30548 Federal Register / Vol. 87, No. 97 / Thursday, May 19, 2022 / Notices 

25See id. at 8327; see also id. at 8332. 

26See id. at 8323. 

27See id. 

28See id. at 8325. 

29Section 19(b)(2) of the Act, as amended by the 

Securities Act Amendments of 1975, Public Law 

94–29 (June 4, 1975), grants the Commission 

flexibility to determine what type of proceeding— 

either oral or notice and opportunity for written 

comments—is appropriate for consideration of a 

particular proposal by a self-regulatory 

organization. See Securities Act Amendments of 

1975, Senate Comm. on Banking, Housing & Urban 

Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 

(1975). 30 17 CFR 200.30–3(a)(57). 

growing body of evidence that the CME 

Bitcoin Futures market represents a 

regulated market of significant size . . . 

, the growth of liquidity at the inside in 

the spot market for bitcoin, and certain 

features of the Shares and the Reference 

Rate . . .’’ 25 What are commenters’ 

views regarding the Exchange’s 

argument? 

5. The Exchange states that ETFs that 

provide exposure to bitcoin through 

CME Bitcoin Futures (‘‘Bitcoin Futures 

ETFs’’) are ‘‘a sub-optimal’’ for U.S. 

investors looking for long-term exposure 

to bitcoin and that any proposal to list 

and trade a Spot Bitcoin ETP should be 

reviewed by the Commission with this 

in mind.26 The Exchange further states 

that it would be inconsistent to allow 

the listing and trading of Bitcoin 

Futures ETFs while simultaneously 

disapproving Spot Bitcoin ETPs on the 

basis that the CME Bitcoin Futures 

market is not a regulated market of 

significant size. According to the 

Exchange, this would be ‘‘particularly 

true for the Trust, which will use the 

[Reference Rate] as its price source to 

calculate its daily [NAV], with inputs 

from the same bitcoin trading platforms 

. . . and materially the same 

methodology as is used to price CME 

Bitcoin Futures.’’ 27 Do commenters 

agree or disagree and why? 

6. According to the Exchange, the 

Trust is structured ‘‘to operate as if 

certain 1940 Act provisions apply, 

providing transparency and investor 

protections such that a distinction 

between Bitcoin Futures ETFs and Spot 

Bitcoin ETPs is unwarranted.’’ 28 Does 

the representation that the Trust will 

‘‘operate as if certain 1940 Act 

provisions apply’’ help mitigate the 

concerns the Commission previously 

expressed, including concerns 

pertaining to fraud and manipulation? 

III. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposal is consistent with Section 

6(b)(5) or any other provision of the Act, 

and the rules and regulations 

thereunder. Although there do not 

appear to be any issues relevant to 

approval or disapproval that would be 

facilitated by an oral presentation of 

views, data, and arguments, the 

Commission will consider, pursuant to 

Rule 19b–4, any request for an 

opportunity to make an oral 

presentation.29

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposal should be approved or 

disapproved by June 9, 2022. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by June 23, 2022. 

Comments may be submitted by any 

of the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CboeBZX–2022–006 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CboeBZX–2022–006. This 

file number should be included on the 

subject line if email is used. 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 (http://www.sec.gov/ 

rules/sro.shtml). Copies 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeBZX–2022–006 and 

should be submitted by June 9, 2022. 

Rebuttal comments should be submitted 

by June 23, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.30

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10733 Filed 5–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–091, OMB Control No. 

3235–0088] 

Proposed Collection; Comment 

Request; Extension: Rule 15Ba2–5 

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 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the collection of information 

provided for in Rule 15Ba2–5 (17 CFR 

240.15Ba2–5) 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. 

