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    <VOL>90</VOL>
    <NO>100</NO>
    <DATE>Tuesday, May 27, 2025</DATE>
    <UNITNAME>Contents</UNITNAME>
    <CNTNTS>
        <AGCY>
            <EAR>
                Administrative
                <PRTPAGE P="iii"/>
            </EAR>
            <HD>Administrative Conference of the United States</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Federal Agency Collaboration with State, Local, Tribal, and Territorial Governments, </DOC>
                    <PGS>22224-22225</PGS>
                    <FRDOCBP>2025-09373</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Agriculture</EAR>
            <HD>Agriculture Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Animal and Plant Health Inspection Service</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>The U.S. Codex Office</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Animal</EAR>
            <HD>Animal and Plant Health Inspection Service</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Imports:</SJ>
                <SJDENT>
                    <SJDOC>Deregulation of Chrysanthemum White Rust; Chrysanthemum spp. Cuttings, and In Vitro Plantlets, and Synonymous Genera from Certain Countries into the Continental United States, </SJDOC>
                    <PGS>22225-22226</PGS>
                    <FRDOCBP>2025-09443</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Children</EAR>
            <HD>Children and Families Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>American Relief Act 2025 Disaster Supplemental Funds for Child Care, </SJDOC>
                    <PGS>22314-22315</PGS>
                    <FRDOCBP>2025-09381</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Child Care and Development Fund Annual Aggregate Report, </SJDOC>
                    <PGS>22310-22311</PGS>
                    <FRDOCBP>2025-09377</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Electronic Document Exchange, </SJDOC>
                    <PGS>22295-22296</PGS>
                    <FRDOCBP>2025-09379</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Federal Tax Refund Offset, Administrative Offset, and Passport Denial, </SJDOC>
                    <PGS>22306-22307</PGS>
                    <FRDOCBP>2025-09378</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Home Study and Post Release Services Provided to Unaccompanied Alien Children, </SJDOC>
                    <PGS>22311-22314</PGS>
                    <FRDOCBP>2025-09372</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>National Youth in Transition Database Services and Youth Outcomes Survey, </SJDOC>
                    <PGS>22304</PGS>
                    <FRDOCBP>2025-09367</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Prevention Services Data Collection, </SJDOC>
                    <PGS>22302</PGS>
                    <FRDOCBP>2025-09371</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>State Self-Assessment Review and Report, </SJDOC>
                    <PGS>22296</PGS>
                    <FRDOCBP>2025-09368</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Tribal Child Support Enforcement Annual Data Report, </SJDOC>
                    <PGS>22310</PGS>
                    <FRDOCBP>2025-09369</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Tribal Maternal, Infant, and Early Childhood Home Visiting Program: Implementation Plan Guidance and Community Needs and Readiness Assessment Guidance, </SJDOC>
                    <PGS>22303</PGS>
                    <FRDOCBP>2025-09437</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Unaccompanied Alien Children Bureau Administrative Activities, </SJDOC>
                    <PGS>22304-22306</PGS>
                    <FRDOCBP>2025-09374</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Unaccompanied Alien Children Bureau Assessments for Children and Sponsors, </SJDOC>
                    <PGS>22296-22302</PGS>
                    <FRDOCBP>2025-09370</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Unaccompanied Alien Children Bureau Incident Reporting, </SJDOC>
                    <PGS>22307-22310</PGS>
                    <FRDOCBP>2025-09375</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Board</EAR>
            <HD>Civil Rights Cold Case Records Review Board</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Formal Determination on Records Release, </DOC>
                    <PGS>22227-22230</PGS>
                    <FRDOCBP>2025-09417</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Civil Rights</EAR>
            <HD>Civil Rights Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>South Carolina Advisory Committee, </SJDOC>
                    <PGS>22230-22231</PGS>
                    <FRDOCBP>2025-09457</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Coast Guard</EAR>
            <HD>Coast Guard</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Safety Zone:</SJ>
                <SJDENT>
                    <SJDOC>Fireworks Display, Delaware River, Philadelphia, PA, </SJDOC>
                    <PGS>22207-22209</PGS>
                    <FRDOCBP>2025-09192</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Roostertail Fireworks, Detroit River, Detroit, MI, </SJDOC>
                    <PGS>22209-22211</PGS>
                    <FRDOCBP>2025-09137</FRDOCBP>
                </SJDENT>
                <SJ>Special Local Regulation:</SJ>
                <SJDENT>
                    <SJDOC>Atlantic Ocean, Atlantic City, NJ, </SJDOC>
                    <PGS>22205-22207</PGS>
                    <FRDOCBP>2025-09435</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Marine Events within the Fifth Coast Guard District-Lower Township, NJ, </SJDOC>
                    <PGS>22205</PGS>
                    <FRDOCBP>2025-09424</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Commerce</EAR>
