Federal Register 30-Day Notice

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Federal Register / Vol. 90, No. 41 / Tuesday, March 4, 2025 / Notices

please use only one method. The
Commission will post all comments on
the Commission’s internet website
(https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-MIAX-202505). 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–MIAX–2025–05 and
should be submitted on or before March
25, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–03418 Filed 3–3–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102495; File No. SR–
SAPPHIRE–2025–08]

Self-Regulatory Organizations; MIAX
Sapphire, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend the Fee
Schedule To Adopt New Fee
Categories for the Exchange’s
Proprietary Market Data Feeds
February 26, 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 February
20, 2025, MIAX Sapphire, LLC
(‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Item I below,
which Item has been substantially
prepared by the Exchange. The
Exchange has designated this proposal
for immediate effectiveness pursuant to
Section 19(b)(3)(A) of the Act 3 and Rule
19b–4(f) thereunder.4 The Commission
6 17

CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A).
4 17 CFR 240.19b–4(f). 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

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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
The Exchange is filing a proposal to
amend the MIAX Sapphire Options
Exchange Fee Schedule to among other
things, adopt new fee categories for the
Exchange’s proprietary market data
feeds: (i) MIAX Sapphire Top of Market
(‘‘ToM’’) data feed; (ii) MIAX Sapphire
Complex Top of Market (‘‘cToM’’) data
feed; and (iii) MIAX Sapphire Liquidity
Feed (‘‘SLF’’).
The proposed rule change, including
the Exchange’s statement of the purpose
of, and statutory basis for, the proposed
rule change, is available on the
Exchange’s website at https://
www.miaxglobal.com/markets/usoptions/miax-sapphire/rule-filings and
on the Commission’s website at https://
www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/
national-securities-exchanges?file_
number=SR-SAPPHIRE-2025-08.
II. 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.5
Comments may be submitted
electronically by using the
Commission’s internet comment form
(https://www.sec.gov/rules-regulations/
self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-SAPPHIRE2025-08). or by sending an email to rulecomments@sec.gov. Please include file
number SR–SAPPHIRE–2025–08 on the
subject line. Alternatively, paper
comments may be sent to Secretary,
Securities and Exchange Commission,
100 F Street NE, Washington, DC
20549–1090. All submissions should
refer to file number SR–SAPPHIRE–
2025–08. To help the Commission
process and review your comments
whether the proposed rule change should be
approved or disapproved.
5 Copies of the submission, all subsequent
amendments, all written statements with respect to
the proposed rule change that are filed with the
Commission, and all written communications
relating to the proposed rule change between the
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
SRO.

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more efficiently, please use only one
method. The Commission will post all
comments on the Commission’s internet
website (https://www.sec.gov/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-SAPPHIRE2025-08). 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–SAPPHIRE–2025–08 and should be
submitted on or before March 25, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–03420 Filed 3–3–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0687]

Submission for OMB Review;
Comment Request; Extension: Rule
239
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’’) has submitted to the
Office of Management and Budget this
request for extension of the previously
approved collection of information
discussed below.
Rule 239 (17 CFR 230.239) provides
exemptions under the Securities Act of
1933 (15 U.S.C. 77a et seq.), the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.) and the Trust
Indenture Act of 1939 (U.S.C. 77aaa et
seq.) for security-based swaps issued by
certain clearing agencies satisfying
certain conditions. The purpose of the
information required by Rule 239 is to
make certain information about
security-based swaps that may be
cleared by the registered or the exempt
clearing agencies available to eligible
contract participants and other market
participants. We estimate that each
registered or exempt clearing agency
6 17

CFR 200.30–3(a)(12).

