Federal Register 60-day Notice

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Federal Register / Vol. 91, No. 104 / Monday, June 1, 2026 / Notices

lotter on DSK8BHNXB4PROD with NOTICES1

and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
the Section 6(b)(5) 10 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the proposed rule
change is reasonable and would benefit
investors by providing clarity regarding
the method of calculation of fees
associated with mid-month
subscriptions and requests for ad-hoc
historical data for specific dates of any
of the Open-Close Data. Additionally,
the Exchange believes the proposed
addition of language clarifying that midmonth subscriptions and requests for
ad-hoc historical data will be pro-rated
is reasonable because the Exchange’s
affiliated exchange already has this
language in place,11 and its addition to
the Exchange’s fee schedule adds
consistency between the fee schedules
of the Exchange and its affiliate.
Additionally, The Exchange believes the
proposed change is equitable and not
unfairly discriminatory because the
proration of the fees would apply
equally to all users who choose to
purchase such data. The Exchange’s
proposed proration of fees would not
differentiate between subscribers that
purchase the data and would allow any
interested market participant to
purchase such data based on their
business needs.
Furthermore, the Exchange notes that
all of its Open-Close Data products are
entirely optional for market participants
to purchase. Indeed, no market
participant is required to purchase the
Open-Close Data products, and the
Exchange is not required to make the
Open-Close Data products available to
all investors. Rather, the Exchange is
voluntarily making the Open-Close Data
available. Potential purchasers may
request the data at any time if they
believe it to be valuable or may decline
to purchase such data.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. The
Exchange does not believe the proposed
fees would cause any unnecessary or
inappropriate burden on intermarket
competition because the proposed rule

change is aimed solely at adding
clarification and accuracy to the
Exchange’s Fee Schedule. Further, the
Exchange operates in a highly
competitive environment, and its ability
to price the reports is constrained by
competition among exchanges who
choose to adopt similar products. The
Exchange must consider this in its
pricing discipline in order to compete
for subscribers of the Exchange’s market
data via the reports. Finally, the
Exchange does not believe the proposed
rule change would cause any
unnecessary or inappropriate burden on
intramarket competition. Particularly,
the proposed fees apply uniformly to
any purchaser in that the Exchange does
not differentiate between the different
market participants that may purchase
the report.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 12 and paragraph (f) of Rule
19b–4 13 thereunder. 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 will institute proceedings
to determine whether the proposed rule
change 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–
C2–2026–016 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–C2–2026–016. 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–C2–2026–016 and
should be submitted on or before June
22, 2026.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026–10831 Filed 5–29–26; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0548]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
35d–1 Under the Investment Company
Act of 1940
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.
Section 35(d) of the Investment
Company Act of 1940 (‘‘Investment
Company Act’’) 1 prohibits a registered

10 Id.

12 15 U.S.C. 78s(b)(3)(A).

14 17 CFR 200.30–3(a)(12).

11 Supra note 4.

13 17 CFR 240.19b–4(f).

1 15 U.S.C. 80a–1 et seq.

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Federal Register / Vol. 91, No. 104 / Monday, June 1, 2026 / Notices
investment company from adopting as
part of the name or title of such
company, or of any securities of which
it is the issuer, any word or words that
the Commission finds are materially
deceptive or misleading and authorizes
the Commission, by rule, regulation, or
order, to define such names or titles as
are materially deceptive or misleading.2
Rule 35d–1 under the Investment
Company Act defines as ‘‘materially
deceptive and misleading’’ for purposes
of section 35(d), among other things, a
name suggesting that a registered
investment company or a business
development company (‘‘BDC’’),
including any series thereof (a ‘‘fund’’)
focuses its investments in a particular
type of investment or investments, a
particular industry or group of
industries, particular countries or
geographic regions, or investments that
have, or whose issuers have, particular
characteristics, unless, among other
things, the fund adopts a policy to
invest at least 80% of the value of its
assets in the type of investment
suggested by its name.3 The rule
imposes a similar 80% investment

policy requirement for funds that have
names suggesting that a fund’s
distributions are exempt from federal
income tax or from both federal and
state income tax (‘‘tax-exempt funds’’).
Rule 35d–1 requires either that (1) the
80% investment policy be fundamental
or, (2) generally in the case of funds
other than tax-exempt funds, registered
closed-end funds, and BDCs, that the
fund has adopted a policy to provide its
shareholders with at least 60 days prior
notice of any change in the investment
policy, or a change to the fund’s name
that accompanies the investment policy
change (‘‘notice to shareholders’’).4 The
rule further requires funds that adopt an
80% investment policy to maintain
written records documenting their
compliance with rule 35d–1, including
records of any notice sent to the fund’s
shareholders pursuant to the rule.5
These records must be retained for no
less than six years following the
creation of each required record (or, in
the case of notices, following the date
the notice was sent), the first two years
in an easily accessible place.
Rule 35d–1 is designed to address
certain broad categories of fund names

