Federal Register 60-Day Collection Notice

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Federal Register / Vol. 90, No. 83 / Thursday, May 1, 2025 / Notices

reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is May 3, 2025.
The Commission is extending this 45day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates June 17, 2025, as the date by
which the Commission shall either
approve or disapprove, or institute
proceedings to determine whether to
disapprove, the proposed rule change
(File No. SR–CBOE–2025–014).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–07501 Filed 4–30–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102937; File No. SR–
CBOE–2025–011]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Designation
of Longer Period for Commission
Action To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To Allow Certain Expiring
A.M.-Settled Index Options To Trade
During the Global Trading Hours
Trading Session Immediately
Preceding the Expiration Date

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April 25, 2025.

For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–07502 Filed 4–30–25; 8:45 am]
BILLING CODE 8011–01–P

On February 26, 2025, 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
allow for expiring A.M.-settled nonVolatility index options and Volatility
Index options to trade during the Global
Trading Hours trading session
immediately preceding the expiration
6 17

CFR 200.30–3(a)(31).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15

17:24 Apr 30, 2025

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0241]

Proposed Collection; Comment
Request; Extension: Rule 206(4)–2
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
3 See Securities Exchange Act Release No. 102583
(March 11, 2025), 90 FR 12382.
4 15 U.S.C. 78s(b)(2).
5 Id.
6 17 CFR 200.30–3(a)(31).

5 Id.

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date. As a result, expiring A.M.-settled
non-Volatility index options would
trade until the exercise settlement value
is determined on the expiration date
and expiring A.M.-settled Volatility
Index options would trade until 9:00
a.m. on the expiration date. The
proposed rule change was published for
comment in the Federal Register on
March 17, 2025.3
Section 19(b)(2) of the Act 4 provides
that, within 45 days of the publication
of notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding, or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is May 1, 2025.
The Commission is extending this 45day time period.
The Commission finds that it is
appropriate to designate a longer period
within which to take action on the
proposed rule change so that it has
sufficient time to consider the proposed
rule change. Accordingly, the
Commission, pursuant to Section
19(b)(2) of the Act,5 designates June 15,
2025, as the date by which the
Commission shall either approve or
disapprove, or institute proceedings to
determine whether to disapprove, the
proposed rule change (File No. SR–
CBOE–2025–011).

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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’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this collection of
information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
Rule 206(4)–2 (17 CFR 275.206(4)–2)
under the Investment Advisers Act of
1940 (15 U.S.C. 80b–1 et seq.) governs
the custody of funds or securities of
clients by Commission-registered
investment advisers. Rule 206(4)–2
requires each registered investment
adviser that has custody of client funds
or securities to maintain those client
funds or securities with a broker-dealer,
bank or other ‘‘qualified custodian.’’ 1
The rule requires the adviser to
promptly notify clients as to the place
and manner of custody, after opening an
account for the client and following any
changes.2 If an adviser sends account
statements to its clients, it must insert
a legend in the notice and in subsequent
account statements sent to those clients
urging them to compare the account
statements from the custodian with
those from the adviser.3 The adviser
also must have a reasonable basis, after
due inquiry, for believing that the
qualified custodian maintaining client
funds and securities sends account
statements directly to the advisory
clients at least quarterly, identifying the
amount of funds and of each security in
the account at the end of the period and
setting forth all transactions in the
account during that period.4 The client
funds and securities of which an adviser
has custody must undergo an annual
surprise examination by an independent
public accountant to verify client assets
pursuant to a written agreement with
the accountant that specifies certain
duties.5 Unless client assets are
maintained by an independent
custodian (i.e., a custodian that is not
the adviser itself or a related person),
the adviser also is required to obtain or
receive a written report of the internal
controls relating to the custody of those
assets from an independent public
accountant that is registered with and
subject to regular inspection by the
1 Rule

206(4)–2(a)(1).
206(4)–2(a)(2).
3 Rule 206(4)–2(a)(2).
4 Rule 206(4)–2(a)(3).
5 Rule 206(4)–2(a)(4).
2 Rule

