Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 227 / Friday, November 28, 2025 / Notices

fees and rebates to remain competitive
with other exchanges and off-exchange
venues. Because competitors are free to
modify their own fees and rebates in
response, and because market
participants may readily adjust their
order routing practices, the Exchange
does not believe its proposed fee change
can impose any burden on intermarket
competition.
The Exchange believes that the
proposed change could promote
competition between the Exchange and
other execution venues, including those
that currently offer similar order types
and comparable transaction pricing, by
encouraging additional orders to be sent
to the Exchange for execution.
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,18 and Rule 19b–4(f)(2)
thereunder 19 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:

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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–2025–24 on the subject line.
18 15
19 17

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

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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–2025–24. 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–2025–24
and should be submitted on or before
December 19, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2025–21398 Filed 11–26–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0766]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
17a–14 and Form CRS
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 soliciting comments
on the proposed collection of
information provided for in Rule 17a–14
(17 CFR 240.17a–14) and Form CRS (17
CFR 249.640), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule 17a–14 and Form CRS require a
broker-dealer that offers services to
retail investors to prepare and file with
the Commission through WebCRD, post
20 17

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CFR 200.30–3(a)(12).

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to the broker-dealer’s website (if it has
one), and deliver to retail investors a
relationship summary. The relationship
summary can assist retail investors in
making an informed choice about
whether to hire or retain a broker-dealer,
as well as what types of accounts and
services are appropriate for their needs.
The information that must be
collected pursuant to Rule 17a–14 and
Form CRS is necessary to provide
broker-dealer retail customers,
prospective retail customers, and the
Commission with information about the
relationships and services the firm
offers to retail investors, fees and costs
that the retail investor will pay, specific
conflicts of interest and standards of
conduct, legal or disciplinary history,
and how to obtain additional
information about the firm. The
Commission uses the information to
manage its regulatory and examination
programs. Retail investors can use the
information required in the relationship
summary to determine whether to hire
or retain a broker-dealer, as well as what
types of accounts and services are
appropriate for their needs. The
information will therefore help establish
a framework that protects investors and
promotes efficiency, competition, and
capital formation.
The aggregate annual hour burden for
all respondents to comply with the
information collection requirements of
Rule 17a–14 and Form CRS is estimated
to be approximately 6,426,099 hours per
year. Under Rule 17a–14 and Form CRS,
respondents will also incur cost
burdens. The aggregate annual cost
burden for all respondents is estimated
to be approximately $142,554 per year.
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 comment
on this 60-Day Collection Notice to
Austin Gerig, Director/Chief Data

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Federal Register / Vol. 90, No. 227 / Friday, November 28, 2025 / Notices
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via
email to PaperworkReductionAct@
sec.gov by January 27, 2026. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: November 24, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21393 Filed 11–26–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104242; File No. SR–
CboeBZX–2025–142]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing of
a Proposed Rule Change To Amend
Rule 11.9(d) To Permit an Intermarket
Sweep Order Containing a Time-inForce Other Than IOC To Be Entered
as a Non-Displayed Order
November 24, 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
13, 2025, Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) 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
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.

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I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) proposes to
amend Rule 11.9(d) to permit an
Intermarket Sweep Order containing a
time-in-force other than IOC to be
entered as a Non-Displayed Order. The
Exchange also proposes to amend Rule
11.9(c)(11) and Rule 11.13(a)(4)(C)–(D)
in order to describe the behavior of NonDisplayed Orders. The text of the
proposed rule change is provided 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/
1 15
2 17

U.S.C. 78s(b)(1).
CFR 240.19b–4.

