Federal Register 30-Day Notice

56216

Federal Register / Vol. 90, No. 232 / Friday, December 5, 2025 / Notices

interest because it will allow the
exception to permit Market Makers to
facilitate closing transaction of other
market participants in classes that will
be delisted by the Exchange to be
implemented without delay. The
Exchange further notes that the
proposed change is consistent with the
rules of other options exchanges.16 The
Commission does not believe the
proposal raises any new or novel
regulatory issues. Therefore, the
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission hereby waives the 30-day
operative delay and designates the
proposed rule change as operative upon
filing.17
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 shall institute proceedings
to determine whether the proposed rule
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:

lotter on DSK11XQN23PROD with NOTICES1

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–
BOX–2025–31 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–BOX–2025–31. 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
16 See

supra note 8.
purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
17 For

VerDate Sep<11>2014

17:37 Dec 04, 2025

Jkt 268001

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–BOX–2025–31 and
should be submitted on or before
December 26, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21984 Filed 12–4–25; 8:45 am]
BILLING CODE 8011–01–P

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

Agency Information Collection
Activities; Submission for OMB
Review; 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’’) has submitted to the
Office of Management and Budget a
request for extension of the previously
approved collection of information
discussed below.
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.
The requirements of this collection of
information are mandatory. Responses
will not be kept confidential. 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=202509-3235-011
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
January 5, 2026.
Dated: December 2, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21976 Filed 12–4–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104282; File No. SR–BX–
2025–028]

Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Proposal To Delay
Introduction of BX OTTO
December 2, 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 November
19, 2025, Nasdaq BX, Inc. (‘‘BX’’ 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
1 15

18 17

PO 00000

CFR 200.30–3(a)(12), (59).

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

05DEN1