Federal Register 30-Day Notice

Federal Register / Vol. 90, No. 146 / Friday, August 1, 2025 / Notices
significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; and (iii) become operative
prior to 30 days from the date on which
it was filed, or such shorter time as the
Commission may designate, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act and Rule 19b–4(f)(6)(iii)
thereunder.
A proposed rule change filed under
Rule 19b–4(f)(6) 95 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),96 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest.
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) 97 of the Act to
determine whether the proposed rule
change 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:

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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–
NYSETEX–2025–21 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–NYSETEX–2025–21. 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
95 17

CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
97 15 U.S.C. 78s(b)(2)(B).

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
publication submitted material that is
obscene or subject to copyright
protection. All submissions should refer
to file number SR–NYSETEX–2025–21
and should be submitted on or before
August 22, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.98
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–14567 Filed 7–31–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0692]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Regulation S–ID
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 extension of the previously
approved collection of information
discussed below.
Regulation S–ID (17 CFR 248),
including the information collection
requirements thereunder, is designed to
better protect investors from the risks of
identity theft. Under Regulation S–ID,
SEC-regulated entities are required to
develop and implement reasonable
policies and procedures to identify,
detect, and respond to relevant red flags
(the ‘‘Identity Theft Red Flags Rules’’)
and, in the case of entities that issue
credit or debit cards, to assess the
validity of, and communicate with
cardholders regarding, address changes.
Section 248.201 of Regulation S–ID
includes the following information
collection requirements for each SEC-

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regulated entity that qualifies as a
‘‘financial institution’’ or ‘‘creditor’’
under Regulation S–ID and that offers or
maintains covered accounts: (i) creation
and periodic updating of an identity
theft prevention program (‘‘Program’’)
that is approved by the board of
directors, an appropriate committee
thereof, or a designated senior
management employee; (ii) periodic
staff reporting to the board of directors
on compliance with the Identity Theft
Red Flags Rules and related guidelines;
and (iii) training of staff to implement
the Program. Section 248.202 of
Regulation S–ID includes the following
information collection requirements for
each SEC-regulated entity that is a credit
or debit card issuer: (i) establishment of
policies and procedures that assess the
validity of a change of address
notification if a request for an additional
or replacement card on the account
follows soon after the address change;
and (ii) notification of a cardholder,
before issuance of an additional or
replacement card, at the previous
address or through some other
previously agreed-upon form of
communication, or alternatively,
assessment of the validity of the address
change request through the entity’s
established policies and procedures.
SEC staff estimates of the hour
burdens associated with section 248.201
under Regulation S–ID include the onetime burden of complying with this
section for newly-formed SEC-regulated
entities, as well as the ongoing costs of
compliance for all SEC-regulated
entities. All newly-formed financial
institutions and creditors would be
required to conduct an initial
assessment of covered accounts, which
SEC staff estimates would entail a onetime burden of 2 hours. Staff estimates
that this burden would result in a cost
of $1,022 to each newly-formed
financial institution or creditor.1 To the
extent a financial institution or creditor
offers or maintains covered accounts,
SEC staff estimates that the financial
institution or creditor would also incur
a one-time burden of 25 hours to
develop and obtain board approval of a
Program, and a one-time burden of 4
hours to train the financial institution’s
or creditor’s staff, for a total of 29
additional burden hours. Staff estimates
that these burdens would result in
additional costs of $16,980 for each
1 This estimate is based on the following
calculation: 2 hours × $511 (hourly rate for internal
counsel) = $1,022; see infra note 2 (discussing the
methodology for estimating the hourly rate for
internal counsel).

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Federal Register / Vol. 90, No. 146 / Friday, August 1, 2025 / Notices

