Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 222 / Thursday, November 20, 2025 / Notices

burden on intramarket competition that
is not necessary or appropriate in
furtherance of the purposes of the Act.
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
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 8 and
subparagraph (f)(6) of Rule 19b–4
thereunder.9
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 10 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 11
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The Exchange has asked
the Commission to waive the 30-day
operative delay so that the proposed
rule change may become operative
immediately upon filing. The
Commission believes that waiving the
30-day operative delay is consistent
with the protection of investors and the
public interest because the proposal
does not raise any novel regulatory
issues and waiver will allow the
Exchange to provide clarity regarding
the Exchange’s use of data feeds by
identifying which data feed would be
used for 24X and reflecting the name
change of NYSE Chicago to NYSE
Texas. Therefore, the Commission
hereby waives the 30-day operative
delay and designates the proposed rule
change to be operative upon filing.12
8 15

U.S.C. 78s(b)(3)(A)(iii).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
10 17 CFR 240.19b–4(f)(6).
11 17 CFR 240.19b–4(f)(6)(iii).
12 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on

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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 shall institute proceedings
to determine whether the proposed rule
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:
Electronic Comments
• Use the Commission’s internet
comment form (http://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
LTSE–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–LTSE–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
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–LTSE–2025–21 and
should be submitted on or before
December 11, 2025.

efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).

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For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20388 Filed 11–19–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0229]

Proposed Collection; Comment
Request; Extension: Form N–17D–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. 350l–3520), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collections of information
summarized below. The Commission
plans to submit these existing
collections of information to the Office
of Management and Budget (‘‘OMB’’) for
extension and approval.
Section 17(d) (15 U.S.C. 80a–17(d)) of
the Investment Company Act of 1940
(‘‘Act’’) authorizes the Commission to
adopt rules that protect funds and their
security holders from overreaching by
affiliated persons when the fund and the
affiliated person participate in any joint
enterprise or other joint arrangement or
profit-sharing plan. Rule 17d–1 under
the Act (17 CFR 270.17d–1) prohibits
funds and their affiliated persons from
participating in a joint enterprise, unless
an application regarding the transaction
has been filed with and approved by the
Commission. Subparagraph (d)(3) of the
rule provides an exemption from this
requirement for any loan or credit
advance to, or acquisition of securities
or other property of, a small business
concern, or any agreement to do any of
these transactions (‘‘investments’’) made
by a small business investment
company (‘‘SBIC’’) and a bank that is an
affiliated person of (1) the SBIC or (2) an
affiliated person of the SBIC (‘‘affiliated
bank’’). The exemption requires the
Commission to prescribe reports about
the investments, and the Commission
has designated Form N–17D–1 (‘‘form’’)
as the form for reports required by rule
17d–1(d)(3).1
An SBIC and its affiliated bank must
file Form N–17D–1, which has two
parts, with the Commission. Part I
13 17
1 See

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CFR 200.30–3(a)(12), (59).
17 CFR 270.17d–2.

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Federal Register / Vol. 90, No. 222 / Thursday, November 20, 2025 / Notices
describes any investment in a small
business concern made at the same time
by the SBIC and the affiliated bank (or
an investment made by either entity
when the other has an existing
investment). The SBIC must list the
name and address of the small business
concern and the nature of its business,
and the name and address of the
affiliated bank and the basis of its
affiliation with the SBIC. The SBIC and
the affiliated bank also must report any
outstanding investments in the small
business concern, and the small
business concern’s use of the proceeds
of investments made during the
reporting period. If the SBIC invested at
the same time or after the affiliated
bank, the report must state any changes
in the nature and amount of the
affiliated bank’s investment during the
period beginning a year before the
SBIC’s investment up to the date of the
report. Finally, the report must state the
name of any affiliated person of the
SBIC or the affiliated bank (or any
affiliated person of any affiliated person
of the SBIC or affiliated bank) who has
any interest in the transactions, the
basis of the affiliation, the nature of the
interest, and the consideration the
affiliated person received or will
receive.
Part II of the form requires a report
about any disposition of an investment,
default in the payment of interest or
principal, or extension or modification
of the terms of any investment made by
an SBIC in a small business concern in
which an affiliated bank also has
invested. The report must identify the
investment and describe in detail any
disposition, default, extension, or
modification involved. If the SBIC has
disposed of an investment, the report
must state the profit or loss realized. If
a loss was sustained, default occurred,
or the terms of the investment were
extended or modified, the report must
describe the circumstances of the event.
The SBIC and affiliated bank must file
a form for every semi-annual accounting
period during which one or more of the
events referenced in Part I or II
occurred. The SBIC and the affiliated
bank may file the form jointly or
separately, as long as the separate
reports together contain all the
information requested by the form. The
Commission processes but does not
review the form routinely. The form is
available to members of the public for
inspection and copying. Therefore, it is
useful for any person who wishes to
monitor joint transactions by SBICs and
their affiliated banks.
There are no SBICs currently
registered with the Commission and,
thus, we estimate that annually there

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will be no transactions that trigger the
obligations to file the form.2 The
Commission requests authorization to
maintain an inventory of one burden
hour to ease future renewals of Form N–
17D–1’s collection of information
analysis should an SBIC register with
the Commission in the future and
engage in a transaction that would
necessitate reporting on the form. If an
SBIC were to file on Form N–17D–1, we
estimate the cost of this internal time
burden to respondents would be $266.3
Providing the information required by
the form is mandatory, and responses on
Form N–17D–1 will not be kept
confidential.
The estimate of average burden hours
is made solely for the purposes of the
Paperwork Reduction Act, and is not
derived from a comprehensive or even
a representative survey or study of the
costs of Commission rules.
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.
Please direct your written comments
on this 60-Day Collection Notice to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg via
email to PaperworkReductionAct@
sec.gov by January 20, 2026. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission.
2 The Commission has not received a filing on
Form N–17D–1 since March 23, 1987.
3 The estimated wage figure is based on published
rates for a Senior Accountant ($266); the $266/hour
figure for a Senior Accountant is from Securities
Industry and Financial Markets Association’s
Management & Professional Earnings in the
Securities Industry 2013, modified by Commission
staff to account for an 1800-hour work-year and
multiplied by 5.35 to account for bonuses, firm size,
employee benefits and overhead.

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52463

Dated: November 17, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–20359 Filed 11–19–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104192; File No. SR–
CboeBZX–2025–137]

Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of Filing
and Immediate Effectiveness of a
Proposed Rule Change To Amend
Exchange Rule 11.10, Units of Trading,
and Exchange Rule 14.1(a)(26),
Definitions, To Conform With the
Amendment to the Definition of Round
Lot Under Rule 600 of Regulation NMS
November 17, 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 30, 2025, Cboe BZX
Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
change pursuant to Section
19(b)(3)(A)(iii) of the Act 3 and Rule
19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe BZX Exchange, Inc. (‘‘BZX’’ or
the ‘‘Exchange’’) is filing with the
Securities and Exchange Commission
(the ‘‘Commission’’) proposed rule
changes to amend Exchange Rule 11.10,
Units of Trading, and Exchange Rule
14.1(a)(26), Definitions, to conform with
the amendment to the definition of
round lot under Rule 600 of Regulation
NMS recently approved by the
Commission.5 The Exchange also
proposes to make conforming nonsubstantive changes to Exchange Rule
11.8(d)(1), Exchange Rule 11.8,
Interpretations and Policies .02(g)(4),
and Exchange Rule 11.8, Interpretations
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
5 See Securities Exchange Act Release No. 101070
(September 18, 2024), 89 FR 81620 (October 8,
2024) (S7–30–22).
2 17

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