Federal Register 30-Day Notice

11084

Federal Register / Vol. 90, No. 40 / Monday, March 3, 2025 / Notices

Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
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–NYSEARCA–2025–13 and should be
submitted on or before March 24, 2025
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–03336 Filed 2–28–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0658]

lotter on DSK11XQN23PROD with NOTICES1

Submission for OMB Review;
Comment Request; Extension: Rule
22e–3
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, under the
Paperwork Reduction Act of 1995 (44
U.S.C. 3501–3520), 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.
Section 22(e) of the Investment
Company Act of 1940, as amended [15
U.S.C. 80a–22(e)] (‘‘Act’’) generally
prohibits funds, including money
market funds, from suspending the right
of redemption, and from postponing the
payment or satisfaction upon
redemption of any redeemable security
for more than seven days. The provision
was designed to prevent funds and their
investment advisers from interfering
with the redemption rights of
11 17

CFR 200.30–3(a)(12).

VerDate Sep<11>2014

17:00 Feb 28, 2025

shareholders for improper purposes,
such as the preservation of management
fees. Although section 22(e) permits
funds to postpone the date of payment
or satisfaction upon redemption for up
to seven days, it does not permit funds
to suspend the right of redemption for
any longer amount of time, absent
certain specified circumstances or a
Commission order.
Rule 22e–3 under the Act [17 CFR
270.22e–3] exempts money market
funds from section 22(e) to permit them
to suspend redemptions in order to
facilitate an orderly liquidation of the
fund. Specifically, rule 22e–3 permits a
money market fund to suspend
redemptions and postpone the payment
of proceeds pending board-approved
liquidation proceedings if: (i) the fund,
at the end of a business day, has
invested less than ten percent of its total
assets in weekly liquid assets or, in the
case of a fund that is a government
money market fund or a retail money
market fund, the fund’s price per share
as computed for the purpose of
distribution, redemption and
repurchase, rounded to the nearest one
percent, has deviated from the stable
price established by the board of
directors or the fund’s board of
directors, including a majority of
directors who are not interested persons
of the fund, determines that such a
deviation is likely to occur; (ii) the
fund’s board of directors, including a
majority of disinterested directors,
irrevocably has approved the
liquidation of the fund; and (iii) the
fund, prior to suspending redemptions,
notifies the Commission of its decision
to liquidate and suspend redemptions.
Rule 22e–3 also provides an exemption
from section 22(e) for registered
investment companies that own shares
of a money market fund pursuant to
section 12(d)(1)(E) of the Act (‘‘conduit
funds’’), if the underlying money market
fund has suspended redemptions
pursuant to the rule. A conduit fund
that suspends redemptions in reliance
on the exemption provided by rule 22e–
3 is required to provide prompt notice
of the suspension of redemptions to the
Commission. Notices required by the
rule must be provided by electronic
mail, directed to the attention of the
Director of the Division of Investment
Management or the Director’s designee.1
Compliance with the notification
requirement is mandatory for money
market funds and conduit funds that
rely on rule 22e–3 to suspend
redemptions and postpone payment of
1 See

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rule 22e–3(a)(3) and 22e–3(b).

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proceeds pending a liquidation, and are
not kept confidential.
Commission staff estimates that, on
average, one fund would be required to
make the required notice every year.2
Commission staff further estimates that
a money market fund or conduit fund
would spend approximately one hour of
an in-house attorney’s time to prepare
and submit the notice required by the
rule. Given these estimates, the total
annual burden of the notification
requirement of rule 22e–3 for all money
market funds and conduit funds would
be approximately one hour at a cost of
$511. The estimated total annual burden
hours associated with rule 22e–3 is 1
hour and external costs increased from
$0 to $584. This change in external costs
reflects revised estimates.
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.
Compliance with the collection of
information requirements of the rule is
necessary to obtain the benefit of relying
on the rule.
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=202412-3235-008
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 April
3, 2025.
Dated: February 25, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–03338 Filed 2–28–25; 8:45 am]
BILLING CODE 8011–01–P
2 The Commission has not received any notices
invoking rule 22e–3 to halt redemptions. However,
for administrative purposes, we are reporting one
respondent and one annual response.

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