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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
As part of its suite of product
offerings, BZX currently offers Users the
ability to enter Intermarket Sweep
Orders (‘‘ISOs’’), which are limit orders
for an NMS stock that meet the
following requirements: (i) when routed
to a trading center, the limit order is
identified as an ISO; (ii) simultaneously
with the routing of the limit order
identified as an ISO, one or more
additional limit orders, as necessary, are
routed to execute against the full
displayed size of any protected bid, in
the case of a limit order to sell, or the
full displayed size of any protected
offer, in the case of a limit order to buy,
for the NMS stock with a price that is
superior to the limit price of the limit
order as identified as an ISO (and these
additional routed orders also must be
marked as ISOs).3 Currently, the
Exchange does not specify that ISOs
may be entered as Non-Displayed
Orders.4 Based on User 5 feedback, the
Exchange proposes to amend Rule
11.9(d) to permit ISOs entered with a
time-in-force other than Immediate or
Cancel (‘‘IOC’’) 6 to be entered as Non3 See

Regulation NMS Rule 600(a)(47).
Exchange Rule 11.9(c)(11). A ‘‘NonDisplayed Order’’ is a market or limit order that is
not displayed on the Exchange.
5 See Exchange Rule 1.5(cc). The term ‘‘User’’
shall mean any Member or Sponsored Participant
who is authorized to obtain access to the System
pursuant to Rule 11.3.
6 See Rule 11.9(b)(1). An Immediate-or-Cancel
Order is a limit order that is to be executed in whole
or in part as soon as such order is received. The
portion not executed immediately on the Exchange
or another trading center is treated as cancelled and
is not posted to the BZX Book. IOC limit orders that
are not designated as ‘‘BZX Only’’ and that cannot
be executed in accordance with Rule 11.13(a)(4) on
the System when reaching the Exchange will be
eligible for routing away pursuant to Rule 11.13(b).
4 See

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54833

Displayed Orders (‘‘Non-Displayed
ISOs’’). In conjunction with the
proposed amendment to Rule 11.9(d),
the Exchange also proposes to amend
Rule 11.9(c)(11) and Rule
11.13(a)(4)(C)–(D) in order to more
accurately describe the price at which a
Non-Displayed Order posts to the BZX
Book 7 and at what price a NonDisplayed Order may execute in certain
situations.
Intermarket Sweep Orders
The Exchange currently permits Users
to submit ISOs pursuant to Rule 11.9(d).
In order to be eligible for treatment as
an ISO, the limit order must be marked
ISO and the User entering the order
must simultaneously route one or more
additional limit orders marked ‘‘ISO,’’
as necessary, to away markets to execute
against the full displayed size of any
Protected Quotation 8 for the security
with a price that is superior to the limit
price of the ISO entered in the
System.9 10 Such orders, if they meet the
requirements of the foregoing sentence,
may be executed at one or multiple
price levels in the system without
regard to Protected Quotations at away
markets consistent with Regulation
NMS (i.e., may trade through such
quotations).11 The Exchange relies on
the marking of an order as an ISO order
when handling such order, and thus, it
is the entering Member’s responsibility,
not the Exchange’s responsibility, to
comply with the requirements of
Regulation NMS relation to ISOs.12 ISOs
are not eligible for routing pursuant to
Rule 11.13(b).13
The Exchange now proposes to add
language to Rule 11.9(d) that states that
an ISO may be entered as a displayed
order or as a Non-Displayed Order (a
‘‘Non-Displayed ISO’’). In addition, the
Exchange proposes to introduce Rule
11.9(d)(1) that permits a Non-Displayed
ISO entered with a time-in-force other
than IOC to be accepted at a price that
locks a Protected Quotation because the
non-displayed nature of the ISO allows
it to lock a Protected Quotation under
7 See Exchange Rule 1.5(e). The term ‘‘BZX Book’’
shall mean the System’s electronic file of orders.
8 See Rule 1.5(u). The term ‘‘Protected Quotation’’
shall mean a quotation that is a Protected Bid or
Protected Offer.
9 See Exchange Rule 11.9(d).
10 See Exchange Rule 1.5(aa). The term ‘‘System’’
shall mean the electronic communications and
trading facility designated by the Board through
which securities orders of Users are consolidated
for ranking, execution and, when applicable,
routing away.
11 Supra note 9.
12 Id.
13 Id.

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