Federal Register 60-Day Notice

Federal Register / Vol. 90, No. 228 / Monday, December 1, 2025 / Notices
as it seeks to offer pricing incentives to
customers to better position the
Exchange as it competes to attract
additional market data subscribers. The
Exchange also believes that the
proposed reduction in fees the Hosting
Small Retail Broker Distributor and the
External Hosted Subscriber would not
cause any unnecessary or inappropriate
burden on intramarket competition.
Although the proposed fee discount
would be largely limited to small retail
broker subscribers, larger broker-dealers
and vendors can already purchase top of
book data from the Exchange at prices
that represent a significant cost savings
when compared to competitor products
that combine higher subscriber fees with
lower fees for distribution. In light of
the benefits already provided to this
group of subscribers, the Exchange
believes that additional discounts to
small retail brokers would increase
rather than decrease competition among
broker-dealers that participate on the
Exchange. Furthermore, as discussed
earlier in this proposed rule change, the
Exchange believes that offering pricing
benefits to brokers that represent retail
investors facilitates the Commission’s
mission of protecting ordinary investors,
and is therefore consistent with the Act.

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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
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 33 and paragraph (f) of Rule
19b–4 34 thereunder. 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 whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
33 15
34 17

U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f).

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17:29 Nov 28, 2025

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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeEDGX–2025–081 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–CboeEDGX–2025–081. 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–CboeEDGX–2025–081
and should be submitted on or before
December 22, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.35
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21640 Filed 11–28–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0273]

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rule
17Ad–10
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
35 17

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CFR 200.30–3(a)(12).

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(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) is soliciting comments
on the proposed collection of
information provided for in Rule 17Ad–
10 (17 CFR 240.17Ad–10), under the
Securities Exchange Act of 1934 (15
U.S.C. 78a et seq.).
Rule 17Ad–10 generally requires
registered transfer agents to: (1) create
and maintain current and accurate
securityholder records; (2) promptly and
accurately record all transfers,
purchases, redemptions, and issuances,
and notify their appropriate regulatory
agency if they are unable to do so; (3)
exercise diligent and continuous
attention in resolving record
inaccuracies; (4) disclose to the issuers
for whom they perform transfer agent
functions and to their appropriate
regulatory agency information regarding
record inaccuracies; (5) buy-in certain
record inaccuracies that result in a
physical over issuance of securities; and
(6) communicate with other transfer
agents related to the same issuer.
These requirements assist in the
creation and maintenance of accurate
securityholder records, enhance the
ability to research errors, and ensure the
transfer agent is aware of the number of
securities that are properly authorized
by the issuer, thereby avoiding over
issuance.
The rule also has specific
recordkeeping requirements. It requires
registered transfer agents to retain
certificate detail that has been deleted
for six years and keep current an
accurate record of the number of shares
or principal dollar amount of debt
securities that the issuer has authorized
to be outstanding. These mandatory
requirements ensure accurate
securityholder records and assist the
Commission and other regulatory
agencies with monitoring transfer agents
and ensuring compliance with the rule.
This rule does not involve the collection
of confidential information.
There are approximately 319
registered transfer agents. We estimate
that the average number of hours
necessary for each transfer agent to
comply with Rule 17Ad–10 is
approximately 80 hours per year (70
hours of recordkeeping and 10 hours of
third-party disclosure), which generates
an industry-wide annual burden of
approximately 25,520 hours (319
registered transfer agents × 80 hours). At
an average staff cost of $78 per hour, the
industry-wide internal labor cost of
compliance (a monetization of the
burden hours) is approximately

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Federal Register / Vol. 90, No. 228 / Monday, December 1, 2025 / Notices

khammond on DSK9W7S144PROD with NOTICES

$1,990,560 per year (25,520 hours × $78
per hour).1
The amount of time any particular
transfer agent will devote to Rule 17Ad–
10 compliance will vary according to
the size and scope of the transfer agent’s
business activity. We note, however,
that at least some of the records,
processes, and communications
required by Rule 17Ad–10 would likely
be maintained, generated, and used for
transfer agent business purposes even
without the rule.
In addition, we estimate that each
transfer agent will incur an annual
external cost burden of approximately
$24,660 resulting from the collection of
information—90% of which will be
attributable to recordkeeping and 10%
of which will be attributable to thirdparty disclosure ($22,194 from
recordkeeping ($24,660 × 90%) and
$2,466 from third-party disclosure
($24,660 × 10%)).2 Therefore, the total
annual external cost on the entire
transfer agent industry is approximately
$7,866,540 ($24,660 × 319 registered
transfer agents)—$7,079,886 will be
attributable to recordkeeping ($24,660 ×
319 registered transfer agents) and
$786,654 of which will be attributable to
third-party disclosure ($2,466 × 319
registered transfer agents). This cost
primarily reflects ongoing computer
operations and maintenance associated
with generating, maintaining, and
disclosing or providing certain
information required by 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 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,
1 We expect that performance of this function will
most likely be performed by a general clerk. Based
on data from the SIFMA Management and
Professional Earnings Report, modified in 2025 by
Commission staff to account for, among other
things, inflation, we expect that the cost for this
position is $78 per hour. 80 hours × $78 = $6,240
total aggregate monetized cost per transfer agent.
2 We expect that performance of this function will
most likely be performed by a computer operations
department manager. Based on data from the
SIFMA Management and Professional Earnings
Report, modified in 2025 by Commission staff to
account for, among other things, inflation, we
expect that the cost for this position is $548 per
hour. 45 hours × $548 = approximately $24,660
total aggregate external cost per transfer agent.