On July 7, 1976, effective July 16, 

1976 (see 41 FR 28948, July 14, 1976), 

the Commission adopted Rule 15Ba2–5 

under the Exchange Act to permit a 

duly-appointed fiduciary to assume 

immediate responsibility for the 

operation of a municipal securities 

dealer’s business. Without the rule, the 

fiduciary would not be able to assume 

operation until it registered as a 

municipal securities dealer. Under the 

rule, the registration of a municipal 

securities dealer is deemed to be the 

registration of any executor, 

administrator, guardian, conservator, 

assignee for the benefit of creditors, 


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Federal Register / Vol. 87, No. 97 / Thursday, May 19, 2022 / Notices 30549 

receiver, trustee in insolvency or 

bankruptcy, or other fiduciary, 

appointed or qualified by order, 

judgment, or decree of a court of 

competent jurisdiction to continue the 

business of such municipal securities 

dealer, provided that such fiduciary 

files with the Commission, within 30 

days after entering upon the 

performance of his duties, a statement 

setting forth as to such fiduciary 

substantially the same information 

required by Form MSD or Form BD. The 

statement is necessary to ensure that the 

Commission and the public have 

adequate information about the 

fiduciary. 

There is approximately one 

respondent per year that requires an 

aggregate total of four hours to comply 

with this rule. This respondent makes 

an estimated one annual response. Each 

response takes approximately four hours 

to complete. Thus, the total compliance 

burden per year is approximately four 

hours. The approximate internal 

compliance cost per hour is $25, 

resulting in a total internal cost of 

compliance of approximately $100 per 

year (i.e., 4 hours × $25). 

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 by 

July 18, 2022. 

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: David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549, or send an email to: PRA_

Mailbox@sec.gov. 

Dated: May 13, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10742 Filed 5–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–661, OMB Control No. 

3235–0721] 

Proposed Collection; Comment 

Request 

Upon Written Request Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Form 1–SA 

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 1–SA (17 CFR 239.92) is used to 

file semiannual reports by Tier 2 issuers 

under Regulation A, an exemption from 

registration under the Securities Act of 

1933 (15 U.S.C. 77a et seq.). Tier 2 

issuers under Regulation A conducting 

offerings of up to $50 million within a 

12-month period are required to file 

Form 1–SA. Form 1–SA provides 

semiannual, interim financial 

statements and information about the 

issuer’s liquidity, capital resources and 

operations after the issuer’s second 

fiscal quarter. The purpose of the Form 

1–SA is to better inform the public 

about companies that have conducted 

Tier 2 offerings under Regulation A. We 

estimate that approximately 55 issuers 

file Form 1–SA annually. We estimate 

that Form 1–SA takes approximately 

188.042 hours to prepare. We estimate 

that 85% of the 188.04 hours per 

response (159.836 hours) is prepared by 

the company for a total annual burden 

of 8,791 hours (159.836 hours per 

response × 55 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 July 18, 2022. 

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 

David Bottom, Director/Chief 

Information Officer, Securities and 

Exchange Commission, c/o John 

Pezzullo, 100 F Street NE, Washington, 

DC 20549 or send an email to: PRA_

Mailbox@sec.gov. 

Dated: May 13, 2022. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–10726 Filed 5–18–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–338, OMB Control No. 

3235–0376] 

Proposed Collection; Comment 

Request; Extension: Schedule 14D–1F 

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. 

Schedule 14D–1F (17 CFR 240.14d– 

102) is a form that may be used by any 

person (the ‘‘bidder’’) making a cash 

tender or exchange offer for securities of 

any issuer (the ‘‘target’’) incorporated or 

organized under the laws of Canada or 

any Canadian province or territory that 

is a foreign private issuer, where less 

than 40% of the outstanding class of the 

target’s securities that is the subject of 

the offer is held by U.S. holders. 

Schedule 14D–1F is designed to 

facilitate cross-border transactions in 

the securities of Canadian issuers. The 

information required to be filed with the 

Commission provides security holders 

with material information regarding the 

bidder as well as the transaction so that 

they may make informed investment 

decisions. Schedule 14D–1F takes 

approximately 2 hours per response to 

prepare and is filed by approximately 2 


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