Federal Register / Vol. 90, No. 9 / Wednesday, January 15, 2025 / Notices 3983 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

Brian Foster, 

Clearance Officer. 

[FR Doc. 2025–00767 Filed 1–14–25; 8:45 am] 

BILLING CODE 7905–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–101, OMB Control No. 

3235–0082] 

Proposed Collection; Comment 

Request; Extension: Form 11–K 

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’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Form 11–K (17 CFR 249.311) is the 

annual report designed for use by 

employee stock purchase, savings, and 

similar plans to comply with the 

reporting requirements under Section 

15(d) of the Securities and Exchange Act 

of 1934 (the ‘‘Exchange Act’’) (15 U.S.C. 

78o(d)). Section 15(d) establishes a 

periodic reporting obligation for every 

issuer of a class of securities registered 

under the Securities Act of 1933 (the 

‘‘Securities Act’’) (15 U.S.C. 77a et seq.). 

Form 11–K provides employees of an 

issuer with financial information so that 

they can assess the performance of the 

investment vehicle or stock plan. We 

estimate that Form 11–K requires 

approximately internal 95.81 burden 

hours per response and that there is an 

average of approximately 941 Form 11– 

K filings annually for a total of 90,157 

internal burden hours annually (95.81 

hours per response × 941 responses). We 

also estimate that Form 11–K requires a 

cost of approximately $7,525 per 

response for a total annual cost burden 

of $7,081,025 ($7,525 per response × 

941 responses). 

Written comments are invited on: (a) 

whether this proposed 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 March 17, 2025. 

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 

control number. 

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: PRA_Mailbox@

sec.gov. 

Dated: January 8, 2025. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2025–00665 Filed 1–14–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–335, OMB Control No. 

3235–0381] 

Proposed Collection; Comment 

Request; Extension: Form 40–F 

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’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget for extension 

and approval. 

Form 40–F (17 CFR 249.240f) is used 

by certain Canadian issuers to register a 

class of securities under Section 12 of 

the Securities Exchange Act of 1934 

(‘‘Exchange Act’’) (15 U.S.C. 78l) or as 

an annual report pursuant to Section 

13(a) or 15 (d) of the Exchange Act (15 

U.S.C. 78m(a) or 78o(d)). The 

information required in the Form 40–F 

is used by investors in making 

investment decisions with respect to the 

securities of such Canadian companies. 

We estimate that Form 40–F takes 

approximately 431.42 hours per 

response and that there is an average of 

approximately 175 responses annually. 

We estimate that 25% of the 431.42 

hours per response is prepared by the 

issuer for an internal burden of 18,875 

hours ((0.25 × 431.42) hours per 

response × 175 responses). 

Written comments are invited on: (a) 

whether this proposed 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 March 17, 2025. 

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 

control number. 

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 e-mail to: PRA_Mailbox@

sec.gov. 

Dated: January 8, 2025. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2025–00680 Filed 1–14–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–489, OMB Control No. 

3235–0541] 

Submission for OMB Review; 

Comment Request; Extension: Rule 

606 of Regulation NMS 

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.) (‘‘PRA’’), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of 

extension on the previously approved 


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3984 Federal Register / Vol. 90, No. 9 / Wednesday, January 15, 2025 / Notices 

1 15 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 

whether the proposed rule change should be 

approved or disapproved. 

collection of information provided for in 

Rule 606 of Regulation NMS (‘‘Rule 

606’’) (17 CFR 242.606), under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.). 

Rule 606 (formerly known as Rule 

11Ac1–6) requires require disclosure by 

broker-dealers of, (1) pursuant to Rule 

606(a)(1), a quarterly aggregated public 

report on the handling of orders in NMS 

stocks that are submitted on a held basis 

and orders in NMS securities that are 

option contracts with a market value 

less than $50,000; (2) pursuant to Rule 

606(b)(1), a report, upon request of a 

customer, on the routing of that 

customer’s orders in NMS stocks that 

are submitted on a held basis; orders in 

NMS stocks that are submitted on a not 

held basis and do not qualify for two de 

minimis exceptions; and orders in NMS 

securities that are option contracts, 

containing certain information on the 

broker-dealer’s routing of such orders 

for that customer for the prior six 

months; and (3) pursuant to Rule 

606(b)(3), a report, upon request of a 

customer that places with the brokerdealer, directly or indirectly, NMS stock 

orders of any size that are submitted on 

a not held basis (subject to two de 

minimis exceptions), containing certain 

information on the broker-dealer’s 

handling of such orders for that 

customer for the prior six months. 

