Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 223 / Friday, November 21, 2025 / Notices

therefore, it does not impose a burden
on competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and
subparagraph (f)(6) of Rule 19b–4
thereunder.10
A proposed rule change filed under
Rule 19b–4(f)(6) 11 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b–4(f)(6)(iii),12 the
Commission may designate a shorter
time if such action is consistent with
protection of investors and the public
interest. The Exchange has asked the
Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waiving 30day operative delay is consistent with
the protection of investors and the
public interest because the proposal
seeks to amend the Exchange’s CAT
Compliance Rule to reflect the
requirement in the CAT NMS Plan that
industry members report for the original
receipt or origination of an order to sell
an equity security, whether the order is
for a short sale effected by a market
maker in connection with bona fide
market making activities in the security
for which the exception in Rule
203(b)(2)(iii) of Regulation SHO is
claimed.13 The proposal does not
introduce any novel regulatory issues.
Accordingly, the Commission
9 15

U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6) requires a self-regulatory organization to give
the Commission written notice of its intent to file
the proposed rule change at least five business days
prior to the date of filing of the proposed rule
change, or such shorter time as designated by the
Commission. The Exchange has satisfied this
requirement.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 See supra note 4.

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designates the proposed rule change to
be operative upon filing.14
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:
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–2025–26 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–2025–26. 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–BOX–2025–26 and
should be submitted on or before
December 12, 2025.
14 For purposes only of waiving the 30-day
operative delay, the Commission also has
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).

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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.15
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20535 Filed 11–20–25; 8:45 am]
BILLING CODE 8011–01–P

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

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Request for a New
OMB Control Number: Cost of AML/
CFT Compliance Survey
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. The collection of
information is in the form of a survey
and will seek information on Bank
Secrecy Act (‘‘BSA’’) 1 Anti-Money
Laundering (‘‘AML’’)/Countering the
Financing of Terrorism (‘‘CFT’’)
compliance costs and related topics.
The collection of information is
voluntary. The purpose of the collection
of information is to better understand
the cost of AML/CFT compliance for
entities registered with the Commission
that have AML/CFT obligations under
the BSA. The information collected will
help assess the cumulative impact of
BSA AML/CFT regulations and may
inform efforts to adjust regulatory
obligations and advance deregulatory
proposals consistent with the executive
orders of the Trump administration. The
data may also support the development
of deregulatory rulemakings or guidance
to reduce compliance burden without
compromising the effectiveness of
current AML/CFT frameworks. Subject
to the provisions of the Freedom of
Information Act, 5 U.S.C. 552, and the
Commission’s rules thereunder (17 CFR
200.80(b)(4)(iii)), the Commission will
not generally publish or make available
information contained in any reports,
summaries, analyses, letters, or
memoranda arising out of this
collection. As such, individual
responses to the survey will not be
made publicly available and will not be
15 17
1 31

CFR 200.30–3(a)(12) and (59).
U.S.C. 5311 et seq.

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Federal Register / Vol. 90, No. 223 / Friday, November 21, 2025 / Notices
used for examination or enforcement
purposes.
There are approximately 3,289
registered broker-dealers and 1,355
registered mutual funds. The staff
estimates that the average amount of
time necessary to complete the survey
will be eight hours. Each respondent
choosing to respond would only need to
complete the survey once. The total
burden, if all respondents reply, would
therefore be 37,152 hours.
Interested members of the public may
view the proposed survey on at the
following web page: https://
www.sec.gov/files/sec-bsa-aml-cftburden-survey.pdf.
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 20, 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 18, 2025.
Sherry R. Haywood,
Assistant Secretary.
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[FR Doc. 2025–20493 Filed 11–20–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104208; File No. SR–
PEARL–2025–46)]

Self-Regulatory Organizations: Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change by MIAX
PEARL, LLC To Amend the MIAX Pearl
Equities Fee Schedule
November 18, 2025.

Pursuant to the provisions of 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, MIAX PEARL,
LLC (‘‘MIAX Pearl’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) a
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 the
fee schedule (the ‘‘Fee Schedule’’)
applicable to MIAX Pearl Equities, an
equities trading facility of the Exchange,
to amend the following: (i) the standard
rebate for executions of orders in
securities priced at or above $1.00 per
share that add displayed liquidity to the
Exchange and update the corresponding
Liquidity Indicator Codes; (ii) the
standard rebate for executions of orders
in securities priced at or above $1.00 per
share that add non-displayed liquidity
to the Exchange and update the
corresponding Liquidity Indicator
Codes; (iii) the standard fee for
executions of orders in securities priced
at or above $1.00 per share that remove
liquidity from the Exchange and update
the corresponding Liquidity Indicator
Codes; (iv) the NBBO Setter Plus Table
(described below) to amend certain
volume thresholds and the standard and
enhanced rebates for executions of
orders in securities priced at or above
$1.00 per share that add displayed
liquidity to the Exchange; (v) the NBBO
Setter Additive Rebate under the NBBO
Setter Plus Program (described below);
and (vi) Note 3 of the NBBO Setter Plus
Table.
The text of the proposed rule change
is available on the Exchange’s website at
https://www.miaxglobal.com/markets/
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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us-options/pearl-options/rule-filings
and at MIAX Pearl’s principal office.
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 the
Fee Schedule to amend the following: (i)
the standard rebate 3 for executions of
orders in securities priced at or above
$1.00 per share that add displayed
liquidity to the Exchange (‘‘Added
Displayed Volume’’) across all Tapes
and update the corresponding Liquidity
Indicator Codes 4; (ii) the standard
rebate for executions of orders in
securities priced at or above $1.00 per
share that add non-displayed liquidity
to the Exchange (‘‘Added NonDisplayed Volume’’) and update the
corresponding Liquidity Indicator
Codes; (iii) the standard fee for
executions of orders in securities priced
at or above $1.00 per share that remove
liquidity from the Exchange and update
the corresponding Liquidity Indicator
Codes; (iv) the NBBO Setter Plus Table 5
to amend certain volume thresholds and
the standard and enhanced rebates for
executions of orders in securities priced
at or above $1.00 per share that add
displayed liquidity to the Exchange; (v)
the NBBO Setter Additive Rebate under
the NBBO Setter Plus Program (referred
to herein as the ‘‘NBBO Program’’); and
(vi) Note 3 of the NBBO Setter Plus
Table.
Proposal To Amend Standard Rebate for
Added Displayed Volume
The Exchange proposes to amend
Section 1)a) of the Fee Schedule to
amend the standard rebate for
executions of orders in securities priced
3 The Exchange notes that rebates are indicated by
parentheses in the Fee Schedule. See the General
Notes section of the Fee Schedule.
4 See, generally, Fee Schedule, Section (1)(b).
5 See, generally, Fee Schedule, Section (1)(c).

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