            <HD>Commerce Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Economic Development Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>International Trade Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>National Oceanic and Atmospheric Administration</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Consumer Product</EAR>
            <HD>Consumer Product Safety Commission</HD>
            <CAT>
                <HD>RULES</HD>
                <DOCENT>
                    <DOC>Safety Standard for Crib Mattresses; CFR Correction, </DOC>
                    <PGS>22204</PGS>
                    <FRDOCBP>2025-09578</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Defense Department</EAR>
            <HD>Defense Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Certain Federal Acquisition Regulation Part 32 Requirements, </SJDOC>
                    <PGS>22291-22294</PGS>
                    <FRDOCBP>2025-09465</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Government Property, </SJDOC>
                    <PGS>22290-22291</PGS>
                    <FRDOCBP>2025-09468</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Service Contracting, </SJDOC>
                    <PGS>22294-22295</PGS>
                    <FRDOCBP>2025-09467</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Travel Costs, </SJDOC>
                    <PGS>22289-22290</PGS>
                    <FRDOCBP>2025-09464</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Value Engineering Requirements, </SJDOC>
                    <PGS>22294</PGS>
                    <FRDOCBP>2025-09466</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>Arms Sales, </DOC>
                    <PGS>22249-22253</PGS>
                    <FRDOCBP>2025-09363</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Denali</EAR>
            <HD>Denali Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Fiscal Year 2026 Draft Work Plan; Withdrawal, </DOC>
                    <PGS>22253</PGS>
                    <FRDOCBP>2025-09365</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Economic Development</EAR>
            <HD>Economic Development Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Workforce System Metrics, </SJDOC>
                    <PGS>22231-22232</PGS>
                    <FRDOCBP>2025-09418</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Education Department</EAR>
            <HD>Education Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Applications for New Awards:</SJ>
                <SJDENT>
                    <SJDOC>Parent Information and Training Program, </SJDOC>
                    <PGS>22261-22265</PGS>
                    <FRDOCBP>2025-09428</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Personnel Development to Improve Services and Results for Children with Disabilities—Interdisciplinary Preparation of Early Intervention, Special Education, and Related Services Personnel Serving Children with Disabilities Who Have High-Intensity Needs, </SJDOC>
                    <PGS>22253-22261</PGS>
                    <FRDOCBP>2025-09431</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Personnel Development to Improve Services and Results for Children with Disabilities-Personnel Preparation of Special Education, Early Intervention, and Related Services Personnel at Historically Black Colleges and Universities, Tribally Controlled Colleges and Universities, and Other Minority Serving Institutions, </SJDOC>
                    <PGS>22265-22272</PGS>
                    <FRDOCBP>2025-09433</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Personnel Development to Improve Services and Results for Children with Disabilities-Preparation of Special Education and Early Intervention Administrators, </SJDOC>
                    <PGS>22274-22281</PGS>
                    <FRDOCBP>2025-09430</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>List of Approved Ability to Benefits Tests, </DOC>
                    <PGS>22272-22274</PGS>
                    <FRDOCBP>2025-09313</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Energy Department</EAR>
            <HD>Energy Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Federal Energy Regulatory Commission</P>
            </SEE>
            <CAT>
                <PRTPAGE P="iv"/>
                <HD>RULES</HD>
                <DOCENT>
                    <DOC>Clean Energy for New Federal Buildings and Major Renovations of Federal Buildings; Correction, </DOC>
                    <PGS>22199</PGS>
                    <FRDOCBP>2025-09438</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Environmental Protection</EAR>
            <HD>Environmental Protection Agency</HD>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Regulation under the Toxic Substances Control Act:</SJ>
                <SJDENT>
                    <SJDOC>Methylene Chloride, </SJDOC>
                    <PGS>22214-22222</PGS>
                    <FRDOCBP>2025-09421</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Acid Rain Program under Title IV of the Clean Air Act Amendments, </SJDOC>
                    <PGS>22286-22287</PGS>
                    <FRDOCBP>2025-09386</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Export Import</EAR>
            <HD>Export-Import Bank</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Applications for Long-Term Loans or Financial Guarantees in Excess of $100 million, </DOC>
                    <PGS>22287</PGS>
                    <FRDOCBP>2025-09445</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Aviation</EAR>
            <HD>Federal Aviation Administration</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Airspace Designations and Reporting Points:</SJ>
                <SJDENT>
                    <SJDOC>Alaska; Correction, </SJDOC>
                    <PGS>22204</PGS>
                    <FRDOCBP>2025-09422</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Park River, ND, </SJDOC>
                    <PGS>22203-22204</PGS>
