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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