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financial institution or creditor that
offers or maintains covered accounts.2
SEC staff estimates that approximately
539 SEC-regulated financial institutions
and creditors are newly formed each
year.3 Each of these 539 entities will
need to conduct an initial assessment of
covered accounts, for a total of 1,078
hours at a total cost of $550,858.4 Of
these 539 entities, staff estimates that
approximately 90% (or 485) maintain
covered accounts.5 Accordingly, staff
estimates that the additional initial
burden for SEC-regulated entities that
are likely to qualify as financial
institutions or creditors and maintain
covered accounts is 14,065 hours at an
additional cost of $8,235,300.6 Thus, the
2 SEC staff estimates that, of the 29 hours
incurred to develop and obtain board approval of
a Program and train the financial institution’s or
creditor’s staff, 10 hours will be spent by internal
counsel at an hourly rate of $511, 17 hours will be
spent by administrative assistants at an hourly rate
of $100, and 2 hours will be spent by the board of
directors as a whole at an hourly rate of $5,085;
thus, the estimated $16,980 in additional costs is
based on the following calculation: (10 hours ×
$511 = $5,110) + (17 hours × $100 = $1,700) + (2
hours × $5,085 = $10,170) = $16,980; the cost
estimate for internal counsel is derived from
SIFMA’s Management & Professional Earnings in
the Securities Industry 2013, modified to account
for an 1800-hour work-year and multiplied by 5.35
to account for bonuses, entity size, employee
benefits, and overhead, and adjusted for inflation;
the cost estimate for administrative assistants is
derived from SIFMA’s Office Salaries in the
Securities Industry 2013, modified to account for an
1800-hour work-year and multiplied by 2.93 to
account for bonuses, entity size, employee benefits,
and overhead, and adjusted for inflation; the cost
estimate for the board of directors is derived from
estimates made by SEC staff regarding typical board
size and compensation that is based on information
received from fund representatives and publiclyavailable sources, and adjusted for inflation.
3 Based on a review of new registrations typically
filed with the SEC each year, SEC staff estimates
that approximately 1,228 investment advisers, 108
broker dealers, 24 investment companies, and 2
ESCs typically apply for registration with the SEC
or otherwise are newly formed each year, for a total
of 1,362 entities that could be financial institutions
or creditors; of these, staff estimates that all of the
investment companies, ESCs, and broker-dealers are
likely to qualify as financial institutions or
creditors, and 33% of investment advisers (or 405)
are likely to qualify; see Identity Theft Red Flags,
Investment Company Act Release No. 30456 (Apr.
10, 2013) (‘‘Adopting Release’’) at n.190 (discussing
the staff’s analysis supporting its estimate that 33%
of investment advisers are likely to qualify as
financial institutions or creditors); we therefore
estimate that a total of 539 total financial
institutions or creditors will bear the initial onetime burden of assessing covered accounts under
Regulation S–ID.
4 These estimates are based on the following
calculations: 539 entities × 2 hours = 1,078 hours;
539 entities × $1,022 = $550,858.
5 In the Proposing Release, the SEC requested
comment on the estimate that approximately 90%
of all financial institutions and creditors maintain
covered accounts; the SEC received no comments
on this estimate.
6 These estimates are based on the following
calculations: 485 financial institutions and creditors
that maintain covered accounts × 29 hours = 14,065

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total initial estimated burden for all
newly-formed SEC-regulated entities is
15,143 hours at a total estimated cost of
$8,786,158.7
Each financial institution and creditor
would be required to conduct periodic
assessments to determine if the entity
offers or maintains covered accounts,
which SEC staff estimates would entail
an annual burden of 1 hour per entity.
Staff estimates that this burden would
result in an annual cost of $511 to each
financial institution or creditor.8 To the
extent a financial institution or creditor
offers or maintains covered accounts,
staff estimates that the financial
institution or creditor also would incur
an annual burden of 2.5 hours to
prepare and present an annual report to
the board, and an annual burden of 7
hours to periodically review and update
the Program (including review and
preservation of contracts with service
providers, as well as review and
preservation of any documentation
received from service providers). Staff
estimates that these burdens would
result in additional annual costs of
$9,429 for each financial institution or
creditor that offers or maintains covered
accounts.9
SEC staff estimates that there are
10,055 SEC-regulated entities that are
either financial institutions or creditors,
and that all of these will be required to
periodically review their accounts to
determine if they offer or maintain
covered accounts, for a total of 10,055
hours for these entities at a total cost of
$5,138,105.10 Of these 10,055 entities,
hours; 485 financial institutions and creditors that
maintain covered accounts × $16,980 = $8,235,300.
7 These estimates are based on the following
calculations: 1,078 hours + 14,065 hours = 15,143
hours; $550,858 + $8,235,300 = $8,786,158.
8 This estimate is based on the following
calculation: 1 hour × $511 (hourly rate for internal
counsel) = $511; see supra note 2 (discussing the
methodology for estimating the hourly rate for
internal counsel).
9 Staff estimates that, of the 9.5 hours incurred
to prepare and present the annual report to the
board and periodically review and update the
Program, 8.5 hours will be spent by internal counsel
at an hourly rate of $511, and 1 hour will be spent
by the board of directors as a whole at an hourly
rate of $5,085; thus, the estimated $9,429 in
additional annual costs is based on the following
calculation: (8.5 hours × $511 = $4,344) + (1 hour
× $5,085 = $5,085) = $9,429; see supra note 2
(discussing the methodology for estimating the
hourly rate for internal counsel and the board of
directors).
10 Based on a review of entities that the SEC
regulates, SEC staff estimates that, as of September
30, 2024, there are approximately 15,968
investment advisers, 3,380 broker-dealers, 1,359
active open-end investment companies, and 47
ESCs; of these, staff estimates that all of the brokerdealers, open-end investment companies and ESCs
are likely to qualify as financial institutions or
creditors; we also estimate that approximately 33%
of investment advisers, or 5,269 investment
advisers, are likely to qualify; see Adopting Release,