that, in the Commission’s view, are
likely to mislead an investor about a
fund’s investments and risks. The rule’s
provisions are intended to further that
goal. For example, the rule’s notice to
shareholders provision is designed to
ensure that when shareholders purchase
shares in a fund based, at least in part,
on its name, and with the expectation
that it will follow the investment policy
suggested by that name, they will have
sufficient time to decide whether to
redeem their shares in the event that the
fund decides to pursue a different
investment policy. The rule’s
recordkeeping requirements are
designed to help ensure compliance
with the rule’s requirements and aid in
oversight.
Rule 35d–1’s collection of information
requirements include, as detailed in
Table 1 below, the notice requirement
and recordkeeping requirements for
funds that are required to adopt an 80%
investment policy. Compliance with
these requirements is mandatory.
Responses to these requirements will
not be kept confidential.

TABLE 1—SUMMARY OF REVISED ANNUAL RESPONSES, BURDEN HOURS, AND MONETIZED ANNUAL TIME BURDEN
Annual number of responses
Currently
approved
(funds)

Revised
estimate
(funds)

Annual time burden (hours)

Change
(funds)

Currently
approved

Revised
estimate

Monetized annual time burden (dollars)
Change

Currently
approved

34

1 37

3

680

20 hours per notice 2 × 37 funds
= 740 hours.

60

3 $289,000

Rule 35d–1 Recordkeeping Requirement.

10,291

5 10,855

564

771,825

75 hours per fund 6
× 10,855 funds =
814,125 hours.

42,300

7 313,360,950

Total Time Burden
(hours) and
Monetized Annual Time Burden (dollars).

..................

..................

..................

772,505

814,865 hours ........

42,360

313,649,950

Rule 35d–1 Notice
Requirement.

Revised
estimate

Change

$750 4 × 20 hours =
$15,000 per fund.
$15,000 × 37
funds = $555,000.
$600 8 × 75 hours
per fund =
$45,000 per fund.
$45,000 × 10,855
funds =
$488,475,000.

175,114,050

$489,030,000 .........

175,380,050

$266,000

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1 The Commission estimates, across approximately 14,282 open-end and closed-end funds registered with the Commission (12,710 open-end management investment companies (Form N–1A filers), 707 closed-end management investment companies (Form N–2 filers not classified as BDCs), 693 UITs (Form N–4, N–6, N–8B–
2, and S–6 filers), and 172 BDCs (based on Form 10–K filings and related amendments), as of December 31, 2025) that approximately 76% of these funds, or approximately 10,855 funds, have names that would require an 80% investment policy. The Commission further estimates that 1% of these 10,855 funds, or approximately 109 funds, would within the next three years provide a notice to shareholders pursuant to rule 35d-1. Therefore, over the course of 3 years, the Commission
estimates that on average approximately 37 funds per year would provide a notice to shareholders under rule 35d–1.
2 The Commission continues to estimate, as under the currently-approved burden, a burden of 20 hours per notice.
3 The currently-approved cost burden was estimated as follows: 20 hours per notice × $425 (blended rate for attorneys) × 34 funds = $289,000.

2 15 U.S.C. 80a–34(d); see also Investment
Company Names, Investment Company Act Release
No. 35000 (Sept. 20, 2023) [88 FR 70436 (Oct. 27,
2023)] (adopting amendments to rule 35d–1).

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3 17 CFR 270.35d–1. A policy that a fund must
adopt under rule 35d–1 is referred to as an ‘‘80%
investment policy.’’

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4 17 CFR 270.35d–1(a)(2)(ii), (a)(3)(i), (d), (f).
5 17 CFR 270.35d–1(b)(3).

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Federal Register / Vol. 91, No. 104 / Monday, June 1, 2026 / Notices

