Submission for OMB Review; Comment Request; Extension: Form 1-E, Regulation E, 95338-95339 [2024-28221]

Download as PDF 95338 Federal Register / Vol. 89, No. 231 / Monday, December 2, 2024 / Notices the Bitcoin Funds. The proposal also establishes position and exercise limits for options on the Bitcoin Funds and provides information regarding the surveillance procedures that will apply to Bitcoin Fund options. The Commission believes that waiver of the operative delay could benefit investors by providing an additional venue for trading Bitcoin Fund options. Therefore, the Commission believes that waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change as operative upon filing.85 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. submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also 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–SAPPHIRE–2024–37 and should be submitted on or before December 23, 2024. 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: For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.86 Vanessa A. Countryman, Secretary. ddrumheller on DSK120RN23PROD with NOTICES1 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– SAPPHIRE–2024–37 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–SAPPHIRE–2024–37. 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 85 For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). VerDate Sep<11>2014 18:25 Nov 29, 2024 Jkt 265001 [FR Doc. 2024–28115 Filed 11–29–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [SEC File No. 270–221, OMB Control No. 3235–0232] Submission for OMB Review; Comment Request; Extension: Form 1–E, Regulation E 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 (the ‘‘Commission’’) has submitted to the Office of Management and Budget a request for extension of the previously approved collection of information discussed below. Form 1–E (17 CFR 239.200) under the Securities Act of 1933 (15 U.S.C. 77a et seq.) (‘‘Securities Act’’) is the form that 86 17 PO 00000 CFR 200.30–3(a)(12), (59). Frm 00171 Fmt 4703 Sfmt 4703 a small business investment company (‘‘SBIC’’) or business development company (‘‘BDC’’) uses to notify the Commission that it is claiming an exemption under Regulation E from registering its securities under the Securities Act. Rule 605 of Regulation E (17 CFR 230.605) under the Securities Act requires an SBIC or BDC claiming such an exemption to file an offering circular with the Commission that must also be provided to persons to whom an offer is made. Form 1–E requires an issuer to provide the names and addresses of the issuer, its affiliates, directors, officers, and counsel; a description of events which would make the exemption unavailable; the jurisdictions in which the issuer intends to offer the securities; information about unregistered securities issued or sold by the issuer within one year before filing the notification on Form 1–E; information as to whether the issuer is presently offering or contemplating offering any other securities; and exhibits, including copies of the rule 605 offering circular and any underwriting contracts. The Commission uses the information provided in the notification on Form 1– E and the offering circular to determine whether an offering qualifies for the exemption under Regulation E. The Commission estimates that, each year, one issuer files two notifications on Form 1–E, together with offering circulars, with the Commission.1 Based on the Commission’s experience with disclosure documents, we estimate that the burden from compliance with Form 1–E and the offering circular requires approximately 100 hours per filing. The annual burden hours for compliance with Form 1–E and the offering circular would be 200 hours (2 responses × 100 hours per response). Estimates of the burden hours are made solely for the purposes of the PRA, and are not derived from a comprehensive or even a representative survey or study of the costs of SEC rules and forms. Compliance with the information collection requirements of the rules is necessary to obtain the benefit of relying on the rules. The information provided on Form 1–E and in the offering circular will not be kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it 1 According to Commission records, one issuer filed two notifications on Form 1–E, together with offering circulars, during 2013 and 2014. According to Commission records, during 2015, 2016, and 2017, one issuer filed seven notifications on Form 1–E, together with offering circulars; no Form 1–E has been filed with the Commission since 2017. E:\FR\FM\02DEN1.SGM 02DEN1 Federal Register / Vol. 89, No. 231 / Monday, December 2, 2024 / Notices displays a currently valid OMB control number. The 30-day public comment period for this information collection request opens on December 3, 2024 and closes on January 2, 2025. The public may view the full information request and submit comments at https:// www.reginfo.gov/public/do/ PRAViewICR?ref_nbr=202408-3235-029 or email comments to MBX.OMB.OIRA.SEC_desk_officer@ omb.eop.gov. Dated: November 26, 2024. Sherry R. Haywood, Assistant Secretary. A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change [FR Doc. 2024–28221 Filed 11–29–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101739; File No. SR–BOX– 2024–28] Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rules 3120 (Position Limits) and 5020 (Criteria for Underlying Securities) To Permit Options Trading on Bitcoin Funds November 25, 2024. 