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staff estimates that approximately 90
percent, or 9,050, maintain covered
accounts, and thus will need the
additional burdens related to complying
with the rules.11 Accordingly, staff
estimates that the additional annual
burden for SEC-regulated entities that
qualify as financial institutions or
creditors and maintain covered accounts
is 85,975 hours at an additional cost of
$85,332,450.12 Thus, the total estimated
ongoing annual burden for all SECregulated entities is 96,030 hours at a
total estimated annual cost of
$90,470,555.13
The collections of information
required by section 248.202 will apply
only to SEC-regulated entities that issue
credit or debit cards.14 SEC staff
understands that SEC-regulated entities
generally do not issue credit or debit
cards, but instead partner with other
entities, such as banks, that issue cards
on their behalf. These other entities,
which are not regulated by the SEC, are
already subject to substantially similar
change of address obligations pursuant
to the Agencies’ identity theft red flags
rules. Therefore, staff does not expect
that any SEC-regulated entities will be
subject to the information collection
requirements of section 248.202, and
accordingly, staff estimates that there is
no hour or cost burden for SECregulated entities related to section
248.202.
In total, SEC staff estimates that the
aggregate annual information collection
burden of Regulation S–ID is 111,173
hours (15,143 hours + 96,030 hours).
This estimate of burden hours is made
solely for the purposes of the Paperwork
Reduction Act and is not derived from
supra note 1, at n.190 (discussing the staff’s
analysis supporting its estimate that 33% of
investment advisers are likely to qualify as financial
institutions or creditors); we therefore estimate that
a total of 10,055 financial institutions or creditors
will bear the ongoing burden of assessing covered
accounts under Regulation S–ID (the SEC staff
estimates that the other types of entities that are
covered by the scope of the SEC’s rules will not be
financial institutions or creditors and therefore will
not be subject to the rules’ requirements.) The
estimates of 10,055 hours and $5,138,105 are based
on the following calculations: 10,055 financial
institutions and creditors × 1 hour = 10,055 hours;
10,055 financil institutions and creditors × $511 =
$5,138,105.
11 See supra note 5 and accompanying text; if a
financial institution or creditor does not maintain
covered accounts, there would be no ongoing
annual burden for purposes of the PRA.
12 These estimates are based on the following
calculations: 9,050 financial institutions and
creditors that maintain covered accounts × 9.5
hours = 85,975 hours; 9,050 financial institutions
and creditors that maintain covered accounts ×
$9,429 = $85,332,450.
13 These estimates are based on the following
calculations: 10,055 hours + 85,975 hours = 96,030
hours; $5,138,105 + $85,332,450 = $90,470,555.
14 § 248.202(a).

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Federal Register / Vol. 90, No. 146 / Friday, August 1, 2025 / Notices
a quantitative, comprehensive, or even
representative survey or study of the
burdens associated with Commission
rules and forms. Compliance with
Regulation S–ID, including compliance
with the information collection
requirements thereunder, is mandatory
for each SEC-regulated entity that
qualifies as a ‘‘financial institution’’ or
‘‘creditor’’ under Regulation S–ID (as
discussed above, certain collections of
information under Regulation S–ID are
mandatory only for financial
institutions or creditors that offer or
maintain covered accounts). 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=202503-3235-008
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
September 2, 2025.
Dated: July 29, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–14551 Filed 7–31–25; 8:45 am]

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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103564; File No. SR–ISE–
2024–62]

Self-Regulatory Organizations; Nasdaq
ISE, LLC; Order Approving a Proposed
Rule Change, as Modified by
Amendment Nos. 2 and 3, Regarding
Position and Exercise Limits for
Options on the iShares Bitcoin Trust
ETF
July 29, 2025.

