Federal Register 30-Day Notice

37904

Federal Register / Vol. 90, No. 149 / Wednesday, August 6, 2025 / Notices

III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 22 and Rule
19b–4(f)(6) thereunder.23 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 24 and
subparagraph (f)(6) of Rule 19b–4
thereunder.25
A proposed rule change filed under
Rule 19b–4(f)(6) 26 under the Act does
not normally become operative prior to
30 days after the date of the filing.
However, pursuant to Rule 19b–
4(f)(6)(iii),27 the Commission may
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay so that the proposal may become
operative immediately upon filing. The
Commission previously approved the
trading of FLEX Equity Options on the
iShares Bitcoin Trust ETF.28 The
Exchange proposes to permit options on
IBIT to trade as FLEX Equity Options
and would require the aggregation of
any FLEX and non-FLEX positions in
IBIT for purposes of calculating 25,000contract position and exercise limits.
The Exchange further represents that the
same surveillance procedures applicable
to the Exchange’s other options
products listed and traded on the
Exchange, including non-FLEX IBIT
options, will apply to FLEX IBIT
options, and that it has the necessary
systems capacity to support such
options. The Commission believes that
waiver of the operative delay could
benefit investors by providing an
22 15

U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6).
24 15 U.S.C. 78s(b)(3)(A)(iii).
25 17 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 the prefiling requirement.
26 17 CFR 240.19b–4(f)(6).
27 17 CFR 240.19b–4(f)(6)(iii).
28 See Securities Exchange Act Release No.
103565 (July 29, 2025) (Order Approving a
Proposed Rule Change to Permit the Trading of
FLEX Options on Shares of the iShares Bitcoin
Trust ETF) (SR–PHLX–2024–72).

khammond on DSK9W7S144PROD with NOTICES

23 17

VerDate Sep<11>2014

17:02 Aug 05, 2025

Jkt 265001

additional venue for trading FLEX
Equity Options on the iShares Bitcoin
Trust ETF. 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.29
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–
NYSEARCA–2025–55 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–NYSEARCA–2025–55. 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
29 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).

PO 00000

Frm 00066

Fmt 4703

Sfmt 4703

publication submitted material that is
obscene or subject to copyright
protection.
All submissions should refer to file
number SR–NYSEARCA–2025–55 and
should be submitted on or before
August 27, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.30
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–14856 Filed 8–5–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0070]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Exchange Act Form 10–Q
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
(‘‘Commission’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Form 10–Q (17 CFR 249.308a) is filed
by issuers to satisfy their quarterly
reporting obligations pursuant to
Section 13 or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78m or
78o(d)). The information provided by
Form 10–Q is intended to ensure the
adequacy of information available to
investors about an issuer. The
information required by Form 10–Q is
mandatory, and Form 10–Q is publicly
available on the Commission’s
Electronic Data Gathering, Analysis, and
Retrieval (‘‘EDGAR’’) system. We
estimate that Form 10–Q takes
approximately 180.18 hours per
response to prepare and is filed three
times per year by approximately 6,473
respondents, for a total of approximately
19,419 Form 10–Q filings per year. We
estimate that 75% of the approximately
180.18 hours per response (135.135
hours) is prepared by the issuer for an
annual reporting burden of 2,624,187
hours (135.135 hours per response ×
19,419 responses). We estimate that
25% of the approximately 180.18 hours
30 17

E:\FR\FM\06AUN1.SGM

CFR 200.30–3(a)(12).

06AUN1

Federal Register / Vol. 90, No. 149 / Wednesday, August 6, 2025 / Notices
per response (45.045 hours) is carried by
outside professionals retained by the
issuer to assist in the preparation of the
form, at an estimated cost of $600 per
hour, for a total annual cost burden of
$524,837,313 (45.045 hours per
response × $600 per hour × 19,419
responses annually).
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=202503-3235-005
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
September 8, 2025.
Dated: August 1, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–14851 Filed 8–5–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103623; File No. SR–
NYSEAMER–2025–46]

Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Modify the NYSE
American Options Fee Schedule To
Waive the Combined Cap on Floor
Broker Credits Paid for QCC Trades
and Rebates Paid Through the Manual
Billable Rebate Program for the
Months of August, September and
October 2025

khammond on DSK9W7S144PROD with NOTICES

August 1, 2025.