                    <FRDOCBP>2025-09290</FRDOCBP>
                </SJDENT>
                <SJ>Airworthiness Directives:</SJ>
                <SJDENT>
                    <SJDOC>Airbus SAS Airplanes, </SJDOC>
                    <PGS>22199-22203</PGS>
                    <FRDOCBP>2025-09416</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Environmental Assessments; Availability, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Implementation of the Modernization of Special Airworthiness Certification Rule, </SJDOC>
                    <PGS>22437-22438</PGS>
                    <FRDOCBP>2025-09456</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Communications</EAR>
            <HD>Federal Communications Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>North American Numbering Council, </SJDOC>
                    <PGS>22288-22289</PGS>
                    <FRDOCBP>2025-09471</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>Meetings; Sunshine Act, </DOC>
                    <PGS>22287-22288</PGS>
                    <FRDOCBP>2025-09533</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Energy</EAR>
            <HD>Federal Energy Regulatory Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Application:</SJ>
                <SJDENT>
                    <SJDOC>Boott Hydropower, LLC, </SJDOC>
                    <PGS>22282-22284</PGS>
                    <FRDOCBP>2025-09434</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>Combined Filings, </DOC>
                    <PGS>22284-22286</PGS>
                    <FRDOCBP>2025-09425</FRDOCBP>
                      
                    <FRDOCBP>2025-09426</FRDOCBP>
                </DOCENT>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Meeting the Challenge of Resource Adequacy in Regional Transmission Organization and Independent System Operator Regions; Commissioner-Led Technical Conference, </SJDOC>
                    <PGS>22281-22282</PGS>
                    <FRDOCBP>2025-09436</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>Records Governing Off-the-Record Communications, </DOC>
                    <PGS>22285-22286</PGS>
                    <FRDOCBP>2025-09427</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Procurement</EAR>
            <HD>Federal Procurement Policy Office</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Certain Federal Acquisition Regulation Part 32 Requirements, </SJDOC>
                    <PGS>22291-22294</PGS>
                    <FRDOCBP>2025-09465</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Government Property, </SJDOC>
                    <PGS>22290-22291</PGS>
                    <FRDOCBP>2025-09468</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Service Contracting, </SJDOC>
                    <PGS>22294-22295</PGS>
                    <FRDOCBP>2025-09467</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Travel Costs, </SJDOC>
                    <PGS>22289-22290</PGS>
                    <FRDOCBP>2025-09464</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Value Engineering Requirements, </SJDOC>
                    <PGS>22294</PGS>
                    <FRDOCBP>2025-09466</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Reserve</EAR>
            <HD>Federal Reserve System</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Formations of, Acquisitions by, and Mergers of Bank Holding Companies, </DOC>
                    <PGS>22289</PGS>
                    <FRDOCBP>2025-09441</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Fish</EAR>
            <HD>Fish and Wildlife Service</HD>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Endangered and Threatened Species:</SJ>
                <SJDENT>
                    <SJDOC>Designation of Critical Habitat for Four Distinct Population Segments of the Foothill Yellow-Legged Frog, </SJDOC>
                    <PGS>22222-22223</PGS>
                    <FRDOCBP>2025-09352</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Foreign Assets</EAR>
            <HD>Foreign Assets Control Office</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Sanctions Action, </DOC>
                    <PGS>22438</PGS>
                    <FRDOCBP>2025-09439</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>General Services</EAR>
            <HD>General Services Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Certain Federal Acquisition Regulation Part 32 Requirements, </SJDOC>
                    <PGS>22291-22294</PGS>
                    <FRDOCBP>2025-09465</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Government Property, </SJDOC>
                    <PGS>22290-22291</PGS>
                    <FRDOCBP>2025-09468</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Service Contracting, </SJDOC>
                    <PGS>22294-22295</PGS>
                    <FRDOCBP>2025-09467</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Travel Costs, </SJDOC>
                    <PGS>22289-22290</PGS>
                    <FRDOCBP>2025-09464</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Value Engineering Requirements, </SJDOC>
                    <PGS>22294</PGS>
                    <FRDOCBP>2025-09466</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Health and Human</EAR>
            <HD>Health and Human Services Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Children and Families Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Health Resources and Services Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>National Institutes of Health</P>
            </SEE>
            <CAT>
                <HD>RULES</HD>
                <SJ>World Trade Center Health Program:</SJ>
                <SJDENT>
                    <SJDOC>Expanded Eligibility for Pentagon and Shanksville, PA Responders, </SJDOC>
                    <PGS>22211-22213</PGS>
                    <FRDOCBP>2025-09411</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Health Resources</EAR>