4 We estimate $750 as follows: $744 rate for an attorney, rounded up for simplicity = $750. To calculate the occupational hourly rate used in the Commission’s current estimates, the Commission uses occupational mean hourly wage data from the Occupational Employment and Wage Statistics (OEWS) program of the Bureau of
Labor Statistics (BLS) for ‘‘Securities, Commodity Contracts, and Other Financial Investments and Related Activities’’ (NAICS 523). See Occupational Employment
and Wage Statistics, U.S. BUREAU OF LABOR STATISTICS, https://www.bls.gov/oes/; see also Standard Occupational Classification, U.S. BUREAU OF LABOR
STATISTICS, https://www.bls.gov/soc/ (describing occupational classification system used by BLS); EXEC. OFF. OF THE PRESIDENT, OFF. OF MGMT. & BUDGET,
NORTH AMERICAN INDUSTRY CLASSIFICATION SYSTEM (2022), available at https://www.census.gov/naics/reference_files_tools/2022_NAICS_Manual.pdf (describing the industry classification system used by BLS and other agencies). The mean hourly wage for each occupation is adjusted for changes in the seasonally adjusted employment cost index for private wages and salaries between the data reference period and when the data are released by BLS. See Employment Cost
Index, U.S. BUREAU OF LABOR STATISTICS, https://www.bls.gov/eci/. The adjusted mean hourly wage is then multiplied by a factor that accounts for nonwage
costs borne by employers, such as bonuses, benefits, and overhead. This factor is calculated as an average over the 10 most recently available years of data of the
ratio of the Bureau of Economic Analysis’s annual gross output data for NAICS 523 to total annual wages across all occupations for NAICS 523 in the OEWS data.
See Gross Output by Industry, U.S. BUREAU OF ECONOMIC ANALYSIS, https://www.bea.gov/data/industries/gross-output-by-industry; Occupational Employment
and Wage Statistics, U.S. BUREAU OF LABOR STATISTICS, https://www.bls.gov/oes/. The final product is the occupational hourly rate. See generally UPDATED
METHODOLOGY FOR CALCULATING OCCUPATIONAL HOURLY RATES (Dec. 19, 2025), available at https://www.sec.gov/files/method-occupational-hourlyrates.pdf.
5 We estimate that 10,855 funds have names that would require an 80% investment policy. See supra footnote 1 to Table 1.
6 The Commission continues to estimate, as under the currently-approved burden, an average annual burden of 75 hours associated with recordkeeping under rule
35d–1. This burden would be higher for new funds that would have to establish recordkeeping procedures, and lower for funds whose records (or a significant subset
of records) would be able to be automated.
7 The currently-approved cost burden was estimated as follows: 75 annual burden hours associated with recordkeeping × $406 (blended rate for compliance attorney and senior programmer) × 10,291 funds = $313,649,950.
8 We estimate $600 as follows: blended rate for an attorney ($744) and a computer programmer ($416) = $580, rounded up for simplicity = $600. See supra footnote 4 to Table 1 (discussing calculation of occupational hourly rates used in the Commission’s current estimates).

Cost burden is the external cost of
services purchased to comply with rule
35d–1, such as for the services of
computer programmers, outside
counsel, financial printers, and

advertising agencies. The cost burden
does not include the cost of the internal
hour burden discussed in Table 1 above.
We estimate a total annual external cost
burden to all respondents of $5,446,000

($18,500 (notice requirement) +
$5,427,500 (recordkeeping
requirement)), as detailed in Table 2
below.

TABLE 2—SUMMARY OF REVISED ANNUAL EXTERNAL COST BURDEN
[Purchase of services]
Annual number of responses
Currently
approved
(funds)

Revised
estimate
(funds)

Annual external cost burden (dollars)

Change
(funds)

Currently
approved

Revised
estimate

Change

2 $19,210

Rule 35d–1 Notice Requirement .......
Rule 35d–1 Recordkeeping Requirement.

34
10,291

4 10,855

3
564

5 5,814,415

$750 3 × 37 funds = $27,750 ............
$750 6 × 10,855 funds = $8,141,250

$8,540
2,326,835

Total External Cost Burden (dollars).

..................

..................

..................

5,833,625

$8,169,000 ........................................

2,335,375

1 37

1 See supra footnote 1 to Table 1.

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2 The currently-approved annual external cost burden was estimated as follows: $565 for 1 hour of external legal services x 34 funds =
$19,210.
3 We estimate $750 as follows: $744 rate for an attorney, rounded up for simplicity = $750. See supra footnote 4 to Table 1 (discussing calculation of occupational hourly rates used in the Commission’s current estimates).
4 See supra footnote 5 to Table 1.
5 The currently-approved annual external cost burden was estimated as follows: $565 for 1 hour of external legal services × 10,291 funds =
$5,814,415.
6 See supra footnote 3 to Table 2.

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

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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 July 28, 2026. There will be
a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.
Dated: May 27, 2026.
Sherry R. Haywood,
Assistant Secretary.

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–105563; File No. SR–
NYSEAMER–2026–43]

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Change of Amendments to the Rule
8000 and Rule 9000 Series
May 27, 2026.

Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on May 19,
2026, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed

[FR Doc. 2026–10820 Filed 5–29–26; 8:45 am]
1 15 U.S.C. 78s(b)(1).

BILLING CODE 8011–01–P

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2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.

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