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 July 31,
2025, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
proposed rule change as described in
Items I and II below, which Items have
been prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
1 15

U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15

VerDate Sep<11>2014

17:02 Aug 05, 2025

Jkt 265001

I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to modify the
NYSE American Options Fee Schedule
(‘‘Fee Schedule’’) to waive the
maximum combined Floor Broker
credits paid for QCC trades and rebates
paid through the Manual Billable Rebate
Program for the months of August,
September, and October 2025. The
Exchange proposes to implement the fee
change effective August 1, 2025. The
proposed rule change is available on the
Exchange’s website at www.nyse.com
and at the principal office of the
Exchange.
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
self-regulatory organization 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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1.Purpose
The purpose of this filing is to amend
the Fee Schedule to waive the
maximum combined Floor Broker
credits paid for QCC trades and rebates
paid through the Manual Billable Rebate
Program for the months of August,
September, and October 2025.
The Exchange imposes a limit on the
maximum combined Floor Broker
credits paid for QCC trades and rebates
paid through the Manual Billable Rebate
Program of $3,000,000 per month per
Floor Broker firm (the ‘‘Cap’’).4 The
purpose of this Cap [sic] is to encourage
Floor Broker firms to continue to direct
open outcry transactions to the
Exchange, despite increasing industry
volumes making it less difficult to reach
the Cap.5
4 See Fee Schedule, Sections I.F. and III.E.1
(providing, in relevant part, that Floor Broker
credits paid for QCC trades and rebates paid
through the Manual Billable Rebate Program shall
not combine to exceed $3,000,000 per month per
Floor Broker firm).
5 The Exchange notes that, in January 2025, it
increased the Cap from $2,700,000 to $3,000,000 in
response to higher industry volumes. See Securities
Exchange Act Release No. 102241 (January 17,

PO 00000

Frm 00067

Fmt 4703

Sfmt 4703

37905

In mid-April, in response to extreme
market volatility and concomitant surge
of open outcry volume that led to Floor
Broker firms earning higher than
average monthly credits/rebates, the
Exchange waived the Cap for April
2025.6 This waiver was adopted in
anticipation of Floor Broker firms
reaching the Cap before the end of April
and potentially re-directing their order
flow away from the Exchange.7 The
Exchange believes that the April waiver
was effective as it allowed Floor Broker
firms to continue to send their credit/
rebate-generating order flow to the
Exchange throughout the month without
concern for reaching the Cap. The
Exchange then extended this waiver for
the months of May, June, and July
2025.8
At present, open outcry volumes on
the Exchange remain elevated. The
Exchange therefore proposes to waive
the Cap for the months of August,
September, and October 2025.9 Like
previous waivers, the proposed waiver
is being adopted in anticipation of Floor
Broker firms reaching the Cap before
months end and potentially redirecting
their order flow away from the
Exchange. In the absence of the
proposed waiver, Floor Broker firms
may choose to re-direct such order flow
to a competing market.
Although the Exchange cannot predict
with certainty how many Floor Broker
firms would be impacted by this change,
the Exchange believes that the proposed
changes would incent Floor Brokers to
continue to direct their order flow to the
Exchange thus increasing liquidity to
the benefit of all market participants.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
Section 6(b) of the Act,10 in general, and
furthers the objectives of Sections
6(b)(4) and (5) of the Act,11 in particular,
because it provides for the equitable
allocation of reasonable dues, fees, and
other charges among its members,
issuers and other persons using its
facilities and does not unfairly
discriminate between customers,
issuers, brokers or dealers.
2025), 90 FR 8071 (January 23, 2025) (SR–
NYSEAMER–2025–04).
6 See Securities Exchange Act Release No. 102890
(April 18, 2025), 90 FR 17273 (April 24, 2025) (SR–
NYSEAMER–2025–26).
7 See id.
8 See Securities Exchange Act Release No. 102985
(May 2, 2025), 90 FR 19584 (May 8, 2025) (SR–
NYSEAMER–2025–27).
9 See proposed Fee Schedule, Sections I.F. and
III.E.1.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(4) and (5).

E:\FR\FM\06AUN1.SGM

06AUN1