The Commission estimates that out of 

the currently 3,399 broker-dealers that 

are subject to the collection of 

information obligations of Rule 

606(a)(1), clearing brokers bear a 

substantial portion of the burden of 

complying with the reporting and 

recordkeeping requirements of Rule 606 

on behalf of small to mid-sized 

introducing firms. There currently are 

approximately 179 clearing brokers. In 

addition, there are approximately 61 

introducing brokers that receive funds 

or securities from their customers. 

Because at least some of these firms also 

may have greater involvement in 

determining where customer orders are 

routed for execution, they have been 

included, along with clearing brokers, in 

estimating the total burden of Rule 

606(a)(1). 

As described in more detail, below, 

the total annual time burden associated 

with rule 606 is approximately 183,000 

hours per year and the total annual cost 

burden is approximately $1,300,000 per 

year. 

The Commission staff estimates that 

each firm significantly involved in order 

routing practices incurs an average 

burden of 40 hours to prepare and 

disseminate the quarterly report 

required by Rule 606(a)(1), or a burden 

of 160 hours per year. With an estimated 

240 broker-dealers significantly 

involved in order routing practices, the 

total industry-wide burden per year to 

comply with the quarterly reporting 

requirement in Rule 606 is estimated to 

be 38,400 hours (160 × 240). 

Additionally, for each of the 240 brokerdealers subject to disclosure 

requirements of Rule 606(a)(1), the 

Commission estimates the annual 

burden under Rule 606(a)(1)(iv) to 

monitor payment for order flow and 

profit-sharing relationships and 

potential self-regulatory organization 

rule changes that could impact their 

order routing decisions and incorporate 

any new information into their reports 

to be 10 hours and the annual burden 

for each broker-dealers to describe and 

update any terms of payment for order 

flow arrangements and profit-sharing 

relationships with a Specified Venue 

that may influence their order routing 

decisions to be 15 hours, for a total 

annual burden of 6,000 hours (25 × 240). 

Therefore, the estimated total annual 

burden to comply with Rule 606(a)(1) is 

44,400 hours. 

Clearing brokers generally bear the 

burden of responding to individual 

customer requests under Rule 606(b)(1) 

for order handling information. The 

Commission staff estimates that an 

average clearing broker incurs an annual 

burden of 400 hours (2000 responses x 

0.2 hours/response) to prepare, 

disseminate, and retain responses to 

customers required by Rule 606. With 

an estimated 179 clearing brokers 

subject to Rule 606(b)(1), the total 

industry-wide burden per year to 

comply with the customer response 

requirement in Rule 606 is estimated to 

be 71,600 hours (179 × 400). 

The Commission estimates that 

approximately 200 broker-dealers are 

involved in routing orders subject to the 

disclosure requirements of Rule 

606(b)(3). The Commission believes that 

some such broker-dealers will respond 

to requests for customer-specific reports 

in house, while others will engage a 

third-party service provider to do so. 

The Commission estimates that 

approximately 135 broker-dealers will 

respond in-house to individual 

customer requests for information on 

order handling under Rule 606(b)(3), 

and that for each, the individual annual 

burden will be 400 hours (200 responses 

× 2 hours/response), with a total annual 

burden of 54,000 hours (400 × 135). 

The Commission estimates that 

approximately 65 broker-dealers will 

engage a third party to respond to 

individual customer requests, and that 

for each, the individual annual burden 

will be 200 hours (200 responses × 1 

hour/response), with a total annual 

burden of 13,000 hours (200 × 65). The 

total annual cost burden associated with 

engaging such third parties is 

approximately $1,300,000 (65 × 200 

annual requests × $100 per request to 

engage a third-party service provider). 

Therefore, the estimated total annual 

burden to comply with Rule 606(b)(3) is 

67,000 hours and $1,300,000. 

The public may view and comment 

on this information collection request 

at: https://www.reginfo.gov/public/do/ 

PRAViewICR?ref_nbr=202411–3235– 

001 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 

February 18, 2025. 

Dated: January 8, 2025. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2025–00664 Filed 1–14–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102138; File No. SR–ISE– 

2025–02] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Real-Time 

Depth of Market Raw Data Feed, 

Nasdaq ISE Order Feed, Nasdaq ISE 

Top Feed, Nasdaq ISE Spread Feed, 

and Nasdaq ISE Trade Feed Fees 

Based on the Rate of Inflation 

January 8, 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 January 6, 

2025, Nasdaq ISE, 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 is publishing this 


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