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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Federal Register / Vol. 90, No. 9 / Wednesday, January 15, 2025 / Notices 3985 

5Copies of the submission, all subsequent 

amendments, all written statements with respect to 

the proposed rule change that are filed with the 

Commission, and all written communications 

relating to the proposed rule change between the 

Commission and any person, other than those that 

may be withheld from the public in accordance 

with the provisions of 5 U.S.C. 552, will be 

available for website viewing and printing in the 

Commission’s Public Reference Room, 100 F Street 

NE, Washington, DC 20549, on official business 

days between the hours of 10 a.m. and 3 p.m. 

Copies of the filing also will be available for 

inspection and copying at the principal office of the 

Exchange. 6 17 CFR 200.30–3(a)(12). 

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 the 

fees of the following market data 

products based on the rate of inflation: 

(i) Real-time Depth of Market Raw Data 

Feed (internal and external distribution 

and associated fee caps); (ii) Nasdaq ISE 

Order Feed (internal and external 

distribution and associated fee caps); 

(iii) Nasdaq ISE Top Feed (internal and 

external distribution and associated fee 

caps); (iv) Nasdaq ISE Spread Feed 

(internal and external distribution and 

associated fee caps); and (v) Nasdaq ISE 

Trade Feed (internal and external 

distribution). Each fee will be adjusted 

for the inflation that has occurred since 

that specific fee was last changed 

The proposed rule change, including 

the Exchange’s statement of the purpose 

of, and statutory basis for, the proposed 

rule change, is available on the 

Exchange’s website at https://listing

center.nasdaq.com/rulebook/ise/rules 

and on the Commission’s website at 

https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-ISE-2025- 

02. 

II. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act.5

Comments may be submitted 

electronically by using the 

Commission’s internet comment form 

(https://www.sec.gov/rules-regulations/ 

self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-ISE-2025- 

02) or by sending an email to rulecomments@sec.gov. Please include file 

number SR–ISE–2025–02 on the subject 

line. Alternatively, paper comments 

may be sent to Secretary, Securities and 

Exchange Commission, 100 F Street NE, 

Washington, DC 20549–1090. All 

submissions should refer to file number 

SR–ISE–2025–02. 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-regulations/self-regulatoryorganization-rulemaking/nationalsecurities-exchanges?file_number=SRISE-2025-02). 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–ISE–2025–02 and should be 

submitted on or before February 5, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2025–00684 Filed 1–14–25; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Data Collection Available for Public 

Comments 

ACTION: 60-Day notice and request for 

comments. 

SUMMARY: The Small Business 

Administration (SBA) intends to request 

approval, from the Office of 

Management and Budget (OMB) for the 

collection of information described 

below. The Paperwork Reduction Act 

(PRA) requires federal agencies to 

publish a notice in the Federal Register 

concerning each proposed collection of 

information before submission to OMB, 

and to allow 60 days for public 

comment in response to the notice. This 

notice complies with that requirement. 

DATES: Submit comments on or before 

March 17, 2025. 

ADDRESSES: Send all comments to Amy 

Garcia, Veterans Business Analyst, 

Office of Veterans Development, 

amy.garcia@sba.gov, Small Business 

Administration. 

FOR FURTHER INFORMATION CONTACT: 

Amy Garcia, Veterans Business Analyst, 

Office of Veterans, amy.garcia@sba.gov, 

202–205–7526, or Curtis B. Rich, 

Agency Clearance Officer, 202–205– 

7030, curtis.rich@sba.gov. 

SUPPLEMENTARY INFORMATION: This form 

facilitates online registration for the 

Boots to Business course for eligible 

service members and their spouses. The 

collected data will be used to report 

course statistics, manage course 

operations more efficiently, tailor 

individual classes based on the 

experience and interests of the 

participants, and ultimately contact 

Boots to Business alumni. 

Solicitation of Public Comments 

Comments may be submitted on (a) 

whether the collection of information is 

necessary for the agency to properly 

perform its functions; (b) whether the 

burden estimates are accurate; (c) 

whether there are ways to minimize the 

burden, including through the use of 

automated techniques or other forms of 

information technology; and (d) whether 

there are ways to enhance the quality, 

utility, and clarity of the information. 

Summary of Information Collections 

OMB Control Number: 3245–0384. 

Title: Boots to Business Course 

Registration. 

Description of Respondents: 

Transitioning Service Members. 

Form Number: 2453. 

Estimated Annual Respondents: 

24,000. 

Estimated Annual Responses: 24,000. 

Estimated Annual Hour Burden: 

120,000. 

Curtis Rich, 

Agency Clearance Officer. 

[FR Doc. 2025–00782 Filed 1–14–25; 8:45 am] 

BILLING CODE 8026–09–P 

SMALL BUSINESS ADMINISTRATION 

Small Business Investment Company 

License Issuance 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice of Small Business 

Investment Company (SBIC) licenses. 

Pursuant to the authority granted to 

the United States Small Business 

Administration under section 301(c) of 

the Small Business Investment Act of 

1958, as amended, to grant Small 

Business Investment Company licenses 

under the Small Business Investment 

Company Program, this notice satisfies 

the requirement effective August 17, 

2023 under 13 CFR 107.501(a) to 

publish in the Federal Register the 

names of SBICs with date of licensure 

and Total Intended Leverage 

Commitments. The following SBICs 

received SBIC licenses as of the date 

indicated below: 


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