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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 30, 2026. There will
be a second opportunity to comment on
this SEC request following the Federal
Register publishing a 30-Day
Submission Notice.

opportunity to submit written
comments on the Amendment.
The Amendment has been filed by the
Participants pursuant to Rule 608 under
Regulation NMS.4 The Commission is
publishing this notice to solicit
comments from interested persons on
the proposed Amendment. Set forth in
Section I, which was substantially
prepared and filed with the Commission
by the Participants, is the statement of
the purpose and summary of the
Amendment, along with information
pursuant to Rule 608(a) under the Act.5
A copy of the OPRA Fee Schedule,
marked to show the proposed
Amendment, was filed as Exhibit I.

Dated: November 25, 2025.
Sherry R. Haywood,
Assistant Secretary.

(a) Statement of Purpose
The purpose of the proposed
Amendment is to provide clarity to the
public regarding the definition of direct
access to OPRA Data, how direct access
can be obtained, and to provide the
public with additional transparency
regarding the connectivity fees charged
to subscribers who obtain direct access
to OPRA Data. The Amendment also
provides additional clarity regarding the
Direct Access Fee that is charged by
OPRA.

[FR Doc. 2025–21611 Filed 11–28–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104267; File No. SR–
OPRA–2025–02]

Options Price Reporting Authority;
Notice of Filing and Immediate
Effectiveness of Proposed Amendment
To Modify the OPRA Fee Schedule
Regarding Certain Direct Access
Connectivity Fees
November 25, 2025.

Pursuant to Section 11A of the
Securities Exchange Act of 1934
(‘‘Act’’) 1 and Rule 608 thereunder,2
notice is hereby given that on November
13, 2025, the Options Price Reporting
Authority (‘‘OPRA’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed amendment
to the Plan for Reporting of
Consolidated Options Last Sale Reports
and Quotation Information (‘‘OPRA
Plan’’).3 The proposed OPRA Plan
amendment (‘‘Amendment’’) would
amend the OPRA Fee Schedule. The
Commission is publishing this notice to
provide interested persons an
1 15

U.S.C. 78k–1.
CFR 242.608.
3 The OPRA Plan is a national market system plan
approved by the Commission pursuant to Section
11A of the Act and Rule 608 thereunder. See
Securities Exchange Act Release No. 17638 (Mar.
18, 1981), 22 S.E.C. Docket 484 (Mar. 31, 1981). The
full text of the OPRA Plan and a list of its
participants are available at https://
www.opraplan.com/. The OPRA Plan provides for
the collection and dissemination of last sale and
quotation information on options that are traded on
the participant exchanges.
2 17

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I. Rule 608(a)

A. Connectivity Fees To Obtain Direct
Access to OPRA Data Payable to SIAC
or Its Affiliates
The Securities Industry Automation
Corporation (‘‘SIAC’’) is OPRA’s
‘‘processor,’’ meaning that SIAC gathers
the last sale and quote information from
each of the OPRA members,
consolidates that information, and
disseminates the consolidated OPRA
Data. Before 2020, SIAC disseminated
data over what was known as the Secure
Financial Transaction Infrastructure
network (‘‘SFTI’’), which involved a
process where OPRA Data was
consolidated in a data center located in
Mahwah, New Jersey (the ‘‘Mahwah
Data Center’’) and then delivered over
SFTI, through which subscribers could
access the OPRA Data at many of the
access points on SFTI outside of the
Mahwah Data Center.
In 2020, SIAC began disseminating
OPRA Data over a new national market
system network, the ‘‘NMS Network,’’
instead of over SFTI. The NMS Network
is a dedicated, low-latency network for
OPRA Data (and for the data of two
other national market system data feeds,
the Consolidated Trade Association and
the Consolidated Quotation feeds).
While SFTI had multiple locations and
access points where data could be
4 17
5 17

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CFR 242.608.
CFR 242.801(a).

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