8946 Federal Register / Vol. 90, No. 22 / Tuesday, February 4, 2025 / Notices 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

1 15 U.S.C. 78c–4; 17 CFR 242.803. See Form 

SBSEF applications filed by Bloomberg SEF LLC 

(August 2, 2024); GFI Swaps Exchange LLC 

(initially filed as GFI Securities LLC) (Aug. 12, 

2024); GLMX Technologies, LLC (Aug. 12, 2024); 

ICE Swap Trade, LLC (Aug. 12, 2024); tpSEF Inc. 

(Aug. 7, 2024); Tradition SEF, LLC (Aug. 12, 2024); 

TW SEF LLC (Aug. 12, 2024); WEMATCH.LIVE LLC 

(July 26, 2024) (collectively, ‘‘SBSEF Applicant(s)’’). 

The portions of the SBSEF Applicants’ applications 

on Form SBSEF that are not subject to confidential 

treatment requests are available for public viewing 

on the Commission’s website at https://

www.sec.gov/edgar/search/#/q=SBSEF&filter_

forms=SBSEF. 

2Public Law 111–203, H.R. 4173, sec. 763(c). 

3 15 U.S.C. 78c–4(a)(1). 

4 15 U.S.C. 78c–4(d). 

5Securities Exchange Act Release No. 98845 

(Nov. 2, 2023), 88 FR 87156, 87237 (Dec. 15, 2023) 

(‘‘Adopting Release’’); 15 U.S.C. 78c–4. The 

Commission proposed Regulation SE on Apr. 6, 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Public Proceeding(s) 

III. Summary Proceeding(s) 

I. Introduction 

Pursuant to 39 CFR 3041.405, the 

Commission gives notice that the Postal 

Service filed request(s) for the 

Commission to consider matters related 

to Competitive negotiated service 

agreement(s). The request(s) may 

propose the addition of a negotiated 

service agreement from the Competitive 

product list or the modification of an 

existing product currently appearing on 

the Competitive product list. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (https://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

Section II identifies the docket 

number(s) associated with each Postal 

Service request, if any, that will be 

reviewed in a public proceeding as 

defined by 39 CFR 3010.101(p), the title 

of each such request, the request’s 

acceptance date, and the authority cited 

by the Postal Service for each request. 

For each such request, the Commission 

appoints an officer of the Commission to 

represent the interests of the general 

public in the proceeding, pursuant to 39 

U.S.C. 505 and 39 CFR 3000.114 (Public 

Representative). Section II also 

establishes comment deadline(s) 

pertaining to each such request. 

The Commission invites comments on 

whether the Postal Service’s request(s) 

identified in Section II, if any, are 

consistent with the policies of title 39. 

Applicable statutory and regulatory 

requirements include 39 U.S.C. 3632, 39 

U.S.C. 3633, 39 U.S.C. 3642, 39 CFR 

part 3035, and 39 CFR part 3041. 

Comment deadline(s) for each such 

request, if any, appear in Section II. 

Section III identifies the docket 

number(s) associated with each Postal 

Service request, if any, to add a 

standardized distinct product to the 

Competitive product list or to amend a 

standardized distinct product, the title 

of each such request, the request’s 

acceptance date, and the authority cited 

by the Postal Service for each request. 

Standardized distinct products are 

negotiated service agreements that are 

variations of one or more Competitive 

products, and for which financial 

models, minimum rates, and 

classification criteria have undergone 

advance Commission review. See 39 

CFR 3041.110(n); 39 CFR 3041.205(a). 

Such requests are reviewed in summary 

proceedings pursuant to 39 CFR 

3041.325(c)(2) and 39 CFR 

3041.505(f)(1). Pursuant to 39 CFR 

3041.405(c)–(d), the Commission does 

not appoint a Public Representative or 

request public comment in proceedings 

to review such requests. 

II. Public Proceeding(s) 

1. Docket No(s).: MC2025–1162 and 

K2025–1162; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 607 to the 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: January 29, 2025; 

Filing Authority: 39 U.S.C. 3642, 39 CFR 

3035.105, and 39 CFR 3041.310; Public 

Representative: Almaroof Agoro; 

Comments Due: February 6, 2025. 

2. Docket No(s).: MC2025–1163 and 

K2025–1163; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 608 to the 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: January 29, 2025; 

Filing Authority: 39 U.S.C. 3642, 39 CFR 

3035.105, and 39 CFR 3041.310; Public 

Representative: Samuel Robinson; 

Comments Due: February 6, 2025. 

