Submission for OMB Review; Comment Request; Extension: Rule 30e-2, 2048-2049 [2025-00249]
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2048
Federal Register / Vol. 90, No. 6 / Friday, January 10, 2025 / Notices
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–PEARL–2024–63 and should be
submitted on or before January 31, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–00305 Filed 1–8–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102087; File No. SR–BX–
2024–059]
Self-Regulatory Organizations; Nasdaq
BX, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Increase the
Exchange’s Port Fees in BX Options 7,
Section 3
January 3, 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 December
20, 2024, Nasdaq BX, Inc. (‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Item I below, which Item has been
substantially prepared by the Exchange.
The Exchange has designated this
proposal for immediate effectiveness
pursuant to Section 19(b)(3)(A) of the
Act 3 and Rule 19b–4(f) thereunder.4
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 increase
the Exchange’s port pricing in Options
7, Section 3 for the Specialized Quote
11 17
CFR 200.30–3(a)(12) and (59).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f). 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.
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Feed (‘‘SQF’’) 5 Ports and SQF Purge
Ports.
While these amendments are effective
upon filing, the Exchange has
designated the proposed amendments to
be operative on January 1, 2025.6
The proposed rule change, including
the Exchange’s statement of the purpose
of, and statutory basis for, the proposed
rule change, is available on the
Exchange’s website at https://listing
center.nasdaq.com/rulebook/bx/rules
and on the Commission’s website at
https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-BX-2024059.
II. 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.7
Comments may be submitted
electronically by using the
Commission’s internet comment form
(https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-BX-20245 ‘‘Specialized Quote Feed’’ or ‘‘SQF’’ is an
interface that allows Market Makers to connect,
send, and receive messages related to quotes,
Immediate-or-Cancel Orders, and auction responses
into and from the Exchange. Features include the
following: (1) options symbol directory messages
(e.g., underlying instruments); (2) system event
messages (e.g., start of trading hours messages and
start of opening); (3) trading action messages (e.g.,
halts and resumes); (4) execution messages; (5)
quote messages; (6) Immediate-or-Cancel Order
messages; (7) risk protection triggers and purge
notifications; (8) opening imbalance messages; (9)
auction notifications; and (10) auction responses.
The SQF Purge Interface only receives and notifies
of purge requests from the Market Maker. Market
Makers may only enter interest into SQF in their
assigned options series. Immediate-or-Cancel
Orders entered into SQF are not subject to the Order
Price Protection, Market Order Spread Protection,
or Size Limitation Protection in Options 3, Section
15(a)(1), (a)(2), and (b)(2) respectively. See Options
3, Section 7(e)(1)(B).
6 The Exchange initially filed this fee proposal as
SR–BX–2024–044 on October 18, 2024. On
December 3, 2024, the Exchange withdrew SR–BX–
2024–044 and replaced it with SR–BX–2024–056.
On December 20, 2024, SR–BX–2024–056 was
withdrawn and replaced with this fee change.
7 Copies of the 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
SRO.
PO 00000
Frm 00112
Fmt 4703
Sfmt 4703
059) or by sending an email to rulecomments@sec.gov. Please include file
number SR–BX–2024–059 on the
subject line. Alternatively, paper
comments may be sent to Secretary,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–1090. All submissions should
refer to file number SR–BX–2024–059.
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-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-BX-2024059). 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–BX–2024–059 and should be
submitted on or before January 31, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–00294 Filed 1–8–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–437, OMB Control No.
3235–0494]
Submission for OMB Review;
Comment Request; Extension: Rule
30e–2
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, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501 et seq.), (‘‘Paperwork
Reduction Act’’) the Securities and
Exchange Commission (the
‘‘Commission’’) has submitted to the
Office of Management and Budget
(‘‘OMB’’) a request for extension of the
previously approved collection of
information discussed below.
Rule 30e–2 (17 CFR 270.30e–2) under
the Investment Company Act of 1940
(15 U.S.C. 80a–1 et seq.) (‘‘Investment
Company Act’’) requires registered unit
8 17
E:\FR\FM\10JAN1.SGM
CFR 200.30–3(a)(12).
