Federal Register 30-Day Notice

37909

Federal Register / Vol. 90, No. 149 / Wednesday, August 6, 2025 / Notices

IC title

Type of burden

15Fh–3(b), (c), (d) Disclosures—SBS Entities ..................................
15Fh–3(b), (c), (d) Disclosures—SBS Transactions Between SBS
Dealer and Non-SBSD Counterparty.
15Fh–3(e), (f) Know Your Counterparty and Recommendations
(SBS Dealers).
15Fh–3(g) Fair and Balanced Communications ................................
15Fh–3(h) Supervision .......................................................................
15Fh–5 SBS Entities Acting as Counterparties to Special Entities
15Fh–5 SBS Entities Acting as Counterparties to Special Entities
15Fh–6 Political Contributions .........................................................
15Fk–1 Chief Compliance Officer ....................................................
Total ............................................................................................

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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202505-3235-012
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by
September 5, 2025.
Dated: August 1, 2025.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025–14852 Filed 8–5–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
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[OMB Control No. 3235–0597]

Agency Information Collection
Activities; Submission for OMB
Review; Comment Request; Extension:
Rule 31 and Form R31
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,

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Jkt 265001

Respondents

Ongoing
annual
burden

Industry-wide
annual
burden

Industry-wide
annual
burden

Hours

Cost

Hours

Cost

Reporting .......................
Reporting .......................

53
53

4,120
4,427.4

$0
0

218,360
234,654

$0
0

Reporting .......................

53

132.1

0

7,003

0

Reporting .......................
Reporting .......................
Reporting .......................
Third-Party Disclosure ...
Reporting .......................
Reporting .......................

53
53
53
53
53
53

2
540
305
305
1
273

4,158
5,544
0
0
29,568
8,316

106
28,620
16,165
16,165
53
14,469

220,374
293,832
0
0
1,567,104
440,748

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

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

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

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

535,595

2,522,058

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
Securities and Exchange Commission
(‘‘Commission’’ or ‘‘SEC’’) is submitting
to the Office of Management and Budget
(‘‘OMB’’) this request for extension of
the proposed collection of information
provided for in Rule 31 (17 CFR 240.31)
and Form R31 (17 CFR 249.11), under
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) (15 U.S.C. 78a et seq.).
Section 31 of the Exchange Act
requires the Commission to collect fees
and assessments from national
securities exchanges and national
securities associations (collectively,
‘‘self-regulatory organizations’’ or
‘‘SROs’’) based on the volume of their
securities transactions. To collect the
proper amounts, the Commission
adopted Rule 31 and Form R31 under
the Exchange Act whereby each SRO
must report to the Commission the
volume of its securities transactions and
the Commission, based on those data,
calculates the amount of fees and
assessments that each SRO owes
pursuant to Section 31. Rule 31 and
Form R31 require each SRO to provide
these data on a monthly basis.
Currently, there are 31 respondents
under Rule 31 that are subject to the
collection of information requirements
of Rule 31: 28 national securities
exchanges, 1 national securities
association, and 2 registered clearing
agencies that are required to provide
certain data in their possession needed
by the SROs to complete Form R31,
although these 2 clearing agencies are
not themselves required to complete
and submit Form R31. The Commission
estimates that the total burden for all 31
respondents is 480 hours per year. The
Commission estimates that, based on
previous and current experience, 3
additional national securities exchanges
will become registered and subject to

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Ongoing
annual
burden

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the reporting requirements of Rule 31
over the course of the authorization
period and collectively incur a burden
of 18 hours per year. Thus, the
Commission estimates the collective
burden for all respondents (existing and
new added together) to be 498 hours per
year. The Commission does not believe
that the 31 existing or 3 expected new
respondents will have to incur any
capital or start-up costs, or any
additional operational or maintenance
costs (other than as already discussed in
this paragraph), to comply with the
collection of information requirements
imposed by Rule 31 and Form R31.
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
Commission, including whether the
information will have practical utility;
(b) the accuracy of the Commission’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.
The public may view and comment
on this information collection request
at: https://www.reginfo.gov/public/do/
PRAViewICR?ref_nbr=202505-3235-001
or email comment to
MBX.OMB.OIRA.SEC_desk_officer@
omb.eop.gov within 30 days of the day
after publication of this notice, by
September 8, 2025.

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37910

Federal Register / Vol. 90, No. 149 / Wednesday, August 6, 2025 / Notices

Dated: August 4, 2025.
Sherry R. Haywood,
Assistant Secretary.

proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.

[FR Doc. 2025–14929 Filed 8–5–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–103618; File No. SR–MRX–
2025–15]

Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Decrease the Options
Regulatory Fee (ORF) as of January 2,
2026
August 1, 2025.

Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on July 25,
2025, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (the
‘‘Commission’’) the 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 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 proposes to amend
MRX’s Pricing Schedule at Options 7,
Section 5C, Options Regulatory Fee.
Specifically, this proposal decreases
MRX’s Options Regulatory Fee or
‘‘ORF’’ rate for January 2, 2026.3
While the changes proposed herein
are effective upon filing, the Exchange
has designated the proposed rule change
to be operative on January 2, 2026.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/mrx/rulefilings and at the
principal office of the Exchange.