3. Docket No(s).: MC2025–1164 and 

K2025–1164; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 609 to the 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: January 29, 2025; 

Filing Authority: 39 U.S.C. 3642, 39 CFR 

3035.105, and 39 CFR 3041.310; Public 

Representative: Elsie Lee-Robbins; 

Comments Due: February 6, 2025. 

III. Summary Proceeding(s) 

None. See Section II for public 

proceedings. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2025–02196 Filed 2–3–25; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102305] 

Order Granting Registration of 

Security-Based Swap Execution 

Facilities 

January 29, 2025. 

I. Introduction 

On or prior to August 12, 2024, eight 

entities filed with the Securities and 

Exchange Commission (‘‘Commission’’) 

applications on Form SBSEF to register 

as security-based swap execution 

facilities (‘‘SBSEF(s)’’) pursuant to 

section 3D(a)(1) of the Securites 

Exchange Act of 1934 (‘‘Exchange Act’’ 

or ‘‘Act’’) and 17 CFR 242.803 (‘‘Rule 

803’’).1 As discussed below, after 

reviewing each SBSEF Applicant’s Form 

SBSEF registration application 

(including the representations included 

therein), this order grants each SBSEF 

Applicant registration as a SBSEF. 

II. Background 

A. Statutory and Rule Requirements 

Section 3D of the Exchange Act was 

enacted as part of Title VII of the DoddFrank Wall Street Reform and Consumer 

Protection Act.2 Section 3D(a)(1) of the 

Exchange Act provides that no person 

may operate a facility for the trading or 

processing of security-based swaps 

(‘‘SBS’’) unless the facility is registered 

as a SBSEF or as a national securities 

exchange.3 Section 3D(d) enumerates 14 

Core Principles with which SBSEFs 

must comply.4 And section 3D(f) 

requires the Commission to prescribe 

rules governing the regulation of 

SBSEFs. 

On November 2, 2023, the 

Commission adopted Regulation SE to 

govern the registration and regulation of 

SBSEFs as required by section 3D of the 

Exchange Act.5 Regulation SE sets forth 


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Federal Register / Vol. 90, No. 22 / Tuesday, February 4, 2025 / Notices 8947 

2022. See Rules Relating to Security-Based Swap 

Execution and Registration and Regulation of 

Security-Based Swap Execution Facilities, 

Securities Exchange Act Release No. 94615 (Apr. 6, 

2022), 87 FR 28872 (May 11, 2022) (‘‘Proposing 

Release’’). 6See 17 CFR 242.802; 15 U.S.C. 78c(77). Rule 802 

does not include in the SBSEF definition any entity 

that is registered with the Commission as a clearing 

agency pursuant to section 17A of the Act and 

limits its SBSEF functions to operation of a trading 

session that is designed to further the accuracy of 

end-of-day valuations. See 17 CFR 242.802; see also 

15 U.S.C. 78q–1. 

7See 17 CFR 242.803. 

rules governing the registration and 

post-registration regulation of SBSEFs, 

rules that implement the 14 statutory 

Core Principles with which SBSEFs 

must comply, and rules that address 

issues relating to SBS execution 

generally. Specifically, the 14 core 

principles, and corresponding 

Regulation SE rule provisions, are: 

Core principle title Regulation 

SE rule No. 

Compliance with Core Principles ....................................................................................................................................................... 818 

Compliance with Rules ...................................................................................................................................................................... 819 

Security-Based Swaps Not Readily Susceptible to Manipulation ..................................................................................................... 820 

Monitoring of Trading and Trade Processing .................................................................................................................................... 821 

Ability to Obtain Information .............................................................................................................................................................. 822 

Financial Integrity of Transactions ..................................................................................................................................................... 823 

Emergency Authority ......................................................................................................................................................................... 824 

Timely Publication of Trading Information ......................................................................................................................................... 825 

Recordkeeping and Reporting ........................................................................................................................................................... 826 

Antitrust Considerations ..................................................................................................................................................................... 827 

Conflicts of Interest ............................................................................................................................................................................ 828 

Financial Resources .......................................................................................................................................................................... 829 

System Safeguards ........................................................................................................................................................................... 830 

Designation of Chief Compliance Officer .......................................................................................................................................... 831 

The Regulation SE rules other than 

those that implement the statutory Core 

Principles are: 

Regulation SE rule title Regulation 

SE rule No. 

