8960 Federal Register / Vol. 90, No. 22 / Tuesday, February 4, 2025 / Notices 

1 17 CFR 240.15c3–1. An OTC derivatives dealer 

that is also registered as a security-based swap 

dealer is subject to the net capital provisions of 

Exchange Act Rule 18a–1 (17 CFR 240.18a–1). 

2An OTC derivatives dealer that is also registered 

as a security-based swap dealer may apply to the 

Commission for authorization to compute 

deductions for market and credit risk using models 

under paragraph (d) of Rule 18a–1. 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–440, OMB Control No. 

3235–0496] 

Proposed Collection; Comment 

Request; Extension: Appendix F to 

Rule 15c3–1 

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’’) is soliciting comments 

on the existing collection of information 

provided for in Appendix F to Rule 

15c3–1 (‘‘Appendix F’’ or ‘‘Rule 15c3– 

1f’’) (17 CFR 240.15c3–1f) under the 

Securities Exchange Act of 1934 (15 

U.S.C. 78a et seq.) (‘‘Exchange Act’’). 

The Commission plans to submit this 

existing collection of information to the 

Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Appendix F applies to certain 

members of a class of broker-dealers 

known as over-the-counter (‘‘OTC’’) 

derivatives dealers. Exchange Act Rule 

15c3–1 is the Commission’s net capital 

rule for broker-dealers.1 Under 

Appendix F, an OTC derivatives dealer 

that is not a security-based swap dealer 

may apply to the Commission for 

authorization to compute net capital 

charges for market and credit risk in 

accordance with Appendix F in lieu of 

computing securities haircuts under 

paragraph (c)(2)(vi) of Exchange Act 

Rule 15c3–1.2

At present, two OTC derivatives 

dealers have been approved to use 

Appendix F. No additional OTC 

derivatives dealers have applied to use 

Appendix F, and the staff does not 

expect that any additional OTC 

derivatives dealers will apply to use 

Appendix F during the next three years. 

The Commission estimates that the two 

approved OTC derivatives dealers will 

spend an average of approximately 

1,000 hours each per year reporting 

information concerning their value-atrisk (‘‘VAR’’) models and internal risk 

management systems, for a total annual 

burden of approximately 2,000 hours. 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

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 

April 7, 2025. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

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 29, 2025. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02165 Filed 2–3–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35462; 812–15676] 

The RBB Fund Trust and First Eagle 

Investment Management, 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 

First Eagle Investment Management, 

LLC 

FILING DATES: The application was filed 

on December 19, 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 

request by email, if an email address is 

listed for the relevant Applicant below, 

or personally or by mail, if a physical 

address is listed for the relevant 

Applicant below. Hearing requests 

should be received by the Commission 

by 5:30 p.m. on February 24, 2025, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

Jillian L. Bosmann, Esq., Faegre Drinker 

Biddle & Reath LLP, jillian.bosmann@

faegredrinker.com, with a copy to 

Sheelyn Michael, First Eagle Investment 

Management, LLC, sheelyn.michael@

firsteagle.com. 

FOR FURTHER INFORMATION CONTACT: 

Trace W. Rakestraw, Senior Special 

Counsel, at (202) 551–6825 (Division of 

Investment Management, Chief 

Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ application, dated 

December 19, 2024, which may be 

obtained via the Commission’s website 

by searching for the file number at the 

top of this document, or for an 

Applicant using the Company name 

search field on the SEC’s EDGAR 

system. The SEC’s EDGAR system may 

be searched at https://www.sec.gov/ 

edgar/searchedgar/companysearch. You 

may also call the SEC’s Office of 

Investor Education and Advocacy at 

(202) 551–8090. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 90, No. 22 / Tuesday, February 4, 2025 / Notices 8961 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 101218 

(Sept. 30, 2024), 89 FR 80970 (Oct. 4, 2024) (SR– 

NASDAQ–2024–028) (‘‘Amendment No. 1’’). 

4 15 U.S.C. 78(b)(3)(A). 

5 17 CFR 240.19b–4(f)(6). 

6 15 U.S.C. 78s(b)(3)(A). 

7 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires the Exchange to give the 

Commission written notice of its intent to file the 

proposed rule change, along with a brief description 

and text of the proposed rule change, at least five 

business days prior to the date of filing of the 

proposed rule change, or such shorter time as 

designated by the Commission. The Exchange has 

satisfied this requirement. 

8 17 CFR 240.19b–4(f)(6). 

9 17 CFR 240.19b–4(f)(6)(iii). 

10For purposes only of waiving the 30-day 

operative delay, the Commission also has 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

11Copies 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. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2025–02155 Filed 2–3–25; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–102309; File No. SR– 

NASDAQ–2025–006] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

a Proposed Rule Change To Update 

Certain Representations Relating to 

Service Providers and Basket Size of 

the Hashdex Nasdaq Crypto Index US 

ETF 

January 29, 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 

16, 2025, The Nasdaq Stock Market 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 

Commission is publishing this 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 update 

certain representations regarding service 

providers and basket size made in the 

proposed rule change previously filed 

with and approved by the Commission 

relating to the Hashdex Nasdaq Crypto 

Index US ETF (‘‘Trust’’) under Nasdaq 

Rule 5711(d).3

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://

listingcenter.nasdaq.com/rulebook/ 

nasdaq/rulefilings and on the 

Commission’s website at https://

www.sec.gov/rules-regulations/selfregulatory-organization-rulemaking/ 

national-securities-exchanges?file_

number=SR-NASDAQ-2025-006. 

II. Date of Effectiveness of the Proposed 

Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A) of the Act 4 and Rule 19b– 

4(f)(6) 5 thereunder. Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; or (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 6 and Rule 19b– 

4(f)(6) 7 thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 8 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),9 the Commission 

may designate a shorter time if such 

action is consistent with protection of 

investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposed rule change may become 

operative immediately upon filing. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because it will allow the 

Exchange to immediately reflect 

changes to the Trust’s service providers 

that are consistent with the Trust’s 

registration statement and to increase 

the Trust’s basket size, and does not 

introduce any novel regulatory issues. 

All other representations made in 

Amendment No. 1 remain unchanged 

and will continue to constitute 

continued listing requirements for the 

Trust, and the Exchange states that the 

Trust will continue to comply with the 

terms of Amendment No. 1 and the 

requirements in Nasdaq Rule 5711(d). 

Accordingly, the Commission 

designates the proposed rule change to 

be operative upon filing.10

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. 

III. 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.11

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-NASDAQ2025-006) or by sending an email to 

rule-comments@sec.gov. Please include 

file number SR–NASDAQ–2025–006 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–NASDAQ– 

2025–006. 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/rulesregulations/self-regulatory-organizationrulemaking/national-securitiesexchanges?file_number=SR-NASDAQ2025-006). 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–NASDAQ–2025–006 and should be 


lotter on DSK11XQN23PROD with NOTICES1