Federal Register 30-Day Notice

22786

Federal Register / Vol. 90, No. 102 / Thursday, May 29, 2025 / Notices

Price and trading volume information
for the Shares will be published daily in
the financial section of newspapers.
Quotation and last-sale information
regarding the Shares will be
disseminated through the facilities of
the CTA.
In sum, the Exchange believes that
this proposal is consistent with the
requirements of Section 6(b)(5) of the
Act, that on the whole the manipulation
concerns previously articulated by the
Commission are sufficiently mitigated to
the point that they are outweighed by
investor protection issues that would be
resolved by approving this proposal.
For the above reasons, the Exchange
believes that the proposed rule change
is consistent with the requirements of
Section 6(b)(5) of the Act.
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 purpose of the Act. The Exchange
notes that the proposed rule change,
rather will facilitate the listing and
trading of an additional exchange-traded
product that will enhance competition
among both market participants and
listing venues, to the benefit of investors
and the marketplace.
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.

ddrumheller on DSK120RN23PROD with NOTICES1

III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be 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.

VerDate Sep<11>2014

19:50 May 28, 2025

Jkt 265001

Comments may be submitted by any of
the following methods:

SECURITIES AND EXCHANGE
COMMISSION

Electronic Comments

[OMB Control No. 3235–0633]

• 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–
CboeBZX–2025–069 on the subject line.

Submission for OMB Review;
Comment Request; Extension: Rule 0–
4

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–CboeBZX–2025–069. 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
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–CboeBZX–2025–069 and should be
submitted on or before June 20, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.29
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–09632 Filed 5–28–25; 8:45 am]
BILLING CODE 8011–01–P
29 17

PO 00000

CFR 200.30–3(a)(12).

Frm 00108

Fmt 4703

Sfmt 4703

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 approval of the collection of
information discussed below.
Rule 0–4 (17 CFR 275.0–4) under the
Investment Advisers Act of 1940 (‘‘Act’’
or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et
seq.) entitled ‘‘General Requirements of
Papers and Applications,’’ prescribes
general instructions for filing an
application seeking exemptive relief
with the Commission.
The requirements of rule 0–4 are
designed to provide Commission staff
with the necessary information to assess
whether granting the Orders of
exemption are necessary and
appropriate in the public interest and
consistent with the protection of
investors and the intended purposes of
the Act.
Applicants for Orders under the
Advisers Act can include registered
investment advisers, affiliated persons
of registered investment advisers, and
entities seeking to avoid investment
adviser status, among others.
Commission staff estimates that it
receives up to 7 applications per year
submitted under rule 0–4 of the Act
seeking relief from various provisions of
the Advisers Act. Although each
application typically is submitted on
behalf of multiple applicants, the
applicants in the vast majority of cases
are related entities and are treated as a
single respondent for purposes of this
analysis. Most of the work of preparing
an application is performed by outside
counsel and, therefore, imposes no
hourly burden on respondents. The cost
outside counsel charges applicants
depends on the complexity of the issues
covered by the application and the time
required. Based on conversations with
applicants and attorneys, the cost for
applications ranges from approximately
$15,259.94 for preparing a wellprecedented, routine (or otherwise less
involved) application to approximately
$238,761.88 to prepare a complex or

E:\FR\FM\29MYN1.SGM

29MYN1

Federal Register / Vol. 90, No. 102 / Thursday, May 29, 2025 / Notices
novel application. We estimate that the
Commission receives 1 of the most timeconsuming applications annually, 3
applications of medium difficulty, and 3
of the least difficult applications subject
to rule 0–4. This distribution gives a
total estimated annual cost burden to
applicants of filing all applications of
$440,387.38 [(1 × $238,761.88) + (3 ×
$51,948.56) + (3 × $15,259.94)]. The
estimate of annual cost burden is made
solely for the purposes of the Paperwork
Reduction Act and is not derived from
a comprehensive or even representative
survey or study of the costs of
Commission rules and forms.
The requirements of this collection of
information are required to obtain or
retain benefits. Responses 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.
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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202501-3235-021
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by June
30, 2025.

ddrumheller on DSK120RN23PROD with NOTICES1

Dated: May 22, 2025.
Sherr R. Haywood,
Assistant Secretary.
[FR Doc. 2025–09634 Filed 5–28–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103104; File No. SR–
CBOE–2025–022]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing of
Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed
Rule Change, as Modified by
Amendment No. 1, To Permit the
Exchange To List and Trade Options
With P.M.-Settlement That Overlie the
S&P 500 Equal Weight Index
May 22, 2025.

