Federal Register 60-day notice

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Federal Register / Vol. 90, No. 74 / Friday, April 18, 2025 / Notices

comment in the Federal Register on
March 5, 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 April 19, 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
and the issues raised therein.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates June 3, 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–CboeBZX–2025–033).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–06662 Filed 4–17–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102855; File No. SR–
NYSEArca–2025–13]

Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Designation of a
Longer Period for Commission Action
on a Proposed Rule Change To Amend
the Grayscale Ethereum Trust ETF and
Grayscale Ethereum Mini Trust ETF To
Permit Staking of the Ether Held by the
Trusts

(‘‘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
amend the rules governing the listing
and trading of shares of the Grayscale
Ethereum Trust ETF and Grayscale
Ethereum Mini Trust ETF to permit
staking. The proposed rule change was
published for comment in the Federal
Register on March 3, 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 April 17, 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
and the issues raised therein.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates June 1, 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–NYSEArca–2025–13).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–06660 Filed 4–17–25; 8:45 am]
BILLING CODE 8011–01–P

lotter on DSK11XQN23PROD with NOTICES1

April 14, 2025.

On February 14, 2025, NYSE Arca,
Inc. (‘‘Exchange’’) filed with the
Securities and Exchange Commission

1 15

3 See Securities Exchange Act Release No. 102499
(Feb. 27, 2025), 90 FR 11340. The Commission has
received no comments on the proposed rule change.
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).

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U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 102485
(Feb. 25, 2025), 90 FR 11081. The Commission has
received no comments on the proposed rule change.
4 15 U.S.C. 78s(b)(2).
5 15 U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).
2 17

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SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0561]

Proposed Collection; Comment
Request; Extension: Rule 12d3–1
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 (the
‘‘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.
Rule 12d3–1 (17 CFR 270.12d3–1)
under the Investment Company Act of
1940 (15 U.S.C. 80a–1 et seq.)
(‘‘Investment Company Act’’) permits a
fund to invest up to five percent of its
assets in securities of an issuer deriving
more than fifteen percent of its gross
revenues from securities-related
businesses (subject to certain
limitations), notwithstanding the
general prohibition in Section 12(d)(3)
of the Investment Company Act of a
registered investment company (‘‘fund’’)
and companies controlled by the fund
purchasing securities issued by a
registered investment adviser, broker,
dealer, or underwriter (‘‘securitiesrelated businesses’’).
A fund may, however, rely on an
exemption in rule 12d3–1 to acquire
securities issued by its subadvisers in
circumstances in which the subadviser
would have little ability to take
advantage of the fund, because it is not
in a position to direct the fund’s
securities purchases. This exemption in
rule 12d3–1 is available if: (i) the
subadviser is not, and is not an affiliated
person of, an investment adviser that
provides advice with respect to the
portion of the fund that is acquiring the
securities; and (ii) the advisory contracts
of the subadviser, and any subadviser
that is advising the purchasing portion
of the fund, prohibit them from
consulting with each other concerning
securities transactions of the fund, and
limit their responsibility in providing
advice to providing advice with respect
to discrete portions of the fund’s
portfolio.1
Rule 12d3–1 requires funds to amend
their subadvisory contracts before they
1 See

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17 CFR 270.270.12d3–1(c)(3).

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lotter on DSK11XQN23PROD with NOTICES1

Federal Register / Vol. 90, No. 74 / Friday, April 18, 2025 / Notices
can rely on rule 12d3–1’s exemption to
ensure that the subadviser that engages
in the transaction does not influence the
fund’s investment decision to engage in
the transaction.
Based on an analysis of fund filings,
Commission staff estimates that
approximately 49 funds enter into such
new subadvisory agreements each year,
and that it will require approximately 3
attorney hours to draft and execute
additional clauses in new subadvisory
contracts in order for funds and
subadvisers to be able to rely on the
exemptions in rule 12d3–1. Because
these additional clauses are identical to
the clauses that a fund would need to
insert in their subadvisory contracts to
rely on rules 10f–3 (17 CFR 270.10f–3),
17a–10 (17 CFR 270.17a–10), and 17e–
1 (17 CFR 270.17e–1), and because we
believe that funds that use one such rule
generally use all of these rules, we
apportion this 3 hour time burden
equally to all four rules. Therefore, we
estimate that the burden allocated to
rule 12d3–1 for this contract change
would be 0.75 hours. Assuming that all
49 funds that enter into new
subadvisory contracts each year make
the modification to their contract
required by the rule, we estimate that
the rule’s contract modification
requirement will result in 37 burden
hours annually.
Complying with this collection of
information requirement is necessary to
rely on rule 12d3–1. 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 17, 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 or
send an email to:
PaperworkReductionAct@sec.gov.

