Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 222 / Thursday, November 20, 2025 / Notices
II. Rule 601(a)

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 4–757 and should be
submitted on or before December 11,
2025.

1. Equity Securities and Nasdaq
Securities for Which Transaction
Reports Shall Be Required by the Plan
Not applicable.
2. Reporting Requirements
Not applicable.
3. Manner of Collecting, Processing,
Sequencing, Making Available and
Disseminating Last Sale Information
Not applicable.

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.

4. Manner of Consolidation
Not applicable.

[FR Doc. 2025–20389 Filed 11–19–25; 8:45 am]

5. Standards and Methods Ensuring
Promptness, Accuracy and
Completeness of Transaction Reports
Not applicable.

BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION

6. Rules and Procedures Addressed to
Fraudulent or Manipulative
Dissemination
Not applicable.

[OMB Control No. 3235–0012]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
15b1–1 and Form BD

7. Terms of Access to Transaction
Reports
Not applicable.
8. Identification of Marketplace of
Execution
Not applicable.
III. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed
Amendment is consistent with the Act.
Comments may be submitted by any of
the following methods:

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Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number
4–757 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 4–757. 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 (http://www.sec.gov/rules/
sro.shtml). Copies of the filing will be
available for inspection and copying at
the principal offices of the Members. Do

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19:07 Nov 19, 2025

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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.) (‘‘PRA’’), the
Securities and Exchange Commission
(‘‘SEC’’ or ‘‘Commission’’) is soliciting
comments on the proposed collection of
information provided for in Rule 15b1–
1 (17 CFR 240.15b1–1) and Form BD (17
CFR 249.501) under the Securities
Exchange Act of 1934 (17 U.S.C. 78a et
seq.) (‘‘Exchange Act’’).
Under the Exchange Act, brokerdealers must register with Commission.
Exchange Act Section 15(a)(1) provides
that it is unlawful for broker-dealers to
solicit or effect transactions in most
securities unless they are registered as
broker-dealers with the Commission
pursuant to Exchange Act Section 15(b).
Exchange Act Section 15B(a)(1) also
provides that it is unlawful for
municipal securities dealers, other than
registered broker-dealers, to solicit or
effect transactions in municipal
securities unless they are registered
with the Commission as municipal
securities dealers pursuant to Exchange
Act Section 15B(a)(2). In addition,
Exchange Act Section 15C(a)(1)
provides that it is unlawful for
government securities broker-dealers,
other than registered broker-dealers and
6 17

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CFR 200.30–3(a)(85).

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certain financial institutions, to solicit
or effect transactions in government
securities unless they are registered as
government securities broker-dealers
with the Commission pursuant to
Exchange Act Section 15C(a)(2).
Exchange Act Sections 15(b)(1) and
(2) authorize the Commission to
prescribe by rule an application form for
registration that contains such
information about broker-dealers that is
necessary or appropriate in the public
interest or for the protection of
investors. Exchange Act Section 17(a)(1)
authorizes the Commission to require
registered broker-dealers and registered
municipal securities dealers to make
and file such reports as the Commission
determines as necessary or appropriate
in the public interest or for the
protection of investors.
To implement these provisions, the
Commission adopted Rule 15b1–1 and
Form BD. Form BD is the uniform
application for broker-dealer
registration. Form BD requires the
applicant or registrant filing the form to
provide the Commission with certain
information concerning the nature of its
business and the background of its
principals, controlling persons, and
employees. Form BD is designed to
permit the Commission to determine
whether the applicant meets the
statutory requirements to engage in the
securities business. In addition, Form
BD is used to change information
contained in a previous Form BD filing
that becomes inaccurate.
The total industry-wide annual time
burden imposed by Form BD is
approximately 3,547 hours, based on
approximately 9,481 responses (160
initial filings + 9,321 amendments).
Each initial application filed on Form
BD requires approximately 2.75 hours to
complete and each amended Form BD
requires approximately 20 minutes to
complete. (160 × 2.75 hours = 440
hours; 9,321 × 0.33333333 hours = 3,107
hours; 440 hours + 3,107 hours = 3,547
hours). The staff believes that a brokerdealer would have a Compliance
Manager complete and file both
applications and amendments on Form
BD at a cost of approximately $385/
hour. Consequently, the staff estimates
that the total internal cost of compliance
associated with the annual time burden
is approximately $1,365,595 per year
($385 × 3,547).
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

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Federal Register / Vol. 90, No. 222 / Thursday, November 20, 2025 / Notices

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 comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 and
send it by email to
[email protected] within
60 days of publication of this notice, by
January 20, 2026.
Dated: November 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20360 Filed 11–19–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104191; File No. SR–
CboeBYX–2025–030]

Self-Regulatory Organizations; Cboe
BYX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend
Exchange Rule 11.10, Units of Trading,
To Conform With the Amendment to
the Definition of Round Lot Under Rule
600 of Regulation NMS

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November 17, 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 30, 2025, Cboe BYX
Exchange, Inc. (‘‘Exchange’’ or ‘‘BYX’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
change pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).