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 21, 2024, BOX Exchange LLC (‘‘Exchange’’ or ‘‘BOX Options’’) filed with the Securities and Exchange Commission (‘‘Commission’’) the proposed rule change as described in Items I and II 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. ddrumheller on DSK120RN23PROD with NOTICES1 I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to amend Rules 3120 (Position Limits), 5020 (Criteria for Underlying Securities) to permit options trading on Bitcoin Funds. Additionally, the Exchange proposes to amend Rule 5055 (FLEX Equity Options). The text of the proposed rule change is available from the principal office of the Exchange, at the Commission’s Public Reference Room and also on the Exchange’s internet website at https://rules.box exchange.com/rulefilings. 1 15 2 17 U.S.C. 78s(b)(1). CFR 240.19b–4. VerDate Sep<11>2014 18:25 Nov 29, 2024 Jkt 265001 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. 1. Purpose The Exchange proposes to amend Rules 3120 (Position Limits) and 5020 (Criteria for Underlying Securities) to permit options trading on Grayscale Bitcoin Trust (BTC) (the ‘‘Grayscale Fund’’ or ‘‘GBTC’’), the Grayscale Bitcoin Mini Trust BTC (the ‘‘Grayscale Mini Fund’’ or ‘‘BTC’’), and the Bitwise Bitcoin ETF (the ‘‘Bitwise Fund’’ or ‘‘BITB’’ and, collectively, the ‘‘Bitcoin Funds’’ or ‘‘Funds) on BOX. Additionally, the Exchange proposes to amend Rule 5055 (FLEX Equity Options). Specifically, the Exchange proposes to amend Rule 5020(h) to allow the Exchange to list and trade options on the following exchangetraded products: the Grayscale Fund, the Grayscale Mini Fund, and the Bitwise Fund.3 This is a competitive filing that is based on a proposal recently submitted by NYSE American LLC (‘‘NYSE American’’) and approved by the Commission.4 3 See proposed Rule 5020(h). On January 11, 2024, GBTC and BITB began trading on NYSE Arca, Inc. (‘‘NYSE Arca’’), after the Commission approved rule changes to list and trade shares of ‘‘BitcoinBased Commodity-Based Trust Shares’’ pursuant to Rule 8.201–E(c)(1) (Commodity-Based Trust Shares), including GBTC and BITB. See Securities Exchange Act Release No. 99306 (January 10, 2024) (Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, to List and Trade Bitcoin-Based Commodity-Based Trust Shares and Trust Units), 89 FR 3008 (January 17, 2024) (SR–NYSEARCA–2023– 44; SR–NYSEARCA–2021–90). On July 13, 2024, after receiving approval of the Commission, BTC began trading on NYSE Arca. See Securities Exchange Act Release No. 100610 (July 26, 2024) (Order Granting Approval of Proposed Rule Changes, as Modified by Amendment No. 1, to List and Trade Share of BTC pursuant to NYSE Arca Rule 8.201–E (Commodity-Based Trust Shares)), 89 FR 62821 (August 1, 2024) (SR–NYSEARCA–2023– 45). 4 See Securities Exchange Act Release No. 101386 (October 18, 2024), 89 FR 84960 (October 24, 2024) (Notice of Filing of Amendment No. 3 and Order PO 00000 Frm 00172 Fmt 4703 Sfmt 4703 95339 As discussed herein and as provided in the NYSE American Approval Order, the Exchange believes options on the Bitcoin Funds would permit hedging, and allow for more liquidity, better price efficiency, and less volatility with respect to the underlying Funds. Further, permitting the listing of such options would enhance the transparency and efficiency of markets in these and correlated products. Rule 5020(h) provides that, subject to certain other criteria set forth in the Rule, securities deemed appropriate for options trading include ExchangeTraded Fund Shares (or ETFs), that represent certain types of interests 5 and exchange-traded products (‘‘ETPs’’) structured as trusts that hold precious metals (which are deemed Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 3, to Permit the Listing and Trading of Options on Bitcoin Exchange-Traded Funds) (SR–NYSEAMER– 2024–49, as amended) (‘‘NYSE American Approval Order’’). 5 See Rule 5020(h), which permits options trading on ETFs that are traded on a national securities exchange and are defined as an ‘‘NMS stock’’ in Rule 600 of Regulation NMS and that (i) represent interests in registered investment companies (or series thereof) organized as open-end management investment companies, unit investment trusts or similar entities that hold portfolios of securities and/or financial instruments, including, but not limited to, stock index futures contracts, options on futures, options on securities and indices, equity caps, collars and floors, swap agreements, forward contracts, repurchase agreements and reverse repurchase agreements (the ‘‘Financial Instruments’’) and money market instruments, including, but not limited to, U.S. government securities and repurchase agreements (the ‘‘Money Market Instruments’’) comprising or otherwise based on or representing investments in broadbased indexes or portfolios of securities and/or Financial Instruments and Money Market Instruments (or that hold securities in one or more other registered investment companies that themselves hold such portfolios of securities and/ or Financial Instruments and Money Market Instruments); or (ii) represent interests in a trust that holds a specified non-U.S. currency deposited with the trust or similar entity when aggregated in some specified minimum number may be surrendered to the trust by the beneficial owner to receive the specified non-U.S. currency or currencies and pays the beneficial owner interest and other distributions on the deposited non-U.S. currency or currencies, if any, declared and paid by the trust (‘‘Currency Trust Shares’’); or (iii) represent commodity pool interests principally engaged, directly or indirectly, in holding and/or managing portfolios or baskets of securities, commodity futures contracts, options on commodity futures contracts, swaps, forward contracts and/or options on physical commodities and/or non-U.S. currency (‘‘Commodity Pool ETFs’’) or (iv) represent interests in the SPDR® Gold Trust, the iShares COMEX Gold Trust, the iShares Silver Trust, the abrdn Gold ETF Trust, the abrdn Silver ETF Trust, the abrdn Palladium ETF Trust, the abrdn Platinum ETF Trust, the Sprott Physical Gold Trust or the iShares Bitcoin Trust; provided that all of the conditions in Rules 5020(h)(1) and (2) are met. E:\FR\FM\02DEN1.SGM 02DEN1