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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
1 15

U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 The Exchange filed SR–MRX–2025–15 on July
17, 2025. On July 25, 2025, the Exchange withdrew
[sic] SR–MRX–2025–15 and filed this rule change.
2 17

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A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
MRX proposes to decrease its January
2, 2026 ORF rate from $0.0139 to
$0.0116 per contract side. MRX
previously filed a rule proposal to
amend its current methodology of
assessment and collection of ORF to
assess ORF only for options transactions
that occur on MRX that are cleared in
the Customer 4 range at The Options
Clearing Corporation (‘‘OCC’’).5 In that
proposal, MRX amended its ORF rate
from the current MRX ORF of $0.0010
per contract side to $0.0139 per contract
side for January 2, 2026.6 At this time,
MRX proposes to decrease the rate it
originally filed in its ORF proposal in
May 2025,7 applicable to January 2,
2026, because it has experienced a
decrease to its FINRA Regulatory
Services Agreement (‘‘RSA’’) fees. As a
result of this decrease and accounting
for actual revenue since May 2025, MRX
proposes to decrease its ORF rate for
January 2, 2026.
Of note, MRX is not amending its
methodology for January 2, 2026.8 MRX
4 Currently, the ORF is assessed by MRX and
collected via the OCC from Priority Customers,
Professional Customers, and Broker-Dealers that are
not affiliated with a clearing member. These market
participants clear in the ‘‘C’’ range at OCC. ORF will
continue to be assessed and collected from these
market participants under the new methodology.
On MRX, a ‘‘Priority Customer’’ is a person or entity
that is not a broker/dealer in securities, and does
not place more than 390 orders in listed options per
day on average during a calendar month for its own
beneficial account(s), as defined in Nasdaq MRX
Options 1, Section 1(a)(36); a ‘‘Professional
Customer’’ is a person or entity that is not a broker/
dealer and is not a Priority Customer; and a
‘‘Broker-Dealer’’ order is an order submitted by a
Member for a broker-dealer account that is not its
own proprietary account.
5 See Securities Exchange Act Release No. 103103
(May 22, 2025), 90 FR 22797 (May 29, 2025) (SR–
MRX–2025–11) (Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change To Amend
the Methodology for Its Options Regulatory Fee as
of January 2, 2026).
6 See id.
7 See id.
8 See id. MRX will assess ORF for options
transactions cleared by OCC in the Customer range
to each MRX Member for executions that occur on
MRX. ORF will be collected by OCC on behalf of
MRX from MRX Members and non-Members for all
Customer transactions executed on MRX. ORF will
be assessed and collected on all ultimately cleared
Customer contracts, taking into account
adjustments for CMTA that were provided to MRX

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will endeavor to ensure that ORF
Regulatory Revenue generated from ORF
will not exceed 82% of Options
Regulatory Cost. MRX will ensure that
ORF Regulatory Revenue does not
exceed [sic] Options Regulatory Cost.
MRX will notify Members via an
Options Trader Alert of any change in
the amount of the fee at least 30
calendar days prior to the effective date
of the change. In this case, the Exchange
notified Members via an Options Trader
Alert of these changes at least 30
calendar days prior to January 2, 2026.9
The Exchange will continue to
monitor ORF Regulatory Revenue to
ensure that it, in combination with other
regulatory fees and fines, does not
exceed Options Regulatory Costs. In
determining whether an expense is
considered an Options Regulatory Cost,
the Exchange will continue to review all
costs and makes determinations if there
is a nexus between the expense and a
regulatory function. The Exchange notes
that fines collected by the Exchange in
connection with a disciplinary matter
will continue to offset Options
Regulatory Cost.
As is the case today, ORF Regulatory
Revenue is designed to recover a
material portion of the Options
Regulatory Costs to the Exchange for the
supervision and regulation of Members’
transactions, including performing
routine surveillances, investigations,
examinations, financial monitoring, and
policy, rulemaking, interpretive, and
enforcement activities. As discussed
above, Options Regulatory Costs include
direct regulatory expenses 10 and certain
indirect expenses in support of the
regulatory function.11
Finally, the Exchange notes that this
proposal will sunset on February 1,
2026, at which point the Exchange
would revert back to the ORF
methodology and rate of $0.0004 per
contract side.12
the same day as the trade. Further, MRX will bill
ORF according to the clearing instructions provided
on the execution. More specifically, MRX will
assess ORF based on the clearing instruction
provided on the execution on trade date and will
not take into consideration CMTA changes or
transfers that occur at OCC.
9 See https://www.nasdaqtrader.com/MicroNews.
aspx?id=OTA2025-33.
10 The direct expenses include in-house and
third-party service provider costs to support the
day-to-day regulatory work such as surveillances,
investigations, and examinations.
11 The indirect expenses include support from
such areas as Office of the General Counsel,
technology, finance, and internal audit.
12 The Exchange proposes to reconsider the
sunset date in 2026 and determine whether to
proceed with the proposed ORF structure at that
time.

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