19:07 Nov 19, 2025

I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BYX Exchange, Inc. (‘‘BYX’’ or
the ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(the ‘‘Commission’’) a proposed rule
change to amend Exchange Rule 11.10,
Units of Trading, to conform with the
amendment to the definition of round
lot under Rule 600 of Regulation NMS
recently approved by the Commission.5
The Exchange also proposes to make a
conforming, non-substantive change to
Exchange Rule 11.8(d)(1), Continuous,
Two-Sided Quote Obligation. The text
of the proposed rule changes is 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/equities/
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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend
Exchange Rule 11.10, Units of Trading,
to conform with the definition of round
lot under Rule 600 of the Regulation
NMS that is to be implemented in
November 2025.6 The Exchange also
proposes to make a conforming, nonsubstantive change to Exchange Rule
11.8(d)(1), Continuous, Two-Sided
Quote Obligation.
In 2020, the Commission adopted
amendments to Regulation NMS to
modernize the NMS information
5 See Securities Exchange Act Release No. 101070
(September 18, 2024), 89 FR 81620 (October 8,
2024) (S7–30–22).
6 See supra note 5.

2 17

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solicit comments on the proposed rule
change from interested persons.

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provided within the national market
system for the benefit of market
participants and to better achieve
Section 11A’s goals of assuring ‘‘the
availability to brokers, dealers, and
investors of information with respect to
quotations for and transactions in
securities that is prompt, accurate,
reliable, and fair’’ (‘‘MDI Rules’’).7
These changes included an amendment
to Rule 600 of Regulation NMS to
include a definition of ‘‘round lot’’ that
assigns each NMS stock to a round lot
size based on the stock’s average closing
price.8 Prior to this change, a ‘‘round
lot’’ was not defined in the Act or
Regulation NMS. The definition of a
‘‘round lot’’ was included in the rules of
the individual exchanges, including
Exchange Rule 11.10, which defined a
‘‘round lot’’ as one hundred shares.
On September 18, 2024, the
Commission accelerated the
implementation of the round lot
definition.9 The Commission also
revised the round lot definition as set
forth below.10 Rule 600(b)(93) of
Regulation NMS, as adopted by the MDI
Rules and as amended in 2024,11
defines a round lot for NMS stocks 12
that have an average closing price on the
primary listing exchange during the
prior Evaluation Period 13 of: ‘‘(1)
$250.00 or less per share as 100 shares;
(2) $250.01 to $1,000.00 per share as 40
shares; (3) $1,000.01 to $10,000.00 per
share as 10 shares; and (4) $10,000.01 or
more per share as 1 share.’’ 14 For any
security that becomes an NMS Stock
during an operative period, as described
in Rule 600(b)(93)(iv),15 a round lot is
100 shares. Adjustments to the round lot
size for a security will occur on a
7 See Securities Exchange Act Release No. 90610
(December 9, 2020), 86 FR 18596 (April 9, 2021)
(‘‘MDI Adopting Release’’).
8 See id.
9 See supra note 5.
10 See supra note 5.
11 See supra note 5.
12 ‘‘NMS stock’’ is defined under Regulation NMS
as any NMS security other than an option. 17 CFR
242.600(b)(65).
13 Rule 600(b)(93)(iii) of Regulation NMS defines
the Evaluation Period as ‘‘(A) all trading days in
March for the round lot assigned on the first
business day in May and (B) all trading days in
September for the round lot assigned on the first
business day of November during which the average
closing price of an NMS stock on the primary listing
exchange shall be measured by the primary listing
exchange to determine the round lot for each NMS
stock.’’
14 See supra note 5.
15 Pursuant to Rule 600(b)(93)(iv) of Regulation
NMS the round lot assigned under the section
‘‘shall be operative on (A) the first business day of
May for the March Evaluation Period and continue
through the last business day of October of the
calendar year, and (B) the first business day of
November for the September Evaluation Period and
continue through the last business day of April of
the next calendar year.’’

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