Federal Register 30 Day Notice

Federal Register / Vol. 90, No. 154 / Wednesday, August 13, 2025 / Notices
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 16 and paragraph (f) of Rule
19b–4 17 thereunder.
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 will institute proceedings
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–
CboeEDGA–2025–024 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–CboeEDGA–2025–024. 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
16 15
17 17

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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16:04 Aug 12, 2025

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–CboeEDGA–2025–024 and
should be submitted on or before
September 3, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–15320 Filed 8–12–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0311]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 7d–1
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’’) is soliciting comments
on the collection of information
discussed below
Section 7(d) of the Investment
Company Act of 1940 (15 U.S.C. 80a–
7(d)) (the ‘‘Act’’ or ‘‘Investment
Company Act’’) requires an investment
company (‘‘fund’’) organized outside the
United States (‘‘foreign fund’’) to obtain
an order from the Commission allowing
the fund to register under the Act before
making a public offering of its securities
through the United States mail or any
means of interstate commerce. The
Commission may issue an order only if
it finds that it is both legally and
practically feasible effectively to enforce
the provisions of the Act against the
foreign fund, and that the registration of
the fund is consistent with the public
interest and protection of investors.
Rule 7d–1 (17 CFR 270.7d–1) under
the Act, which was adopted in 1954,
specifies the conditions under which a
Canadian management investment
company (‘‘Canadian fund’’) may
request an order from the Commission
permitting it to register under the Act.
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CFR 200.30–3(a)(12).

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Although rule 7d–1 by its terms applies
only to Canadian funds, funds in other
jurisdictions generally have agreed to
comply with the requirements of rule
7d–1 as a prerequisite to receiving an
order permitting the fund’s registration
under the Act.
The rule requires Canadian funds that
propose to register under the Act to file
an application with the Commission
that contains various undertakings and
agreements by the fund. The
requirement of the Canadian fund to file
an application is a collection of
information under the Paperwork
Reduction Act. Certain of the
undertakings and agreements, in turn,
impose the following additional
information collection requirements:
(1) the fund must file with the
Commission agreements between the
fund and its directors, officers, and
service providers requiring them to
comply with the fund’s charter and
bylaws, the Act, and certain other
obligations relating to the undertakings
and agreements in the application;
(2) the fund and each of its directors,
officers, and investment advisers that is
not a U.S. resident, must file with the
Commission an irrevocable designation
of the fund’s custodian in the United
States as agent for service of process;
(3) the fund’s charter and bylaws must
provide that (a) the fund will comply
with certain provisions of the Act
applicable to all funds, (b) the fund will
maintain originals or copies of its books
and records in the United States, and (c)
the fund’s contracts with its custodian,
investment adviser, and principal
underwriter, will contain certain terms,
including a requirement that the adviser
maintain originals or copies of pertinent
records in the United States;
(4) the fund’s contracts with service
providers will require that the provider
perform the contract in accordance with
the Act, the Securities Act of 1933 (15
U.S.C. 77a), and the Securities Exchange
Act of 1934 (15 U.S.C. 78a), as
applicable; and
(5) the fund must file, and
periodically revise, a list of persons
affiliated with the fund, its investment
adviser, and principal underwriter.
As noted above, under section 7(d) of
the Act, the Commission may issue an
order permitting a foreign fund’s
registration only if the Commission
finds that ‘‘by reason of special
circumstances or arrangements, it is
both legally and practically feasible
effectively to enforce the provisions of
the (Act).’’ The information collection
requirements are necessary to ensure
that the substantive provisions of the
Act may be enforced as a matter of
contract right in the United States or

