Federal Register 60-Day Notice

55190

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

SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0738]

khammond on DSK9W7S144PROD with NOTICES

Agency Information Collection
Activities; Proposed Collection;
Comment Request; Extension: Rules
13n–4(b)(9), (b)(10) and (d)
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 (SEC or
‘‘Commission’’) is soliciting comments
on the proposed collection of
information.
Rules 13n–4(b)(9), (b)(10) and (d)
implement Exchange Act sections
13(n)(5)(G) and (H), which conditionally
require a security-based swap data
repository (‘‘SBSDR’’) registered with
the Commission to make available
security-based swap data obtained by
the SBSDR (‘‘SBS Data’’) to certain U.S.
government entities and any other
person that the Commission determines
to be appropriate. The rules, in part,
condition such sharing of SBS Data on
there being an arrangement between the
Commission and the relevant entity (in
the form of a memorandum of
understanding or otherwise) to address
the confidentiality of the SBS Data. The
rules further require SBSDRs to create
and maintain records regarding such
data access. Pursuant to the
Commission’s authority, regulators or
other authorities that are not otherwise
designated by statute or rule may
request from the Commission that they
be deemed eligible to access SBS Data.
Implementation of the statutory and
regulatory SBS Data access provisions—
including the confidentiality condition
and the Commission’s authority to
designate entities to access SBS Data—
facilitates regulatory oversight of the
security-based swap market and its
participants, including oversight of
systemic and other risks associated with
the market. Implementation also
promotes compliance with applicable
laws and regulations, including but not
limited to compliance with the
antifraud provisions of the federal
securities laws.
Commission staff estimates that the
total annual burden associated with
Rules 13n–4(b)(9), (b)(10) and (d) is
11,405 hours and $120,000, calculated
as follows:
Commission staff estimates a total of
50 regulators or other authorities will

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enter into confidentiality arrangements
with the Commission to obtain access to
SBS Data pursuant to these provisions.
On average, each of those recipients of
data is expected to expend 500 hours in
connection with negotiating these
MOUs or other arrangements, for a onetime aggregate burden of 25,000 hours,
with no associated ongoing burdens.
This equates to 8,333 hours per year
when annualized over three years.
Commission staff estimates that a total
of 41 regulators or other authorities (that
otherwise are not identified by statute or
the rules as being eligible for access to
SBS Data) may request that the
Commission determine they are eligible
to access SBS Data. On average, each of
those entities is expected to expend 40
hours in connection with such requests,
for a one-time aggregate burden of 1,640
hours, with no associated ongoing
burdens. This equates to 547 hours per
year when annualized over three years.
Commission staff also estimates that a
total of three SBSDRs may be expected
to incur systems-related costs associated
with setting up access to SBS Data for
regulators and other authorities. On
average, each SBSDR is expected to
expend 1,300 hours in connection with
providing such connectivity (based on
each SBSDR incurring 26 hours per
recipient, for 50 total recipients), for a
one-time aggregate burden of 3,900
hours, with no associated ongoing
burdens. This equates to 1,300 hours
when annualized over three years.
In addition, Commission staff
estimates that a total of three SBSDRs
may incur costs associated with the
requirement to notify the Commission
when an SBSDR receives the first
request for SBS Data from a particular
entity. On average, each SBSDR is
expected to expend 25 hours in
connection with this notice requirement
(based on each SBSDR providing 50
notices, at half-hour per notice), for a
one-time aggregate burden of 75 hours,
with no associated ongoing burdens.
This equates to 25 hours per year when
annualized over three years.
Commission staff estimates that a total
of three SBSDRs may incur costs
associated with the requirement that an
SBSDR maintain records of all
information related to initial and
subsequent requests for SBS Data
access. On average, compliance with
this provision is expected to require 360
hours initially and 280 hours annually
per SBSDR, for a total burden of 1,080
hours initially and 840 hours annually
across three SBSDRs. This equates to
1,200 hours per year when annualized
over three years. Commission staff
further estimates that each of the three
SBSDRs will require $40,000 annually

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in connection with that requirement, for
a total cost of $120,000 annually across
three SBSDRs.
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.
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.
Dated: November 25, 2025.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–21610 Filed 11–28–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–104263; File No. SR–MRX–
2025–29]

Self-Regulatory Organizations; Nasdaq
MRX, LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Modify the Price of a
10Gb Ultra Fiber Connection to the
Exchange
November 25, 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 November
13, 2025, Nasdaq MRX, LLC (‘‘MRX’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission (‘‘SEC’’ or
‘‘Commission’’) the proposed rule
1 15
2 17

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U.S.C. 78s(b)(1).
CFR 240.19b–4.

01DEN1