Scope ................................................................................................................................................................................................. 800 

Applicable provisions ......................................................................................................................................................................... 801 

Definitions .......................................................................................................................................................................................... 802 

Requirements and procedures for registration .................................................................................................................................. 803 

Listing products for trading by certification ........................................................................................................................................ 804 

Voluntary submission of new products for Commission review and approval ................................................................................. 805 

Voluntary submission of rules for Commission review and approval ............................................................................................... 806 

Self-certification of rules .................................................................................................................................................................... 807 

Availability of public information ........................................................................................................................................................ 808 

Staying of certification and tolling of review period pending jurisdictional determination ................................................................. 809 

Product filings by security-based swap execution facilities that are not yet registered and by dormant security-based swap execution facilities ................................................................................................................................................................................ 810 

Information related to security-based swap execution facility compliance ....................................................................................... 811 

Enforceability ..................................................................................................................................................................................... 812 

Prohibited use of data collected for regulatory purposes ................................................................................................................. 813 

Entity operating both a national securities exchange and security-based swap execution facility .................................................. 814 

Methods of execution for required and permitted transactions ......................................................................................................... 815 

Trade execution requirement and exemptions therefrom ................................................................................................................. 816 

Trade execution compliance schedule .............................................................................................................................................. 817 

Application of the trade execution requirement to cross-border security-based swap transactions ................................................ 832 

Cross-border exemptions .................................................................................................................................................................. 833 

Mitigation of conflicts of interest of security-based swap execution facilities and certain exchanges ............................................. 834 

Notice to Commission by security-based swap execution facility of final disciplinary action or denial or limitation of access ....... 835 

Rule 802 of Regulation SE defines a 

SBSEF as having the same meaning as 

in section 3(a)(77) of the Act, which 

states that a SBSEF is a trading system 

or platform in which multiple 

participants have the ability to execute 

or trade SBSs by accepting bids and 

offers made by multiple participants in 

the facility or system, through any 

means of interstate commerce, including 

any trading facility, that facilitates the 

execution of SBSs between persons; and 

is not a national securities exchange.6

For any trading system or platform that 

falls within the SBSEF definition, Rule 

803 of Regulation SE requires that 

system or platform to register with the 

Commission as a SBSEF or a national 

securities exchange.7

Specifically, Rule 803 of Regulation 

SE sets forth the requirements and 

procedures for registration as a SBSEF, 

including what must inform the 

Commission’s determination whether to 

grant or deny registration. With respect 

to granting registration, Rule 803(b)(6)(i) 

states: 

The Commission shall issue an order 

granting registration upon a Commission 

determination, in its own discretion, that the 

applicant has demonstrated compliance with 

the Act and the Commission’s rules 

applicable to security-based swap execution 


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8948 Federal Register / Vol. 90, No. 22 / Tuesday, February 4, 2025 / Notices 

8See Securities Exchange Act Release No. 63825 

(Feb. 2, 2011), 76 FR 10948 (Feb. 28, 2011) (‘‘2011 

SBSEF Proposal’’). 

9See Securities Exchange Act Release Nos. 64678 

(June 15, 2011), 76 FR 36287 (June 22, 2011); and 

64795 (July 1, 2011), 76 FR 39927 (July 7, 2011) 

(collectively, the ‘‘Temporary SBSEF Exemptions’’). 

10See Temporary SBSEF Exemptions, supra note 

9; see also Adopting Release, supra note 5, 88 FR 

at 87228. 

11See Temporary SBSEF Exemptions, supra note 

9. 

12See Proposing Release, supra note 5. 

13See id. at 28874. 

14See Adopting Release, supra note 5, 88 FR at 

87237. 

15 17 CFR 242.818(b). 

facilities. If deemed appropriate, the 

Commission may issue an order granting 

registration subject to conditions. 

And with respect to denying 

registration, Rule 803(b)(6)(ii) states: 

The Commission may issue an order 

denying registration upon a Commission 

determination, in its own discretion, that the 

applicant has not demonstrated compliance 

with the Act and the Commission’s rules 

applicable to security-based swap execution 

facilities. If the Commission denies an 

application, it shall specify the grounds for 

the denial. 