10JAN1
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Federal Register / Vol. 90, No. 6 / Friday, January 10, 2025 / Notices
investment trusts (‘‘UITs’’) that invest
substantially all of their assets in shares
of a management investment company
(‘‘fund’’) to send their unitholders
annual and semiannual reports
containing financial information on the
underlying company. Specifically, rule
30e–2 requires that the report contain
all the applicable information and
financial statements or their equivalent,
required by rule 30e–1 under the
Investment Company Act (17 CFR
270.30e–1) to be included in reports of
the underlying fund for the same fiscal
period. Rule 30e–1 requires that the
underlying fund’s report contain, among
other things, the information that is
required to be included in such reports
by the fund’s registration statement form
under the Investment Company Act.
The purpose of this requirement is to
apprise current shareholders of the
operational and financial condition of
the UIT. Absent the requirement to
disclose all material information in
reports, investors would be unable to
obtain accurate information upon which
to base investment decisions and
consumer confidence in the securities
industry might be adversely affected.
Requiring the submission of these
reports to the Commission permits us to
verify compliance with securities law
requirements.
Rule 30e–2, however, permits, under
certain conditions, delivery of a single
shareholder report to investors who
share an address (‘‘householding’’).
Specifically, rule 30e–2 permits
householding of annual and semiannual reports by UITs to satisfy the
delivery requirements of rule 30e–2 if,
in addition to the other conditions set
forth in the rule, the UIT has obtained
from each applicable investor written or
implied consent to the householding of
shareholder reports at such address. The
rule requires UITs that wish to
household shareholder reports with
implied consent to send a notice to each
applicable investor stating that the
investors in the household will receive
one report in the future unless the
investors provide contrary instructions.
In addition, at least once a year, UITs
relying on the rule for householding
must explain to investors who have
provided written or implied consent
how they can revoke their consent. The
purpose of the notice and annual
explanation requirements associated
with the householding provisions of the
rule is to ensure that investors who wish
to receive individual copies of
shareholder reports are able to do so.
The Commission estimates that the
annual burden associated with rule 30e–
2 is 15 hours per respondent. The
Commission estimates that there are
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currently approximately 671 UITs that
file 1342 reports per year. Therefore, the
Commission estimates that the total
hour burden is approximately 10,065
hours. In addition to the burden hours,
the Commission estimates that the
annual cost of contracting for outside
services associated with rule 30e–2 is
$6,667 per respondent, for a total cost of
approximately $4,495,700.
Estimates of average burden hours are
made solely for the purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
costs of Commission rules and forms.
The collection of information under rule
30e–2 is mandatory. The information
provided under rule 30e–2 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 displays a
currently valid OMB control number.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202410-3235-017
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice by
January 10, 2025.
Dated: January 3, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–00249 Filed 1–8–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[SEC File No. 270–401, OMB Control No.
3235–0459]
Submission for OMB Review;
Comment Request; Extension: Rule
3a–4
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. 3501–3520), 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.
Rule 3a–4 (17 CFR 270.3a–4) under
the Investment Company Act of 1940
(15 U.S.C. 80a) (‘‘Investment Company
Act’’ or ‘‘Act’’) provides a nonexclusive
safe harbor from the definition of
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Fmt 4703
Sfmt 4703
2049
investment company under the Act for
certain investment advisory programs.
These programs, which include ‘‘wrap
fee’’ programs, generally are designed to
provide professional portfolio
management services on a discretionary
basis to clients who are investing less
than the minimum investments for
individual accounts usually required by
the investment adviser but more than
the minimum account size of most
mutual funds. Under wrap fee and
similar programs, a client’s account is
typically managed on a discretionary
basis according to pre-selected
investment objectives. Clients with
similar investment objectives often
receive the same investment advice and
may hold the same or substantially
similar securities in their accounts.
Because of this similarity of
management, some of these investment
advisory programs may meet the
definition of investment company under
the Act.
In 1997, the Commission adopted rule
3a–4, which clarifies that programs
organized and operated in accordance
with the rule are not required to register
under the Investment Company Act or
comply with the Act’s requirements.1
These programs differ from investment
companies because, among other things,
they provide individualized investment
advice to the client. The rule’s
provisions have the effect of ensuring
that clients in a program relying on the
rule receive advice tailored to the
client’s needs.
For a program to be eligible for the
rule’s safe harbor, each client’s account
must be managed on the basis of the
client’s financial situation and
investment objectives and in accordance
with any reasonable restrictions the
client imposes on managing the
account. When an account is opened,
the sponsor 2 (or its designee) must
obtain information from each client
regarding the client’s financial situation
and investment objectives, and must
allow the client an opportunity to
impose reasonable restrictions on
1 Status of Investment Advisory Programs Under
the Investment Company Act of 1940, Investment
Company Act Rel. No. 22579 (Mar. 24, 1997) [62 FR
15098 (Mar. 31, 1997)] (‘‘Adopting Release’’); in
addition, there are no registration requirements
under section 5 of the Securities Act of 1933 for
programs that meet the requirements of rule 3a–4;
see 17 CFR 270.3a–4, introductory note.