            <HD>Health Resources and Services Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Children's Hospitals Graduate Medical Education Payment Program:</SJ>
                <SJDENT>
                    <SJDOC>Methodology to Determine Full-Time Equivalent Resident Count, </SJDOC>
                    <PGS>22315-22316</PGS>
                    <FRDOCBP>2025-09364</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Homeland</EAR>
            <HD>Homeland Security Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Coast Guard</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Housing</EAR>
            <HD>Housing and Urban Development Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Housing Counseling Federal Advisory Committee, </SJDOC>
                    <PGS>22318</PGS>
                    <FRDOCBP>2025-09382</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Interior</EAR>
            <HD>Interior Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Fish and Wildlife Service</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Land Management Bureau</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>National Park Service</P>
            </SEE>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Application and Reports for Paleontological Permits, </SJDOC>
                    <PGS>22318-22320</PGS>
                    <FRDOCBP>2025-09444</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Internal Revenue</EAR>
            <HD>Internal Revenue Service</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Credit for Renewable Electricity Production and Publication of Inflation Adjustment Factor and Reference Price for Calendar Year 2025, </DOC>
                    <PGS>22438-22440</PGS>
                    <FRDOCBP>2025-09366</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>International Trade Adm</EAR>
            <HD>International Trade Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Antidumping or Countervailing Duty Investigations, Orders, or Reviews:</SJ>
                <SJDENT>
                    <SJDOC>2,4-Dichlorophenoxyacetic Acid from India and the People's Republic of China, </SJDOC>
                    <PGS>22243-22245</PGS>
                    <FRDOCBP>2025-09452</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <PRTPAGE P="v"/>
                    <SJDOC>2,4-Dichlorophenoxyacetic Acid from the People's Republic of China and India, </SJDOC>
                    <PGS>22232-22234</PGS>
                    <FRDOCBP>2025-09453</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Certain Epoxy Resins from Taiwan; Certain Epoxy Resins from the Republic of Korea and Taiwan, </SJDOC>
                    <PGS>22235-22237</PGS>
                    <FRDOCBP>2025-09455</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Certain Epoxy Resins from Taiwan; Certain Epoxy Resins from the Republic of Korea, Taiwan, and Thailand, </SJDOC>
                    <PGS>22237-22240</PGS>
                    <FRDOCBP>2025-09454</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Oil Country Tubular Goods from India; Correction, </SJDOC>
                    <PGS>22245-22246</PGS>
                    <FRDOCBP>2025-09442</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Xanthan Gum from the People's Republic of China, </SJDOC>
                    <PGS>22240-22243</PGS>
                    <FRDOCBP>2025-09451</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>International Trade Com</EAR>
            <HD>International Trade Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Antidumping or Countervailing Duty Investigations, Orders, or Reviews:</SJ>
                <SJDENT>
                    <SJDOC>Acetone from Belgium, Singapore, South Africa, South Korea, and Spain, </SJDOC>
                    <PGS>22323-22325</PGS>
                    <FRDOCBP>2025-09399</FRDOCBP>
                </SJDENT>
                <SJ>Investigations; Determinations, Modifications, and Rulings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Certain Integrated Circuits, Electronic Devices Containing the Same, and Components Thereof, </SJDOC>
                    <PGS>22325-22326</PGS>
                    <FRDOCBP>2025-09413</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Justice Department</EAR>
            <HD>Justice Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Agency Information Collection Activities; Proposals, Submissions, and Approvals, </DOC>
                    <PGS>22326-22328</PGS>
                    <FRDOCBP>2025-09472</FRDOCBP>
                      
                    <FRDOCBP>2025-09473</FRDOCBP>
                </DOCENT>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>National Training and Technical Assistance Center Feedback Form Package, </SJDOC>
                    <PGS>22326-22327</PGS>
                    <FRDOCBP>2025-09463</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Land</EAR>
            <HD>Land Management Bureau</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Plats of Survey:</SJ>
                <SJDENT>
                    <SJDOC>Alaska, </SJDOC>
                    <PGS>22320-22321</PGS>
                    <FRDOCBP>2025-09380</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Management</EAR>
            <HD>Management and Budget Office</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Federal Procurement Policy Office</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>NASA</EAR>
            <HD>National Aeronautics and Space Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Certain Federal Acquisition Regulation Part 32 Requirements, </SJDOC>
                    <PGS>22291-22294</PGS>
                    <FRDOCBP>2025-09465</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Government Property, </SJDOC>
                    <PGS>22290-22291</PGS>
                    <FRDOCBP>2025-09468</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Service Contracting, </SJDOC>