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Federal Register / Vol. 90, No. 83 / Thursday, May 1, 2025 / Notices
Public Company Accounting Oversight
Board (‘‘PCAOB’’).6
The rule exempts advisers from the
rule with respect to clients that are
registered investment companies.
Advisers to limited partnerships,
limited liability companies and other
pooled investment vehicles are excepted
from the account statement delivery and
deemed to comply with the annual
surprise examination requirement if the
limited partnerships, limited liability
companies or pooled investment
vehicles are subject to annual audit by
an independent public accountant
registered with, and subject to regular
inspection by the PCAOB, and the
audited financial statements are
distributed to investors in the pools.7
The rule also provides an exception to
the surprise examination requirement
for advisers that have custody solely
because they have authority to deduct
advisory fees from client accounts,8 and
advisers that have custody solely
because a related person holds the
adviser’s client assets (or has any
authority to obtain possession of them)
and the related person is operationally
independent of the adviser.9
Advisory clients use this information
to confirm proper handling of their
accounts. The Commission’s staff uses
the information obtained through this
collection in its enforcement, regulatory
and examination programs. Without the
information collected under the rule,
the Commission would be less efficient
and effective in its programs and clients
would not have information valuable for
monitoring an adviser’s handling of
their accounts.
The respondents to this information
collection are investment advisers
registered with the Commission and
have custody of clients’ funds or
securities. We estimate that 9,210
advisers would be subject to the
information collection burden under
rule 206(4)–2. The number of responses
under rule 206(4)–2 will vary
considerably depending on the number
of clients for which an adviser has
custody of funds or securities, and the
number of investors in pooled
investment vehicles that the adviser
manages. It is estimated that the average
number of responses annually for each
respondent would be 3,639, and an
average time of 0.009426547 hours per
response. The annual aggregate burden
for all respondents to the requirements
of rule 206(4)–2 is estimated to be
315,925 hours.
6 Rule

206(4)–2(a)(6).
206(4)–2(b)(4).
8 Rule 206(4)–2(b)(3).
9 Rule 206(4)–2 (b)(6).
7 Rule

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17:24 Apr 30, 2025

The estimated average burden hours
are made solely for purposes of the
Paperwork Reduction Act and are not
derived from a comprehensive or even
representative survey or study of the
cost of Commission rules and forms.
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.
Consideration will be given to
comments and suggestions submitted in
writing within 60 days of this
publication by June 30, 2025.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 by
sending an email to:
PaperworkReductionAct@sec.gov.
Dated: April 28, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–07548 Filed 4–30–25; 8:45 am]
BILLING CODE 8011–01–P

SMALL BUSINESS ADMINISTRATION
[License No. 02/02–0650]

Surrender of License of Small
Business Investment Company; High
Peaks Seed Ventures, L.P.
Pursuant to the authority granted to
the United States Small Business
Administration under Section 309 of the
Small Business Investment Act of 1958,
as amended, and 13 CFR 107.1900 of the
Code of Federal Regulations to function
as a small business investment company
under the Small Business Investment
Company license number 02/02–0650
issued to High Peaks Seed Ventures,

L.P. said license is hereby declared null
and void.
Paul Salgado,
Director, Investment Portfolio Management,
United States Small Business Administration.
[FR Doc. 2025–07529 Filed 4–30–25; 8:45 am]
BILLING CODE P

DEPARTMENT OF STATE
[Public Notice: 12673]

Notice of Determinations; Culturally
Significant Objects Being Imported for
Exhibition—Determinations: ‘‘Routes
and Roots: The Wyvern Collection at
the Bowdoin College Museum of Art’’
Exhibition
Notice is hereby given of the
following determinations: I hereby
determine that certain objects being
imported from abroad pursuant to an
agreement with their foreign owner or
custodian for temporary display in the
exhibition ‘‘Routes and Roots: The
Wyvern Collection at the Bowdoin
College Museum of Art’’ at the Bowdoin
College Museum of Art, Brunswick,
Maine, and at possible additional
exhibitions or venues yet to be
determined, are of cultural significance,
and, further, that their temporary
exhibition or display within the United
States as aforementioned is in the
national interest. I have ordered that
Public Notice of these determinations be
published in the Federal Register.
FOR FURTHER INFORMATION CONTACT:
Reed Liriano, Program Coordinator,
Office of the Legal Adviser, U.S.
Department of State (telephone: 202–
632–6471; email: section2459@
state.gov). The mailing address is U.S.
Department of State, L/PD, 2200 C Street
NW (SA–5), Suite 5H03, Washington,
DC 20522–0505.
SUPPLEMENTARY INFORMATION: The
foregoing determinations were made
pursuant to the authority vested in me
by the Act of October 19, 1965 (79 Stat.
985; 22 U.S.C. 2459), Executive Order
12047 of March 27, 1978, the Foreign
Affairs Reform and Restructuring Act of
1998 (112 Stat. 2681, et seq.; 22 U.S.C.
6501 note, et seq.), Delegation of
Authority No. 234 of October 1, 1999,
Delegation of Authority No. 236–3 of
August 28, 2000, and Delegation of
Authority No. 574 of March 4, 2025.
SUMMARY:

Mary C. Miner,
Managing Director for Professional and
Cultural Exchanges, Bureau of Educational
and Cultural Affairs, Department of State.
[FR Doc. 2025–07504 Filed 4–30–25; 8:45 am]
BILLING CODE 4710–05–P

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