Federal Register 60-Day Notice

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

and should be submitted on or before
December 19, 2025.

SECURITIES AND EXCHANGE
COMMISSION

V. Accelerated Approval of Proposed
Rule Change, as Modified by
Amendment No. 2

[OMB Control No. 3235–0444]

The Commission finds good cause to
approve the proposed rule change, as
modified by Amendment No. 2, prior to
the 30th day after the date of
publication of Amendment No. 2 in the
Federal Register. Amendment No. 2
reflects the Commission’s grant of the
Multi-Class Fund Exemptive Relief and
provides additional clarity with respect
to the application of the Exchange’s
proposed listing standards and the
requirements of the Multi-Class Fund
Exemptive Relief. Amendment No. 2
also makes certain additional
corrections that are minor and technical
in nature. In addition, the proposal, as
modified by Amendment No. 1, has
been subject to public comment and no
comments have been received.
The Commission finds that
Amendment No. 2 to the proposed rule
change raises no novel regulatory issues
that have not previously been subject to
comment, and is reasonably designed,
among other things, to prevent
fraudulent and manipulative acts and
practices, to remove impediments to
and perfect the mechanism of a free and
open market, and, in general, to protect
investors and the public interest. The
Commission also finds that Amendment
No. 2 to the proposed rule change is
consistent with Section 11A(a)(1)(C)(iii)
of the Act.67 Accordingly, pursuant to
Section 19(b)(2) of the Act,68 the
Commission finds good cause to
approve the proposed rule change, as
modified by Amendment No. 2, on an
accelerated basis.
VI. Conclusion

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It is therefore ordered, pursuant to
Section 19(b)(2) of the Act,69 that the
proposed rule change (SR–NYSEARCA–
2025–39), as modified by Amendment
No. 2, be, and it hereby is, approved on
an accelerated basis.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.70
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21405 Filed 11–26–25; 8:45 am]
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67 See
68 15

supra note 36 and accompanying text.
U.S.C. 78s(b)(2).

69 Id.
70 17

CFR 200.30–3(a)(12).

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Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
10b–10
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 10b–10
(17 CFR 240.10b–10) under the
Securities and Exchange Act of 1934 (15
U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 10b–10 requires broker-dealers
to disclose specified information to
customers regarding their securities
transactions. The information required
by the rule includes the date and time
of the transaction, the identity and
number of shares bought or sold, and
whether the broker-dealer acts as agent
for the customer or as principal for its
own account. In addition, depending on
whether the broker-dealer acts as agent
for the customer or as principal for its
own account, the rule requires the
disclosure of commissions and, under
specified circumstances, mark-up and
mark-down information. For
transactions in debt securities (other
than U.S. savings bonds and municipal
securities) the rule requires the
disclosure of redemption and yield
information. For transactions in
securities futures products in a futures
account, the rule permits the disclosure
of alternative information. This
alternative information includes: the
date the transaction was executed; the
identity and number of shares bought or
sold; the price, the delivery month, and
the exchange on which the transaction
was executed; the source and amount of
any remuneration received or to be
received by the broker-dealer in
connection with the transaction;
whether the broker receives payment for
order flow for such transactions; and the
fact that other specified information,
including whether the broker-dealer is
acting as agent or principal, will be
available upon written request. Rule
10b–10 also requires broker-dealers to

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inform their customers if they are not
members of the Securities Investor
Protection Corporation (‘‘SIPC’’).
The confirmation has long been a
customary document in the securities
industry, and it serves several functions,
which include: broker-dealers use it as
a billing statement; it serves as a
customer invoice; it informs customers
of the details of transactions and
facilitates their checking for errors or
misunderstandings; it provides
information that helps investors
evaluate the cost and quality of services
provided by broker-dealers; it discloses
conflicts of interest that may arise
between investors and broker-dealers;
and it safeguards against fraud by
helping customers detect problems with
transactions.
Rule 10b–10 potentially applies to all
the approximately 3,292 broker-dealers
that are registered with the Commission
and that effect transactions for or with
customers. Based on information
provided by registered broker-dealers to
the Commission in annual Form X–17a–
5 Schedule I FOCUS Reports filed from
January 1, 2022 to December 31, 2024,
the Commission staff estimates that on
average, registered broker-dealers
process approximately 36,202,574,610
order tickets per year for transactions for
or with customers. Each order ticket
representing a transaction effected for or
with a customer generally results in one
confirmation. Therefore, the
Commission staff estimates that
approximately 36,202,574,610
confirmations are sent to customers
annually. Based on information
provided by industry participants,
Commission staff estimates that it takes
approximately 30 seconds to generate
and send a confirmation. As a result, the
Commission staff estimates that the
annual burden to brokers-dealers to
comply with the confirmation delivery
requirements of Rule 10b–10 would be
approximately 301,688,122 hours
(36,202,574,610 confirmation × 0.5
minutes/confirmation × 1 hour/60
minutes).
Based on informal discussions with
securities industry representatives, as
well as representations made in requests
for exemptive and no-action letters,
Commission staff estimates that brokerdealers use electronic confirmations as
their sole confirmations for
approximately 35 percent of
transactions. Commission staff estimates
that broker-dealers continue to send
paper confirmations for the remaining
65 percent of transactions. Accordingly,
approximately 23,531,673,497 paper
confirmations are mailed to customers
each year (36,202,574,610 × 0.65) and
12,670,901,114 wholly electronic