                    <PGS>22294-22295</PGS>
                    <FRDOCBP>2025-09467</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Travel Costs, </SJDOC>
                    <PGS>22289-22290</PGS>
                    <FRDOCBP>2025-09464</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Value Engineering Requirements, </SJDOC>
                    <PGS>22294</PGS>
                    <FRDOCBP>2025-09466</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>National Institute</EAR>
            <HD>National Institutes of Health</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Center for Scientific Review, </SJDOC>
                    <PGS>22316-22317</PGS>
                    <FRDOCBP>2025-09385</FRDOCBP>
                      
                    <FRDOCBP>2025-09412</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>National Oceanic</EAR>
            <HD>National Oceanic and Atmospheric Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>New England Fishery Management Council, </SJDOC>
                    <PGS>22247-22248</PGS>
                    <FRDOCBP>2025-09446</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Pacific Fishery Management Council, </SJDOC>
                    <PGS>22247-22249</PGS>
                    <FRDOCBP>2025-09360</FRDOCBP>
                      
                    <FRDOCBP>2025-09362</FRDOCBP>
                </SJDENT>
                <SJ>Permits; Applications, Issuances, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Marine Mammals; File No. 28894, </SJDOC>
                    <PGS>22246-22247</PGS>
                    <FRDOCBP>2025-09508</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Marine Mammals; File No. 28919, </SJDOC>
                    <PGS>22246</PGS>
                    <FRDOCBP>2025-09440</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>National Park</EAR>
            <HD>National Park Service</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Cape Cod National Seashore Advisory Commission, </SJDOC>
                    <PGS>22321-22322</PGS>
                    <FRDOCBP>2025-09474</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cedar Creek and Belle Grove National Historical Park Advisory Commission, </SJDOC>
                    <PGS>22322-22323</PGS>
                    <FRDOCBP>2025-09469</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Native American Graves Protection and Repatriation Review Committee, </SJDOC>
                    <PGS>22323</PGS>
                    <FRDOCBP>2025-09470</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Postal Regulatory</EAR>
            <HD>Postal Regulatory Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>New Postal Products, </DOC>
                    <PGS>22328-22329</PGS>
                    <FRDOCBP>2025-09503</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Securities</EAR>
            <HD>Securities and Exchange Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Meetings; Sunshine Act, </DOC>
                    <PGS>22431</PGS>
                    <FRDOCBP>2025-09556</FRDOCBP>
                </DOCENT>
                <SJ>Self-Regulatory Organizations; Proposed Rule Changes:</SJ>
                <SJDENT>
                    <SJDOC>Cboe BYX Exchange, Inc., </SJDOC>
                    <PGS>22329-22334</PGS>
                    <FRDOCBP>2025-09388</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe BZX Exchange, Inc., </SJDOC>
                    <PGS>22334-22339, 22367-22373</PGS>
                    <FRDOCBP>2025-09395</FRDOCBP>
                      
                    <FRDOCBP>2025-09397</FRDOCBP>
                      
                    <FRDOCBP>2025-09390</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe C2 Exchange, Inc., </SJDOC>
                    <PGS>22380-22384</PGS>
                    <FRDOCBP>2025-09400</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe EDGA Exchange, Inc., </SJDOC>
                    <PGS>22408-22413</PGS>
                    <FRDOCBP>2025-09392</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe EDGX Exchange, Inc., </SJDOC>
                    <PGS>22362-22367, 22404-22408</PGS>
                    <FRDOCBP>2025-09393</FRDOCBP>
                      
                    <FRDOCBP>2025-09398</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe Exchange, Inc., </SJDOC>
                    <PGS>22431-22434</PGS>
                    <FRDOCBP>2025-09405</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Financial Industry Regulatory Authority, Inc., </SJDOC>
                    <PGS>22389</PGS>
                    <FRDOCBP>2025-09410</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Long-Term Stock Exchange, Inc., </SJDOC>
                    <PGS>22339-22353</PGS>
                    <FRDOCBP>2025-09389</FRDOCBP>
                      
                    <FRDOCBP>2025-09391</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Miami International Securities Exchange, LLC, </SJDOC>
                    <PGS>22392-22401</PGS>
                    <FRDOCBP>2025-09407</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>MIAX PEARL, LLC, </SJDOC>
                    <PGS>22353-22362</PGS>
                    <FRDOCBP>2025-09408</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>MIAX Sapphire, LLC, </SJDOC>
                    <PGS>22389-22392, 22415-22424</PGS>
                    <FRDOCBP>2025-09396</FRDOCBP>
                      
                    <FRDOCBP>2025-09409</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>New York Stock Exchange LLC, </SJDOC>
                    <PGS>22385-22389</PGS>
                    <FRDOCBP>2025-09404</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>NYSE Arca, Inc., </SJDOC>
                    <PGS>22368, 22413-22415, 22434-22435</PGS>
                    <FRDOCBP>2025-09394</FRDOCBP>
                      
                    <FRDOCBP>2025-09402</FRDOCBP>
                      