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39008

Federal Register / Vol. 90, No. 154 / Wednesday, August 13, 2025 / Notices

Canada by the fund’s shareholders or by
the Commission.
Rule 7d–1 also contains certain
information collection requirements that
are associated with other provisions of
the Act. These requirements are
applicable to all registered funds and
are outside the scope of this request.
The Commission staff estimates that one
foreign fund is registered under the Act
pursuant to rule 7d–1 and is currently
active. The burden hours under the rule
associated with the fund’s compliance
with the Act’s requirements are
reflected in the information collection
burdens applicable to those
requirements for all registered funds. If

Internal
annual
burden
hours

Number of
affected
funds

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circumstances. Rule 7d–1 does not
mandate these applications. The
Commission is not including these
applications in its calculation of the
annual burden because no fund has
applied to register under the Act
pursuant to rule 7d–1 in the last three
years.
These estimates of average burden
hours are made solely for the purposes
of the Paperwork Reduction Act. These
estimates are not derived from a
comprehensive or even a representative
survey or study of Commission rules.
Commission staff estimates the burden
of the rule as set forth in Table 1 below:

a fund were to file an application under
rule 7d–1 to register under the Act, the
Commission estimates that the rule
would impose initial information
collection burdens (for example, for
filing an application, preparing the
specified charter, bylaw, and contract
provisions, designations of agents for
service of process, and an initial list of
affiliated persons, and establishing a
means of keeping records in the United
States) of approximately 90 hours for
the fund and its associated persons. As
noted above, after registration, a
Canadian fund may file a supplemental
application seeking special relief
designed for the fund’s particular

Internal
time
costs

Wage
rate

Annual
external
cost
burden

Rule 7d–1 .............................................................................

1

5

$1,910

$9,550

$5,256

Total Annual Burden .....................................................

........................

5

........................

9,550

5,256

Cost burden is the cost of goods and
services purchased to comply with rule
7d–1, such as legal and accounting
services. As outlined in the table above,
we estimate the total external cost
burden to comply with rule 7d–1 to be
$5,256.
If a Canadian or other foreign fund in
the future applied to register under the
Act under rule 7d–1, the fund initially
might have capital and start-up costs
(not including hourly burdens) of an
estimated $20,000 to comply with the
rule’s initial information collection
requirements. These costs include legal
and processing-related fees for
preparing the required documentation
(such as the application, charter, bylaw,
and contract provisions, designations
for service of process, and the list of
affiliated persons). Other related costs
would include fees for establishing
arrangements with a custodian or other
agent for maintaining records in the
United States, copying and
transportation costs for records, and the
costs of purchasing or leasing computer
equipment, software, or other record
storage equipment for records
maintained in electronic or
photographic form.
The Commission expects that the
fund and its sponsors would incur these
costs immediately, and that the
annualized cost of the expenditures
would be $20,000 in the first year. Some
expenditures might involve capital
improvements, such as computer
equipment, having expected useful lives
for which annualized figures beyond the
first year would be meaningful. These

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annualized figures are not provided,
however, because, in most cases, the
expenses would be incurred
immediately rather than on an annual
basis. As indicated above, a Canadian or
foreign fund may file a supplemental
application seeking special relief
designed for the fund’s particular
circumstances. Rule 7d–1 does not
mandate these applications. The
Commission is not including these costs
because no fund has applied made an
application under rule 7d–1 in the last
three years.
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=202505-3235-017
or send an email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day

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after publication of this notice by
September 15, 2025.
Dated: August 8, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–15313 Filed 8–12–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103663; File No. SR–
CBOE–2025–056]

Self-Regulatory Organizations; Cboe
Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend Its Rules
Regarding the Position and Exercise
Limits for Options on the iShares
Bitcoin Trust ETF, Grayscale Bitcoin
Trust ETF, Grayscale Bitcoin Mini
Trust BTC, and the Bitwise Bitcoin ETF
August 8, 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 August 6,
2024, Cboe Exchange, Inc. (the
‘‘Exchange’’ or ‘‘Cboe Options’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) a
proposed rule change as described in
Items I and II below, which Items have
been prepared by the Exchange. The
Commission is publishing this notice to
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

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