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Dated: April 15, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–06747 Filed 4–17–25; 8:45 am]
BILLING CODE 8011–01–P

SOCIAL SECURITY ADMINISTRATION
[Docket No: SSA–2025–0014]

Agency Information Collection
Activities: New Emergency Request
The Social Security Administration
(SSA) publishes a list of information
collection packages requiring clearance
by the Office of Management and
Budget (OMB) in compliance with
Public Law 104–13, the Paperwork
Reduction Act of 1995, effective October
1, 1995. This notice includes a new,
emergency information collection.
SSA is asking OMB for approval of
this information collection nine days
after the date of publication of this
Federal Register Notice, independent of
public comment, due to its emergency
nature. However, we still welcome
comment on the accuracy of the
agency’s burden estimate; the need for
the information; its practical utility;
ways to enhance its quality, utility, and
clarity; and ways to minimize burden on
respondents, including the use of
automated collection techniques or
other forms of information technology.
We will consider any comments when
we ultimately extend this information
collection beyond the standard sixmonth emergency approval. Mail, email,
or fax your comments and
recommendations on the information
collection(s) to the OMB Desk Officer
and SSA Reports Clearance Officer at
the following addresses or fax numbers.
(OMB) Office of Management and
Budget, Attn: Desk Officer for SSA.
(SSA) Social Security Administration,
OLCA, Attn: Reports Clearance Director,
Mail Stop 3253 Altmeyer, 6401 Security
Blvd., Baltimore, MD 21235, Fax: 833–
410–1631, Email address:
OR.Reports.Clearance@ssa.gov.
Or you may submit your comments
online through https://www.reginfo.gov/
public/do/PRAmain by clicking on
Currently under Review—Open for
Public Comments and choosing to click
on one of SSA’s published items. Please
reference Docket ID Number [SSA–
2025–0014] in your submitted response.
SSA is submitting the information
collection below to OMB for clearance.
If you wish to submit comments, we
recommend you do so no later than May
9, 2025. However, please be aware that
due to the emergency nature of this
collection, SSA will be seeking OMB

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clearance in advance of this date.
Individuals may obtain copies of this
OMB clearance package by writing to
OR.Reports.Clearance@ssa.gov.
mySocial Security—Security
Authentication PIN—20 CFR 401.45—
0960–NEW.
To mitigate fraud concerns, in April
2025, SSA will increase the level of
identity proofing needed for customers
to make payment method changes
during phone interactions. While
necessary to protect the public and the
integrity of SSA’s programs, this limits
the accessibility of the phone as a
service channel for claims filed over the
phone that will require identity
proofing, such as post-entitlement/posteligibility direct deposit changes, and
certain claims which SSA flags as
anomalous. To bridge this gap, SSA
developed a hybrid identity proofing
process called the Security
Authentication PIN (SAP) that will
provide identity-proofing parity with
our online modality, as well as inperson verification. Utilizing the SAP
process will provide the necessary
identity verification to allow payment
method changes to these flagged claims
and existing records via phone or in
person, while ensuring fraud protection
through verification of the identity of
the individual prior to accessing or
revising their account.
Background
Our current telephone process
requires respondents to use knowledgebased questions to verify their identity
matching SSA’s records. Depending
upon the situation, the requested
information or action, and the
judgement of potential
misrepresentation of the caller, the SSA
technician may ask additional approved
questions to verify the customer’s
identity. While this process is sufficient
fraud protection and authentication
under current NIST specifications for
access to non-sensitive information, it
still poses a fraud risk for respondents
who wish to complete tasks for which
our automated telephone system, or
internet platforms would request higher
levels of identity proofing and
authentication.
Description of New Emergency
Information Collection Tool for the
Security Authentication PIN (SAP)
SSA is implementing the new hybrid
Security Authentication PIN (SAP) to
digitally verify the identity of a
telephone or in person customer when
requesting changes to their account or
record. This supports the agency’s
changes to its identity proofing policy
for new initial claims taken over the

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