I. Introduction
On December 20, 2024, Nasdaq ISE,
LLC (‘‘ISE’’ or ‘‘Exchange’’) 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 amend the position and
exercise limits for options on the
iShares Bitcoin Trust ETF (‘‘IBIT’’) and
to provide for the trading of flexible
exchange (‘‘FLEX’’) options on IBIT.3
The proposed rule change was
published for comment in the Federal
Register on January 6, 2025.4
On February 20, 2025, pursuant to
Section 19(b)(2) of the Act,5 the
Commission designated a longer period
within which to approve the proposal,
disapprove the proposal, or institute
proceedings to determine whether to
disapprove the proposal.6 The
Commission received comments on the
proposal.7 On March 6, 2025, the
Exchange filed Amendment No. 1 to the
proposal, which supersedes the original
filing in its entirety.8 On March 14,
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Exchange’s rules use the term ‘‘exchangetraded fund’’ to refer to several types of investment
products, including IBIT. See ISE Options 4,
Section 3(h). In its proposal to list and trade shares
of IBIT, The Nasdaq Stock Market LLC states that
IBIT is not an investment company registered under
the Investment Company Act of 1940, and that
shares of IBIT will be registered with the
Commission on Form S–1. See Securities Exchange
Act Release No. 99295 (Jan. 8, 2024), 89 FR 2321,
2322 (Jan. 12, 2024) (File No. SR–Nasdaq–2023–
016) (notice of Filing of Amendment No. 1 to a
Proposed Rule Change to List and Trade Shares of
the iShares Bitcoin Trust Under Nasdaq Rule
5711(d)).
4 See Securities Exchange Act Release No. 102065
(Dec. 31, 2024), 90 FR 704 (Jan. 6, 2025).
5 15 U.S.C. 78s(b)(2).
6 See Securities Exchange Act Release No.
102463, 90 FR 10736 (Feb. 26, 2025).
7 Comments on the proposal are available at:
https://www.sec.gov/comments/sr-ise-2024-62/
srise202462.htm.
8 Amendment No. 1 revised the proposal to apply
the position limits in ISE Options 9, Sections 13(d)
and the corresponding exercise limits in ISE
Options 9, Section 15 to IBIT options and to remove
the proposed changes to permit the trading of IBIT

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2025, the Commission published notice
of Amendment No. 1 and instituted
proceedings under Section 19(b)(2)(B) of
the Act 9 to determine whether to
approve or disapprove the proposal, as
modified by Amendment No. 1.10 On
March 26, 2025, the Exchange withdrew
Amendment No. 1 and filed
Amendment No. 2, which supersedes
Amendment No. 1 in its entirety.11 On
May 27, 2025, the Exchange filed
Amendment No. 3 to the proposal.12
This order approves the proposal, as
modified by Amendment Nos. 2 and 3.
II. Description of the Proposed Rule
Change, as Modified by Amendment
Nos. 2 and 3
As described more fully in
Amendment Nos. 2 and 3, the Exchange
proposes to amend its rules to eliminate
the 25,000-contract position and
exercise limits and apply the position
and exercise limits in ISE Options 9,
Sections 13 and 15 to IBIT options.13
FLEX options. Amendment No. 1 is available at:
https://www.sec.gov/comments/sr-ise-2024-62/
srise202462-578436-1659562.pdf.
9 15 U.S.C. 78s(b)(2)(B).
10 See Securities Exchange Act Release No.
102682, 90 FR 13233 (Mar. 20, 2025) (‘‘Notice and
Order Instituting Proceedings’’).
11 Amendment No. 2 revises the proposal to
correct inconsistencies in the description of the
proposal. Because Amendment No. 2 does not
materially alter the substance of the proposal,
Amendment No. 2 is not subject to notice and
comment. Amendment No. 2 is available at: https://
www.sec.gov/comments/sr-ise-2024-62/srise202462593575-1721782.pdf.
12 Amendment No. 3 corrects a numerical error in
the proposal. Because Amendment No. 3 does not
materially alter the substance of the proposal,
Amendment No. 3 is not subject to notice and
comment. Amendment No. 3 is available at: https://
www.sec.gov/comments/sr-ise-2024-62/srise202462606647-1771694.pdf.
13 ISE Options 9, Section 13(d) establishes a
position limit of 250,000 contracts on the same side
of the market for options on an underlying security
that had trading volume of at least 100,000,000
shares during the most recent six-month trading
period or that had trading volume of at least
75,000,000 shares during the most recent six-month
trading period and has at least 300,000,000 shares
currently outstanding; 200,000 contracts on the
same side of the market for options on an
underlying security that had trading volume of at
least 80,000,000 shares during the most recent sixmonth trading period or that had trading volume of
at least 60,000,000 shares during the most recent
six-month trading period and has at least
240,000,000 shares currently outstanding; 75,000
contracts on the same side of the market for options
on an underlying security that had trading volume
of at least 40,000,000 shares during the most recent
six-month trading period or that had trading
volume of at least 30,000,000 shares during the
most recent six-month trading period and has at
least 120,000,000 shares currently outstanding;
50,000 contracts on the same side of the market for
options on an underlying security that had trading
volume of at least 20,000,000 shares during the
most recent six-month trading period or trading
volume of at least 15,000,000 shares during the
most recent six-month trading period and at least
40,000,000 shares currently outstanding; and 25,000

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