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Federal Register / Vol. 90, No. 41 / Tuesday, March 4, 2025 / Notices
issuing security-based swaps in its
function as a central counterparty will
spend approximately 2 hours each time
it provides or update the information in
its agreements relating to security-based
swaps or on its website. We estimate
that each registered or exempt clearing
agency will provide or update the
information approximately 20 times per
year. In addition, we estimate that 75%
of the 2 hours per response (1.5 hours)
is prepared internally by the clearing
agency for a total annual reporting
burden of 180 hours (1.5 hours per
response × 20 times × 6 respondents).
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=202412-3235-016
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
4, 2025.
Dated: February 26, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–03433 Filed 3–3–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0727]

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Proposed Collection; Comment
Request; Extension: Rules 400–404 of
Regulation Crowdfunding (Funding
Portals)
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
(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the

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Securities and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
provided for in Rules 400–404 of
Regulation Crowdfunding (17 CFR
227.400–227.404) under the Securities
Exchange Act of 1934 (‘‘Exchange Act’’)
(15 U.S.C. 78a et seq.). The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
The collections of information
required under Rules 400 through 404 is
mandatory for all funding portals. Form
Funding Portal helps ensure that the
Commission can make information
about funding portals transparent and
easily accessible to the investing public,
including issuers and obligated persons
who engage funding portals; investors
who may purchase securities through
offerings on funding portals; and other
regulators. Further, the information
provided on Form Funding Portal
expands the amount of publicly
available information about funding
portals, including disciplinary history.
Consequently, the rules and forms allow
issuers and the investing public, as well
as others, to become more fully
informed about funding portals in a
more efficient manner.
Rule 400 requires each person
applying for registration with the
Commission as a funding portal to file
electronically with the Commission
Form Funding Portal. Rule 400(a)
requires a funding portal to become a
member of a national securities
association registered under Section
15A of the Exchange Act. Rule 400(b)
requires a funding portal to file an
amendment to Form Funding Portal if
any information previously submitted
on Form Funding Portal becomes
inaccurate for any reason. Rule 400(c)
provides that a funding portal can
succeed to the business of a predecessor
funding portal upon the successor filing
a registration on Form Funding Portal
and the predecessor filing a withdrawal
on Form Funding Portal.
Rule 400(d) requires a funding portal
to promptly file a withdrawal of
registration on Form Funding Portal
upon ceasing to operate as a funding
portal. Rule 400(e) states that duplicate
originals of the applications and reports
provided for in this section must be
filed with surveillance personnel
designated by any registered national
securities association of which the
funding portal is a member. Rule 400(f)
requires a nonresident funding portal to:
(1) obtain a written consent and power
of attorney appointing an agent for
service of process in the United States;
(2) furnish the Commission with the

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11201

name and address of its agent for
services of process on Schedule C of
Form Funding Portal; (3) certify that it
can, as a matter of law, and will provide
the Commission and any registered
national securities association of which
it becomes a member with prompt
access to its books and records and can,
as a matter of law, and will submit to
onsite inspection and examination by
the Commission and any registered
national securities association of which
it becomes a member; and (4) provide
the Commission with an opinion of
counsel and certify on Schedule C on
Form Funding Portal that the firm can,
as a matter of law, provide the
Commission and registered national
securities association of which it
becomes a member with prompt access
to its books and records and can, as a
matter of law, submit to onsite
inspection and examination by the
Commission and any registered national
securities association of which it
becomes a member.1
Rule 403(a) requires a funding portal
to implement written policies and
procedures reasonably designed to
achieve compliance with the federal
securities laws and the rules and
regulations thereunder relating to its
business as a funding portal. Rule 403(b)
provides that a funding portal must
comply with privacy rules. Rule 404
requires all registered funding portals to
maintain certain books and records
relating to their funding portal
activities, for not less than five years,
the first two in an easily accessible
place. Rule 404(e) requires funding
portals to furnish promptly to the
Commission, its representatives, and the
registered national securities association
of which the funding portal is a member
true, correct, complete and current
copies of such records of the funding
portal that are requested by the
representatives of the Commission and
the registered national securities
association.
The Commission staff estimates that
the total annual industry time burden to
comply with Rules 400–404 is
approximately 36,315 hours per year.
The Commission staff estimates that the
total annual industry cost burden to
comply with Rules 400–404 is
approximately $618,293 per year.
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.
1 Exchange Act Section 3(h)(1)(C) permits us to
impose, as part of our authority to exempt funding
portals from broker registration, ‘‘such other
requirements under [the Exchange Act] as the
Commission determines appropriate.’’

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