Federal Register 30-Day Notice

Federal Register / Vol. 90, No. 180 / Friday, September 19, 2025 / Notices

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3 This includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–HR filing as well as an estimated $584 for one hour of outside legal
services ($884/4 filings per year = $221 per filing). We estimate that Form 13F–HR filers will require some level of external legal counsel in connection with these filings.
4 This estimate is based on the number of 13F–HR filings averaged over three years as of December 2024.
5 This estimate is based on the number of Form 13F–NT filings averaged over three years as of December 2024.
6 The wage rate reflects current estimates from the SIFMA Wage Report of the blended hourly rate for a senior programmer ($408) and compliance clerk ($86)
(($408 + $86)/2 = $247).
7 This includes an estimated $300 paid to a third-party vendor in connection with the Form 13F–NT filing and Form 13F amendments ($300/4 filings per year = $75
per filing).
8 This estimate is based on the number of Form 13F amendments filed averaged over three years as of December 2024.

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 collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated 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=202507-3235-005
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
October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–18118 Filed 9–18–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0462]

lotter on DSK11XQN23PROD with NOTICES1

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 604
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 submitting to the
Office of Management and Budget
(‘‘OMB’’) this request for an extension of
the proposed collection of information
in Rule 604.

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Rule 604, 17 CFR 242.604, requires
specialists and market makers to
publish customer limit orders that are
priced superior to the bids or offers
being displayed by each such specialist
or market maker.1 Customer limit orders
that match the bid or offer being
displayed by a specialist or market
maker must be published if the limit
price also matches the national best bid
or offer (‘‘NBBO’’) and the size of the
customer limit order is more than de
minimis (i.e., more than 10% of the
specialist’s or market maker’s displayed
size).
The information collection in Rule
604 is mandatory and is a third party
disclosure requirement. The information
collected and disclosed pursuant to
Rule 604 is necessary to facilitate the
establishment of a national market
system for securities. The information is
useful to investors because the
publication of trading interest that
improves specialists’ and market
makers’ quotes presents investors with
improved execution opportunities and
improved access to the best available
prices when they buy or sell securities.
The Commission estimates that
approximately 30 respondents will
respond to the collection of information
requirements each time they receive a
displayable customer limit order. The
Commission further estimates that a
respondent will receive a customer limit
order, on average, 37,460.31 times per
trading day with an estimate average
time of 0.001 second per quote update.
Accordingly, assuming 252 days in a
trading year, an average 2.62 hours per
year per respondent, the Commission
estimates that the total annual burden
for all respondents is 78.7 hours.
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
1 See Securities Exchange Act Release No.
37619A (September 6, 1996), 61 FR 48290
(September 12, 1996).

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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=202507-3235-011
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
October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–18115 Filed 9–18–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0733]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 194
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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) is submitting
to the Office of Management and Budget
(‘‘OMB’’) this request for Extension of
the proposed collection of information
for Commission Rule of Practice 194,
(17 CFR 240.194), under the Securities
Exchange Act of 1934 (15 U.S.C. 78a et
seq.).
Rule of Practice 194 provides a
process for security-based swap dealers
and major security-based swap
participants (collectively, ‘‘SBS Entity’’)
to make an application to the
Commission for an order permitting an

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Federal Register / Vol. 90, No. 180 / Friday, September 19, 2025 / Notices

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associated person who is subject to a
statutory disqualification to effect or be
involved in effecting security-based
swaps on behalf of the SBS Entity. Rule
of Practice 194 specifies the process for
obtaining relief from the statutory
prohibition in Exchange Act Section
15F(b)(6), including by setting forth the
required showing, the form of
application and the items to be
addressed with respect to associated
persons that are natural persons. An
SBS Entity is not required to file an
application under Rule of Practice 194
with respect to certain associated
persons that are subject to a statutory
disqualification, as provided for in
paragraph (h) of Rule of Practice 194. To
meet those requirements, however, the
SBS Entity is required to file a notice
with the Commission.
55 SBS Entities in total are currently
registered with the Commission.1 The
Commission anticipates that, on an
average annual basis, only a small
fraction of the natural persons at an SBS
Entity would be subject to a statutory
disqualification. Accordingly, based on
our experience working with Rule of
Practice 194, the Commission estimates
that, on an average annual basis, the
Commission would receive up to one
application in accordance with Rule of
Practice 194 with respect to associated
persons that are natural persons, and up
to three notices pursuant to proposed
Rule of Practice 194(h) with respect to
associated persons that are natural
persons.2 The Commission estimates
that the average time necessary for an
SBS Entity to research the questions,
and complete and file an application
under Rule of Practice 194 with respect
to associated persons that are natural
persons is approximately 30 hours, for
a total of approximately 30 burden
hours per year for all SBS Entities. The
Commission estimates that up to three
1 See SEC, List of Security-Based Swap Dealers
and Major Security-Based Swap Participants,
available at https://www.sec.gov/files/tm-sbsdmsbsp-pax-list-2412.pdf.
2 While we previously estimated that we might
receive as many as five applications and five
notices from SBS Entity respondents in a given
year, our experience since making this estimate has
led us to revise down this expectation. Since the
first registration of an SBS Entity with the
Commission on October 27, 2021, the Commission
has only received three notices and one application
under Rule of Practice 194. See SEC, Applications
and Notices by Security-Based Swap Dealers or
Major Security-Based Swap Participants for
Statutorily Disqualified Associated Persons to Effect
or Be Involved in Effecting Security-Based Swap
Transactions (Rule of Practice 194) (‘‘Rule 194
Approval Orders and Notices Database’’), available
at https://www.sec.gov/rule-practice-194applications-and-notices. Based on this and related
discussions with registered SBS Entities, we do not
expect the number of applications and notices to
exceed these figures on an annual basis.

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SBS Entities will provide notices
pursuant to Rule of Practice 194(h) for
one natural person each on an average
annual basis taking approximately 6
hours per notice, for a total of
approximately 18 burden hours per year
for all SBS Entities providing the
notices for an estimated three natural
persons. As such, the combined
estimated annual hour burden for all
SBS Entities to complete applications
and notices pursuant to Rule of Practice
194 is approximately 48 hours per year
(30 + 18).
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=202507-3235-004
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
October 20, 2025.
Dated: September 16, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–18119 Filed 9–18–25; 8:45 am]
BILLING CODE 8011–01–P

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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103979; File No. SR–
NASDAQ–2025–069]

Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing of Proposed Rule Change, as
Modified by Amendment No. 1, To
Adopt Additional Initial Listing Criteria
for Companies Primarily Operating in
China
September 16, 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
September 4, 2025, The Nasdaq Stock
Market LLC (‘‘Nasdaq’’ or ‘‘Exchange’’)
filed with the Securities and Exchange
Commission (‘‘SEC’’ or ‘‘Commission’’)
the proposed rule change. On
September 12, 2025, the Exchange filed
Amendment No. 1 to the proposed rule
change, which superseded and replaced
the proposed rule change in its entirety.
The proposed rule change, as modified
by Amendment No. 1, is 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, as modified by Amendment No.
1, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to adopt
additional initial listing criteria for
companies primarily operating in China,
including the Hong Kong Special
Administrative Region and the Macau
Special Administrative Region. This
Amendment No. 1 supersedes the
original filing in its entirety.3
The text of the proposed rule change
is detailed below; proposed new
language is italicized and proposed
deletions are in brackets.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rulefilings, 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
Exchange included statements
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 This Amendment No. 1 is being filed to remove
a footer that was inadvertently included on the
document.
2 17

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