Agencies

[Federal Register Volume 89, Number 231 (Monday, December 2, 2024)]
[Notices]
[Pages 95338-95339]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-28221]


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SECURITIES AND EXCHANGE COMMISSION

[SEC File No. 270-221, OMB Control No. 3235-0232]


Submission for OMB Review; Comment Request; Extension: Form 1-E, 
Regulation E

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 (the ``Commission'') has submitted to the Office of 
Management and Budget a request for extension of the previously 
approved collection of information discussed below.
    Form 1-E (17 CFR 239.200) under the Securities Act of 1933 (15 
U.S.C. 77a et seq.) (``Securities Act'') is the form that a small 
business investment company (``SBIC'') or business development company 
(``BDC'') uses to notify the Commission that it is claiming an 
exemption under Regulation E from registering its securities under the 
Securities Act. Rule 605 of Regulation E (17 CFR 230.605) under the 
Securities Act requires an SBIC or BDC claiming such an exemption to 
file an offering circular with the Commission that must also be 
provided to persons to whom an offer is made. Form 1-E requires an 
issuer to provide the names and addresses of the issuer, its 
affiliates, directors, officers, and counsel; a description of events 
which would make the exemption unavailable; the jurisdictions in which 
the issuer intends to offer the securities; information about 
unregistered securities issued or sold by the issuer within one year 
before filing the notification on Form 1-E; information as to whether 
the issuer is presently offering or contemplating offering any other 
securities; and exhibits, including copies of the rule 605 offering 
circular and any underwriting contracts.
    The Commission uses the information provided in the notification on 
Form 1-E and the offering circular to determine whether an offering 
qualifies for the exemption under Regulation E. The Commission 
estimates that, each year, one issuer files two notifications on Form 
1-E, together with offering circulars, with the Commission.\1\ Based on 
the Commission's experience with disclosure documents, we estimate that 
the burden from compliance with Form 1-E and the offering circular 
requires approximately 100 hours per filing. The annual burden hours 
for compliance with Form 1-E and the offering circular would be 200 
hours (2 responses x 100 hours per response). Estimates of the burden 
hours are made solely for the purposes of the PRA, and are not derived 
from a comprehensive or even a representative survey or study of the 
costs of SEC rules and forms.
---------------------------------------------------------------------------

    \1\ According to Commission records, one issuer filed two 
notifications on Form 1-E, together with offering circulars, during 
2013 and 2014. According to Commission records, during 2015, 2016, 
and 2017, one issuer filed seven notifications on Form 1-E, together 
with offering circulars; no Form 1-E has been filed with the 
Commission since 2017.
---------------------------------------------------------------------------

    Compliance with the information collection requirements of the 
rules is necessary to obtain the benefit of relying on the rules. The 
information provided on Form 1-E and in the offering circular will not 
be kept confidential. An agency may not conduct or sponsor, and a 
person is not required to respond to, a collection of information 
unless it

[[Page 95339]]

displays a currently valid OMB control number.
    The 30-day public comment period for this information collection 
request opens on December 3, 2024 and closes on January 2, 2025. The 
public may view the full information request and submit comments at 
https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202408-3235-029 or 
email comments to [email protected].

    Dated: November 26, 2024.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-28221 Filed 11-29-24; 8:45 am]
BILLING CODE 8011-01-P
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