                    <FRDOCBP>2025-09406</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>NYSE National, Inc., </SJDOC>
                    <PGS>22401-22404</PGS>
                    <FRDOCBP>2025-09403</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>The Nasdaq Stock Market LLC, </SJDOC>
                    <PGS>22373-22380, 22424-22431</PGS>
                    <FRDOCBP>2025-09387</FRDOCBP>
                      
                    <FRDOCBP>2025-09401</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Small Business</EAR>
            <HD>Small Business Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Disaster Declaration:</SJ>
                <SJDENT>
                    <SJDOC>Oklahoma, </SJDOC>
                    <PGS>22435</PGS>
                    <FRDOCBP>2025-09475</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>State Department</EAR>
            <HD>State Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Culturally Significant Objects Imported for Exhibition:</SJ>
                <SJDENT>
                    <SJDOC>All Manner of Experiments: Legacies of the Baghdad Group for Modern Art, </SJDOC>
                    <PGS>22437</PGS>
                    <FRDOCBP>2025-09432</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Caravaggio: Judith Beheading Holofernes, </SJDOC>
                    <PGS>22436</PGS>
                    <FRDOCBP>2025-09458</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Man Ray: When Objects Dream, </SJDOC>
                    <PGS>22436</PGS>
                    <FRDOCBP>2025-09461</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>New Photography 2025: Lines of Belonging, </SJDOC>
                    <PGS>22436-22437</PGS>
                    <FRDOCBP>2025-09460</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Rose Iron Works and Art Deco, </SJDOC>
                    <PGS>22435-22436</PGS>
                    <FRDOCBP>2025-09459</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Codex</EAR>
            <HD>The U.S. Codex Office</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>International Standard-Setting Activities, </DOC>
                    <PGS>22226-22227</PGS>
                    <FRDOCBP>2025-09383</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Transportation Department</EAR>
            <HD>Transportation Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Federal Aviation Administration</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Treasury</EAR>
            <HD>Treasury Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Foreign Assets Control Office</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Internal Revenue Service</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Veteran Affairs</EAR>
            <HD>Veterans Affairs Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Cooperative Studies Scientific Evaluation Committee, </SJDOC>
                    <PGS>22440</PGS>
                    <FRDOCBP>2025-09494</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AIDS>
            <PRTPAGE P="vi"/>
            <HD SOURCE="HED">Reader Aids</HD>
            <P>Consult the Reader Aids section at the end of this issue for phone numbers, online resources, finding aids, and notice of recently enacted public laws.</P>
            <P>To subscribe to the Federal Register Table of Contents electronic mailing list, go to https://public.govdelivery.com/accounts/USGPOOFR/subscriber/new, enter your e-mail address, then follow the instructions to join, leave, or manage your subscription.</P>
        </AIDS>
    </CNTNTS>
    <VOL>90</VOL>
    <NO>100</NO>
    <DATE>Tuesday, May 27, 2025</DATE>
    <UNITNAME>Rules and Regulations</UNITNAME>
    <RULES>
        <RULE>
            <PREAMB>
                <PRTPAGE P="22199"/>
                <AGENCY TYPE="F">DEPARTMENT OF ENERGY</AGENCY>
                <CFR>10 CFR Parts 433 and 435</CFR>
                <DEPDOC>[EERE-2010-BT-STD-0031]</DEPDOC>
                <RIN>RIN 1904-AB96</RIN>
                <SUBJECT>Clean Energy for New Federal Buildings and Major Renovations of Federal Buildings; Stay; Correction</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Energy Management Program, Department of Energy.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule; stay; correction.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>On May 5, 2025, the U.S. Department of Energy (DOE) stayed the compliance date for recently adopted energy performance standards for certain new Federal buildings and Federal buildings undergoing major renovations. This document corrects the uniform resource locator (URL) provided to the implementation guidance that DOE is reviewing. DOE updated the implementation guidance available on its website to indicate that it is currently being reviewed, this required posting the updated document using a new URL. This update does not affect the substance of the rulemaking or the stay of the compliance date.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Effective May 27, 2025.</P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Mr. Rick Mears, U.S. Department of Energy, Office of the Under Secretary for Infrastructure, Federal Energy Management Program, FEMP-1, 1000 Independence Avenue SW, Washington, DC, 20585-0121. Phone: 240-278-5857. Email: 
                        <E T="03">cer-information@hq.doe.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    On May 5, 2025, DOE stayed the compliance date for recently adopted energy performance standards for certain new Federal buildings and Federal buildings undergoing major renovations. 90 FR 18911 (Compliance Date Stay). DOE noted that subsequent to adopting the final rule, it issued a guidance document that provided additional information related to the implementation of these energy performance standards. DOE also provided a link to the implementation guidance. 
                    <E T="03">Id.</E>
                     n2.
