirements. It is in the
public interest for the Exchange to take
User demand into account and to make
reasoned, informed decisions about
whether and how to expand the MDC.
At the same time, there would be no
change to the use of the deposit: it
would continue to be applied to the
User’s first and subsequent months’
invoices after the power is delivered
until it is completely depleted. If the
User withdraws its order during the
Ordering Window, the deposit will be
returned. Accordingly, a User would
continue to benefit from the deposit.
The proposed rule change provides
for the equitable allocation of reasonable
dues, fees, and other charges among its
members, issuers and other persons
using its facilities and is not designed to
permit unfair discrimination between
customers, issuers, brokers, or dealers.
The proposed change is not targeted at,
or expected to be limited in
applicability to, market participants of
any specific type or size. Rather, the
proposed change would apply equally
to any User ordering more than 32 kW
of power during an Ordering Window.
Users with more modest power needs
would not be disadvantaged by the
proposed change. This proposal would
not change the deposit requirement for
Users finalizing orders during the
Ordering Window of 32 kW or less. Nor
would this proposal change the fact that
in ‘‘Step 2,’’ each User that finalized an
order during the Ordering Window
would be allocated up to 32 kW of
power (subject to sufficient power being
available) before any User’s order for
more than 32 kW would be filled.

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For all these reasons, the Exchange
believes that the proposal is consistent
with the Act.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
In accordance with Section 6(b)(8) of
the Act, the Exchange believes that the
proposed rule change will not impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
proposed rule change would increase
the deposit requirement for orders for
more than 32 kW submitted during an
Ordering Window in order to mitigate
the opportunistic behavior of Users
ordering significantly more power than
their actual desired amounts. The
Exchange does not expect the proposed
rule change to impact intra-market or
intermarket competition between
exchanges, Users, or any other market
participants.
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.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Pursuant to Section 19(b)(3)(A)(ii) of
the Act,9 and Rule 19b–4(f)(2)
thereunder 10 the Exchange has
designated this proposal as establishing
or changing a due, fee, or other charge
imposed on any person, whether or not
the person is a member of the selfregulatory organization, which renders
the proposed rule change effective upon
filing. 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.
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:
9 15

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

10 17

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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–
NYSENAT–2025–22 on the subject line.
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–NYSENAT–2025–22. 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–NYSENAT–2025–22
and should be submitted on or before
October 22, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–19183 Filed 9–30–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0767]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
204–5
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
11 17

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CFR 200.30–3(a)(12).

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Federal Register / Vol. 90, No. 188 / Wednesday, October 1, 2025 / Notices

plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
The title for the collection of
information is: ‘‘Rule 204–5 under the
Investment Advisers Act of 1940.’’ Rule
204–5 requires an investment adviser to
deliver an electronic or paper version of
the relationship summary to each retail
investor before or at the time the adviser
enters into an investment advisory
contract with the retail investor. The
purpose of the relationship summary is
to assist retail investors in making an
informed choice when choosing an
investment firm and professional, and
type of account. Retail investors can use
the information required in the
relationship summary to determine
whether to hire or retain an investment
adviser, as well as what types of
accounts and services are appropriate
for their needs.
We estimate the total collection of
information burden for rule 204–5 to be
1,241,670 annual aggregate hours per
year, or 124 hours per respondent, for a
total annual aggregate monetized cost of
$95,678,622, or $9,520 per adviser.
The likely respondents to this
information collection are
approximately 10,050 investment
advisers registered with the Commission
that are required to deliver a
relationship summary to retail investors
pursuant to rule 204–5. We also note
that these figures include the 291
registered broker-dealers that are dually
registered as investment advisers.
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@

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sec.gov by December 1, 2025. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.

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.

Dated: September 29, 2025.
Sherry R. Haywood,
Assistant Secretary.

A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change

[FR Doc. 2025–19196 Filed 9–30–25; 8:45 am]
BILLING CODE 8011–01–P

1. Purpose

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104107; File No. SR–ISE–
2025–30]

Self-Regulatory Organizations; Nasdaq
ISE, LLC; Notice of Filing of Proposed
Rule Change To Adopt Listing Criteria
for Options on a Commodity-Based
Trust That Holds Multiple Crypto
Assets
September 26, 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 26, 2025, Nasdaq ISE, LLC
(‘‘ISE’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘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
Options 4, Section 3, Criteria for
Underlying Securities, to adopt a listing
criteria for options on a CommodityBased Trust that holds multiple crypto
assets.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/ise/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
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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The Exchange proposes to amend its
listing rules at ISE Options 4, Section 3,
Criteria for Underlying Securities.
Specifically, the Exchange proposes to
amend the criteria for listing options on
Exchange-Traded Fund Shares (‘‘ETFs’’)
at Options 4, Section 3(h).
The Exchange proposes to amend
Options 4, Section 3 to adopt new
listing criteria in subparagraph (h)(vii)
to permit the listing and trading of
options on a Commodity-Based Trust
that meet the generic criteria of The
Nasdaq Stock Market LLC (‘‘Nasdaq’’)
Rule 5711(d),3 except that the
Commodity-Based Trust holds multiple
crypto assets.4 The Exchange proposes
to amend Options 4, Section 3(h) to
3 Nasdaq Rule 5711(d) permits the listing and
trading of certain qualifying exchange-traded
products that physically hold commodities like
precious metals and digital asset commodities on
the Exchange. Pursuant to Nasdaq Rule 5711(d), the
term ‘‘Commodity-Based Trust Shares’’ means a
security that: (1) is issued by a trust, limited
liability company, partnership, or other similar
entity (‘‘Trust’’) that, if applicable, is operated by
a registered commodity pool operator pursuant to
the Commodity Exchange Act, and is not registered
as an investment company pursuant to the
Investment Company Act of 1940, or series or class
thereof; (2) is designed to reflect the performance
of one or more reference assets or an index of
reference assets, less expenses and other liabilities;
(3) in order to reflect the performance as provided
in (d)(iii)(A)(2) above, is issued by a Trust that
holds (a) one or more commodities or commoditybased assets as defined in (d)(iii)(C) below, and (b)
in addition to such commodities or commoditybased assets, may hold securities, cash, and cash
equivalents; (4) is issued by such Trust in a
specified aggregate minimum number in return for
a deposit of (a) a specified quantity of the
underlying commodities, commodity-based assets,
securities, cash, and/or cash equivalents, or (b) a
cash amount with a value based on the next
determined net asset value per Trust share; and (5)
when aggregated in the same specified minimum
number, may be redeemed at a holder’s request by
such Trust which will deliver to the redeeming
holder (a) the specified quantity of the underlying
commodities, commodity-based assets, securities,
cash, and/or cash equivalents, or (b) a cash amount
with a value based on the next determined net asset
value per Trust share.
4 For purposes of this rule the term ‘‘crypto asset’’
means an asset that is generated, issued and/or
transferred using a blockchain or similar
distributive ledger technology network, including
but not limited to, assets known as ‘‘tokens,’’
‘‘digital assets,’’ ‘‘virtual currencies,’’ and ‘‘coins’’
and that relies on cryptographic protocols. See
definition at proposed Options 4, Section 3(h)(4).

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