B. Compliance Schedule 

In 2011, the Commission published 

for comment proposed Regulation 

SBSEF relating to, among other things, 

the registration and regulation of 

SBSEFs.8 After issuing the 2011 SBSEF 

Proposal, the Commission granted 

temporary exemptive relief regarding 

registration of any SBS trading venue as 

a SBSEF, national securities exchange, 

and/or broker.9 The Temporary SBSEF 

Exemptions, among other things, 

permitted SBS trading venues that were 

not registered as exchanges or brokers, 

and that could not register as SBSEFs 

(because final rules for such registration 

had not been adopted), to continue to 

trade SBS products.10 According to their 

terms, the Temporary SBSEF 

Exemptions expire upon the earliest 

compliance date for the Commission’s 

final rules regarding SBSEF 

registration.11 In 2022, the Commission 

re-proposed Regulation SE,12 and the 

Temporary SBSEF Exemptions 

remained in force.13

In the Adopting Release, the 

Commission set forth the following 

compliance schedule: (1) the adopted 

rules became effective on February 13, 

2024 (the ‘‘Effective Date’’); (2) the 

Temporary SBSEF Exemptions expired 

on August 12, 2024, which was 180 

days after the Effective Date, for any 

entity that had not filed an application 

to register with the Commission on 

Form SBSEF; (3) for any entity that filed 

a Form SBSEF registration application 

on or before August 12, 2024, and 

whose Form SBSEF registration 

application was complete (having 

responded to requests by the 

Commission’s staff for revisions or 

amendments) on or before October 11, 

2024, which was 240 days after the 

Effective Date, the Temporary SBSEF 

Exemptions expire 30 days after 

Commission action to approve or 

disapprove the Form SBSEF registration 

application.14

III. Discussion 

The SBSEF Applicants each filed a 

Form SBSEF registration application on 

or before August 12, 2024. After initial 

review focused on the completeness of 

each application, the Commission 

determined that each application was 

complete prior to October 11, 2024. 

Having determined each application to 

be complete, the Commission must 

determine whether each application has 

met the requirements of Rule 803 for 

registration as a SBSEF. 

As stated above, pursuant to Rule 803, 

the Commission must issue an order 

granting SBSEF registration upon a 

Commission determination, in its own 

discretion, that the applicant has 

demonstrated compliance with the 

Exchange Act and the Commission’s 

rules applicable to SBSEFs. 

Additionally, Rule 818(b) provides that, 

‘‘[u]nless otherwise determined by the 

Commission, by rule or regulation, a 

security-based swap execution facility 

. . . shall have reasonable discretion in 

establishing the manner in which it 

complies with the core principles 

described in section 3D of the Act.’’ 15

The Exchange Act provisions and 

Commission rules applicable to SBSEFs 

are those set forth in the background 

section above, namely, the statutory 

provisions contained in section 3D of 

the Exchange Act, and the Commission 

rules contained in Regulation SE. 

After review, the Commission has 

determined that each SBSEF Applicant 

has demonstrated compliance with the 

Exchange Act and the Commission rules 

applicable to SBSEFs. Each SBSEF 

Applicant’s Form SBSEF application 

sets forth materials that demonstrate the 

SBSEF Applicant’s compliance with the 

requirements of section 3D of the 

Exchange Act and Regulation SE that 

must be met upon a grant of registration. 

IV. Conclusion 

It is hereby ordered that the Form 

SBSEF application filed by each SBSEF 

Applicant listed below, pursuant to 

section 3D(a)(1) of the Exchange Act and 

Rule 803 thereunder, be, and hereby is, 

approved: 

(1) Bloomberg SEF LLC (File No. 039– 

100022). 

(2) Tradition SEF, LLC (File No. 039– 

100035). 

(3) GFI Swaps Exchange LLC (File No. 

039–100079). 

(4) ICE Swap Trade, LLC (File No. 

039–100038). 

(5) TW SEF LLC (File No. 039– 

100034). 

(6) WEMATCH.LIVE LLC (File No. 

039–100017). 

(7) tpSEF Inc. (File No. 039–100023). 

(8) GLMX Technologies, LLC (File No. 

039–100030). 

By the Commission. 

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2025–02162 Filed 2–3–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35463; 812–15673] 

The RBB Fund Trust and Tweedy, 

Browne Company LLC 

January 29, 2025. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 15(a) of the Act, as well as from 

certain disclosure requirements in rule 

20a–1 under the Act, Item 19(a)(3) of 

Form N–1A, Items 22(c)(1)(ii), 

22(c)(1)(iii), 22(c)(8) and 22(c)(9) of 

Schedule 14A under the Securities 

Exchange Act of 1934, and sections 6– 

07(2)(a), (b), and (c) of Regulation S–X 

(‘‘Disclosure Requirements’’). 

SUMMARY OF APPLICATION: The requested 

exemption would permit Applicants to 

enter into and materially amend 

subadvisory agreements with 

subadvisers without shareholder 

approval and would grant relief from 

the Disclosure Requirements as they 

relate to fees paid to the subadvisers. 

APPLICANTS: The RBB Fund Trust and 

Tweedy, Browne Company LLC 

FILING DATES: The application was filed 

on December 16, 2024. 

HEARING OR NOTIFICATION OF HEARING: 

An order granting the requested relief 

will be issued unless the Commission 

orders a hearing. Interested persons may 

request a hearing on any application by 

emailing the SEC’s Secretary at 

Secretarys-Office@sec.gov and serving 

the Applicants with a copy of the 


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