                </P>
                <P>DOE has updated the implementation guidance document to include a cover page that states that DOE is currently reviewing the document and noting that the compliance date for the energy performance standards has been stayed. Adding the cover page required DOE to use a new URL to post the implementation guidance. Accordingly, the URL provided in the Compliance Date Stay is no longer accurate.</P>
                <P>DOE is issuing this correction to update the URL provided in n2. Because this document would simply update an URL, without changing the energy performance standards adopted, the changes addressed in this document are technical in nature.</P>
                <P>Pursuant to the Administrative Procedure Act, 5 U.S.C. 553(b), DOE finds that there is good cause to not issue a separate notice to solicit public comment on the technical corrections contained in this document. Issuing a separate notice to solicit public comment would be unnecessary. As explained previously, the correction in this document does not affect the substance of or any of the conclusions reached in support of the final rule. Therefore, providing prior notice and an opportunity for public comment on updating the URL to the implementation guidance document does not change the substance of the proposed energy performance standards serve no useful purpose.</P>
                <HD SOURCE="HD1">Correction</HD>
                <P>
                    In the 
                    <E T="04">Federal Register</E>
                     of May 5, 2025 (90 FR 18911) in FR Doc. 2025-07743, the following correction is made:
                </P>
                <P>
                    On page 18911, in the second column, in footnote 2, remove the “
                    <E T="03">https://www.energy.gov/sites/default/files/2025-03/clean-energy-rule_implementation-guidance_jan2025.pdf</E>
                    ” and add in its place “
                    <E T="03">https://www.energy.gov/sites/default/files/2025-05/clean-energy-rule_implementation-guidance_may2025.pdf</E>
                    ” to update the URL provided for the implementation guidance document.
                </P>
                <HD SOURCE="HD1">Signing Authority</HD>
                <P>
                    This document of the Department of Energy was signed on May 20, 2025, by Mary Sotos, the Director of the Federal Energy Management Program, pursuant to delegated authority from the Secretary of Energy. That document with the original signature and date is maintained by DOE. For administrative purposes only, and in compliance with requirements of the Office of the Federal Register, the undersigned DOE Federal Register Liaison Officer has been authorized to sign and submit the document in electronic format for publication, as an official document of the Department of Energy. This administrative process in no way alters the legal effect of this document upon publication in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <SIG>
                    <DATED>Signed in Washington, DC, on May 21, 2025.</DATED>
                    <NAME>Jennifer Hartzell,</NAME>
                    <TITLE>Alternate Federal Register Liaison Officer, U.S. Department of Energy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09438 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6450-01-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>Federal Aviation Administration</SUBAGY>
                <CFR>14 CFR Part 39</CFR>
                <DEPDOC>[Docket No. FAA-2025-0913; Project Identifier MCAI-2025-00177-T; Amendment 39-23048; AD 2025-11-02]</DEPDOC>
                <RIN>RIN 2120-AA64</RIN>
                <SUBJECT>Airworthiness Directives; Airbus SAS Airplanes</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Aviation Administration (FAA), DOT.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The FAA is adopting a new airworthiness directive (AD) for certain Airbus SAS Model A319-151N, -153N, -171N, and -173N airplanes; A320-251N, -252N, -253N, -271N, -272N, and -273N airplanes; A321-251N, -251NX, -252N, -252NX, -253N, -253NX, -253NY, -271N, -271NX, -272N, and -272NX airplanes. This AD was prompted by reports of lost synchronization between radio management panels (RMPs). This AD requires revising the existing airplane flight manual (AFM) by providing instructions to address dual loss of RMP data synchronization. The FAA is issuing this AD to address the unsafe condition on these products.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        This AD is effective June 11, 2025.
                        <PRTPAGE P="22200"/>
                    </P>
                    <P>The FAA must receive comments on this AD by July 11, 2025.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may send comments, using the procedures found in 14 CFR 11.43 and 11.45, by any of the following methods:</P>
                    <P>
                        • 
                        <E T="03">Federal eRulemaking Portal:</E>
                         Go to 
                        <E T="03">regulations.gov.</E>
                         Follow the instructions for submitting comments.
                    </P>
                    <P>
                        • 
                        <E T="03">Fax:</E>
                         202-493-2251.
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         U.S. Department of Transportation, Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC 20590.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand Delivery:</E>
                         Deliver to Mail address above between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays.
                    </P>
                    <P>
                        <E T="03">AD Docket:</E>
                         You may examine the AD docket at 
                        <E T="03">regulations.gov</E>
                         under Docket No. FAA-2025-0913; or in person at Docket Operations between 9 a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD docket contains this final rule, the mandatory continuing airworthiness information (MCAI), any comments received, and other information. The street address for Docket Operations is listed above.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Frank Carreras, Aviation Safety Engineer, FAA, 2200 South 216th St., Des Moines, WA 98198; phone: 206-231-3539; email: 
                        <E T="03">Frank.Carreras@FAA.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Comments Invited</HD>
                <P>
                    The FAA invites you to send any written data, views, or arguments about this final rule. Send your comments using a method listed under the 
                    <E T="02">ADDRESSES</E>
                     section. Include “Docket No. FAA-2025-0913; Project Identifier MCAI-2025-00177-T” at the beginning of your comments. The most helpful comments reference a specific portion of the final rule, explain the reason for any recommended change, and include supporting data. The FAA will consider all comments received by the closing date and may amend this final rule because of those comments.