I. Introduction
On March 20, 2020, Cboe Exchange,
Inc. (the ‘‘Exchange’’ or ‘‘Cboe
Options’’) filed with the Securities and
Exchange Commission (‘‘Commission’’),
pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a
proposed rule change to list and trade
p.m.-settled S&P 500 Equal Weight
Index options that have standard third
Friday-of-the-month, nonstandard, and
quarterly expirations. The proposed rule
change was published for comment in
the Federal Register on April 8, 2025.3
On April 29, 2025, the Exchange filed
Amendment No. 1 to the proposed rule
change, which amended and superseded
the proposed rule change as originally
filed.4 The Commission received no
comments on the proposed rule change.
The Commission is publishing this
Notice and Order to solicit comment on
Amendment No. 1 in Sections II and III
below, which sections are being
published verbatim as filed by the
Exchange, and to approve the proposed
rule change, as modified and
superseded by Amendment No. 1, on an
accelerated basis.
II. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe Exchange, Inc. (the ‘‘Exchange’’
or ‘‘Cboe Options’’) proposes to amend
certain rules to permit the Exchange to
list and trade options with p.m.settlement that overlie the S&P 500
Equal Weight Index (based on both the
full value and one-tenth the value of the
index) (‘‘SPEQF options’’ and ‘‘SPEQX
options,’’ respectively). The text of the
proposed rule change is provided in
Exhibit 5.
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 102752
(April 2, 2025), 90 FR 15189.
4 See Amendment No. 1, available at https://
www.sec.gov/comments/sr-cboe-2025-022/
srcboe2025022.htm.
2 17

VerDate Sep<11>2014

19:50 May 28, 2025

Jkt 265001

PO 00000

Frm 00109

Fmt 4703

Sfmt 4703

22787

The text of the proposed rule change
is also available on the Exchange’s
website (http://www.cboe.com/
AboutCBOE/
CBOELegalRegulatoryHome.aspx), at
the Exchange’s Office of the Secretary,
and at the Commission’s Public
Reference Room.
III. 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 purpose of this proposed rule
change is to amend certain rules to
permit the Exchange to list and trade
SPEQF and SPEQX options that are
p.m.-settled. Specifically, the Exchange
proposes to (1) amend Rule 4.13,
Interpretation and Policy .13 to permit
the listing of P.M.-settled 5 SPEQF and
SPEQX options that expire on the
standard third Friday-of-the-month
(‘‘Expiration Friday’’); 6 (2) amend Rule
4.13(c) to permit the Exchange to open
for trading Quarterly Index Expirations
(‘‘QIXs’’) on SPEQF and SPEQX
options; 7 and (3) permit the Exchange
5 An option with P.M.-settlement has its exercise
settlement value derived from the closing prices on
the expiration date.
6 Rule 4.13, Interpretation and Policy .13
currently permits the Exchange to list P.M.-settled
SPX and XSP options, as well as options on the
Russell 2000 Index (‘‘RUT options’’) and the MiniRussell 2000 Index (‘‘MRUT’’ options), that expire
on Expiration Fridays. Amendment No. 1 also
amends Rule 4.13, Interpretation and Policy .13 to
clarify that provision relates specific to p.m.-settled
index options that expire on the third Friday-of-themonth. This rule provision previously included
such language, which was inadvertently deleted by
SR–CBOE–2024–034. This rule provision has
always related specifically to classes for which the
Exchange may list p.m.-settled series that expire on
the third Friday-of-the-month; therefore, this
proposed rule change has no impact on the
application of the rule and merely provides clarity
and transparency.
7 QIXs are index option contracts that expire on
the last business day of a calendar quarter. Rule
4.13(c) currently permits the Exchange to list QIXs
for SPX and XSP options, as well as RUT options,

E:\FR\FM\29MYN1.SGM

Continued

29MYN1