2 For purposes of rule 3a–4, the term ‘‘sponsor’’
refers to any person who receives compensation for
sponsoring, organizing or administering the
program, or for selecting, or providing advice to
clients regarding the selection of, persons
responsible for managing the client’s account in the
program.
E:\FR\FM\10JAN1.SGM
10JAN1
]]>Agencies
[Federal Register Volume 90, Number 6 (Friday, January 10, 2025)]
[Notices]
[Pages 2048-2049]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-00249]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[SEC File No. 270-437, OMB Control No. 3235-0494]
Submission for OMB Review; Comment Request; Extension: Rule 30e-2
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, under the Paperwork Reduction Act of
1995 (44 U.S.C. 3501 et seq.), (``Paperwork Reduction Act'') the
Securities and Exchange Commission (the ``Commission'') has submitted
to the Office of Management and Budget (``OMB'') a request for
extension of the previously approved collection of information
discussed below.
Rule 30e-2 (17 CFR 270.30e-2) under the Investment Company Act of
1940 (15 U.S.C. 80a-1 et seq.) (``Investment Company Act'') requires
registered unit
[[Page 2049]]
investment trusts (``UITs'') that invest substantially all of their
assets in shares of a management investment company (``fund'') to send
their unitholders annual and semiannual reports containing financial
information on the underlying company. Specifically, rule 30e-2
requires that the report contain all the applicable information and
financial statements or their equivalent, required by rule 30e-1 under
the Investment Company Act (17 CFR 270.30e-1) to be included in reports
of the underlying fund for the same fiscal period. Rule 30e-1 requires
that the underlying fund's report contain, among other things, the
information that is required to be included in such reports by the
fund's registration statement form under the Investment Company Act.
The purpose of this requirement is to apprise current shareholders of
the operational and financial condition of the UIT. Absent the
requirement to disclose all material information in reports, investors
would be unable to obtain accurate information upon which to base
investment decisions and consumer confidence in the securities industry
might be adversely affected. Requiring the submission of these reports
to the Commission permits us to verify compliance with securities law
requirements.
Rule 30e-2, however, permits, under certain conditions, delivery of
a single shareholder report to investors who share an address
(``householding''). Specifically, rule 30e-2 permits householding of
annual and semi-annual reports by UITs to satisfy the delivery
requirements of rule 30e-2 if, in addition to the other conditions set
forth in the rule, the UIT has obtained from each applicable investor
written or implied consent to the householding of shareholder reports
at such address. The rule requires UITs that wish to household
shareholder reports with implied consent to send a notice to each
applicable investor stating that the investors in the household will
receive one report in the future unless the investors provide contrary
instructions. In addition, at least once a year, UITs relying on the
rule for householding must explain to investors who have provided
written or implied consent how they can revoke their consent. The
purpose of the notice and annual explanation requirements associated
with the householding provisions of the rule is to ensure that
investors who wish to receive individual copies of shareholder reports
are able to do so.
The Commission estimates that the annual burden associated with
rule 30e-2 is 15 hours per respondent. The Commission estimates that
there are currently approximately 671 UITs that file 1342 reports per
year. Therefore, the Commission estimates that the total hour burden is
approximately 10,065 hours. In addition to the burden hours, the
Commission estimates that the annual cost of contracting for outside
services associated with rule 30e-2 is $6,667 per respondent, for a
total cost of approximately $4,495,700.
Estimates of average burden hours are made solely for the purposes
of the Paperwork Reduction Act and are not derived from a comprehensive
or even representative survey or study of the costs of Commission rules
and forms. The collection of information under rule 30e-2 is mandatory.
The information provided under rule 30e-2 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 displays
a currently valid OMB control number.
The public may view and comment on this information collection
request at: https://www.reginfo.gov/public/do/PRAViewICR?ref_nbr=202410-3235-017 or send an email comment to
[email protected] within 30 days of the day
after publication of this notice by January 10, 2025.
Dated: January 3, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-00249 Filed 1-8-25; 8:45 am]
BILLING CODE 8011-01-P