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Federal Register / Vol. 90, No. 227 / Friday, November 28, 2025 / Notices
confirmations are sent each year
(36,202,574,610 × 0.35).
According to information provided by
industry participants, the Commission
staff estimates that the average cost for
a paper confirmation is 85 cents and the
average cost for a wholly electronic
confirmation is 40 cents. Accordingly,
the Commission staff estimates that the
total annual cost associated with
generating and mailing paper
confirmations is approximately
$20,001,922,473 (23,531,673,497 paper
confirmations × $0.85 per confirmation)
and the total annual cost associated
with generating and sending wholly
electronic confirmations is
approximately $5,068,360,446
(12,670,901,114 electronic
confirmations × $0.40 per confirmation).
Accordingly, Commission staff
estimates that the total annual cost
associated with generating and
delivering to investors the information
required under Rule 10b–10 is
approximately $25,070,282,919
($20,001,922,473 + $5,068,360,446).
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@
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.

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104244; File No. SR–
NYSENAT–2025–24]

Self-Regulatory Organizations; NYSE
National, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Its Schedule of
Fees and Rebates
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
September 30, 2025, NYSE National,
Inc. (‘‘NYSE National’’ or the
‘‘Exchange’’) 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.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend its
Schedule of Fees and Rebates (‘‘Fee
Schedule’’) to (1) eliminate the rebate
currently provided for non-tiered orders
removing liquidity in securities priced
at or above $1.00 that do not execute at
a price better than the contra-side
NBBO; and (2) add new Removing Tier
4. The proposed change is available on
the Exchange’s website at
www.nyse.com, at the principal office of
the Exchange, and at the Commission’s
Public Reference Room.
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
self-regulatory organization 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 those 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 parts of such
statements.

[FR Doc. 2025–21391 Filed 11–26–25; 8:45 am]

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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54829

A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to amend its
Schedule of Fees and Rebates (‘‘Fee
Schedule’’) to (1) eliminate the rebate
currently provided for non-tiered orders
removing liquidity in securities priced
at or above $1.00 that do not execute at
a price better than the contra-side
NBBO; and (2) add Removing Tier 4.
The proposed changes respond to the
current competitive environment where
order flow providers have a choice of
where to direct liquidity-providing and
liquidity-removing orders by offering
further incentives for ETP Holders to
send additional removing liquidity to
the Exchange.
The Exchange proposes to implement
the rule change on October 1, 2025.
Current Market and Competitive
Environment
The Exchange operates in a highly
competitive market. The Commission
has repeatedly expressed its preference
for competition over regulatory
intervention in determining prices,
products, and services in the securities
markets. Specifically, in Regulation
NMS, the Commission highlighted the
importance of market forces in
determining prices and SRO revenues
and, also recognized that current
regulation of the market system ‘‘has
been remarkably successful in
promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 3
As the Commission itself has
recognized, the market for trading
services in NMS stocks has become
‘‘more fragmented and competitive.’’ 4
Indeed, cash equity trading is currently
dispersed across 16 exchanges,5
numerous alternative trading systems,6
and numerous broker-dealer
internalizers and wholesalers, all
competing for order flow. Based on
publicly-available information, no
3 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005)
(S7–10–04) (Final Rule) (‘‘Regulation NMS’’).
4 See Securities Exchange Act Release No. 51808,
84FR 5202, 5253 (February 20, 2019) (File No. S7–
05–18) (Transaction Fee Pilot for NMS Stocks Final
Rule) (‘‘Transaction Fee Pilot’’).
5 See Cboe Global Markets, U.S. Equities Market
Volume Summary, available at http://
markets.cboe.com/us/equities/market_share/. See
generally https://www.sec.gov/fast-answers/
divisionsmarketregmrexchangesshtml.html.
6 See FINRA ATS Transparency Data, available at
https://otctransparency.finra.org/otctransparency/
AtsIssueData. A list of alternative trading systems
registered with the Commission is available at
https://www.sec.gov/foia/docs/atslist.htm.

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