                </P>
                <P>
                    Except for Confidential Business Information (CBI) as described in the following paragraph, and other information as described in 14 CFR 11.35, the FAA will post all comments received, without change, to 
                    <E T="03">regulations.gov,</E>
                     including any personal information you provide. The agency will also post a report summarizing each substantive verbal contact received about this final rule.
                </P>
                <HD SOURCE="HD1">Confidential Business Information</HD>
                <P>
                    CBI is commercial or financial information that is both customarily and actually treated as private by its owner. Under the Freedom of Information Act (FOIA) (5 U.S.C. 552), CBI is exempt from public disclosure. If your comments responsive to this AD contain commercial or financial information that is customarily treated as private, that you actually treat as private, and that is relevant or responsive to this AD, it is important that you clearly designate the submitted comments as CBI. Please mark each page of your submission containing CBI as “PROPIN.” The FAA will treat such marked submissions as confidential under the FOIA, and they will not be placed in the public docket of this AD. Submissions containing CBI should be sent to Frank Carreras, Aviation Safety Engineer, FAA, 2200 South 216th St., Des Moines, WA 98198; phone: 206-231-3539; email: 
                    <E T="03">Frank.Carreras@FAA.gov.</E>
                     Any commentary that the FAA receives which is not specifically designated as CBI will be placed in the public docket for this rulemaking.
                </P>
                <HD SOURCE="HD1">Background</HD>
                <P>EASA, which is the Technical Agent for the Member States of the European Union, has issued EASA AD 2025-0037, dated February 12, 2025 (EASA AD 2025-0037) (also referred to as the MCAI), to correct an unsafe condition for Airbus SAS Model A319-151N, -153N, -171N, and -173N airplanes; A320-251N, -252N, -253N, -271N, -272N, and -273N airplanes; A321-251N, -251NX, -252N, -252NX, -253N, -253NX, -253NY, -271N, 271NX, -272N, and -272NX airplanes having Airbus modification 162344 or 168460, except those having Airbus modification 165670 installed in production. The MCAI states occurrences of lost synchronization between RMPs were reported, and that these occurrences led to loss of communications means (RMP data synchronization and very high frequency (VHF) communications) on the digital radio and audio integrating management system (DRAIMS). This condition, if not corrected, could result in total loss of radio communications, including loss of transponder functionality and standby navigation.</P>
                <P>Accordingly, EASA AD 2025-0037 describes procedures for revising the existing AFM by providing instructions to address dual loss of RMP data synchronization. The FAA has specified those instructions in figure 1 and 2 to paragraph (g) of this AD. Where the figures refer to airplanes with Modification 162344, the figures also apply to airplanes with Modification 168460 because Modification 162344 is a prerequisite for modification 168460.</P>
                <P>The FAA is issuing this AD to address the unsafe condition on these products.</P>
                <P>
                    You may examine the MCAI in the AD docket at 
                    <E T="03">regulations.gov</E>
                     under Docket No. FAA-2025-0913.
                </P>
                <HD SOURCE="HD1">FAA's Determination</HD>
                <P>These products have been approved by the civil aviation authority of another country and are approved for operation in the United States. Pursuant to the FAA's bilateral agreement with this State of Design Authority, that authority has notified the FAA of the unsafe condition described in the MCAI referenced above. The FAA is issuing this AD after determining that the unsafe condition described previously is likely to exist or develop on other products of the same type design.</P>
                <HD SOURCE="HD1">Requirements of This AD</HD>
                <P>This AD requires revising the existing AFM by providing instructions to address dual loss of RMP data synchronization.</P>
                <HD SOURCE="HD1">Compliance With AFM Revision</HD>
                <P>EASA AD 2025-0037 requires operators to “inform all flight crews” of revision to the AFM, and thereafter to “operate the aeroplane accordingly.” However, this AD does not specifically require that action as that action is already required by FAA regulations.</P>
                <P>FAA regulations require that operators furnish to pilots any changes to the AFM (for example, 14 CFR 121.137) and that pilots are familiar with the AFM (for example, 14 CFR 91.505). As with any other flightcrew training requirement, training on the updated AFM content is tracked by the operators and recorded in each pilot's training record, which is available for the FAA to review. FAA regulations also require pilots to follow the procedures in the AFM including all updates. Section 91.9 requires that any person operating a civil aircraft must comply with the operating limitations specified in the AFM.</P>
                <P>Therefore, including a requirement in this AD to operate the airplane according to the revised AFM would be redundant and unnecessary.</P>
                <HD SOURCE="HD1">Interim Action</HD>
                <P>
                    The FAA considers that this AD is an interim action. The design approval holder is currently developing a modification that will address the unsafe condition identified in this AD. Once this modification is developed, approved, and available, the FAA might consider additional rulemaking.
                    <PRTPAGE P="22201"/>
                </P>
                <HD SOURCE="HD1">Justification for Immediate Adoption and Determination of the Effective Date</HD>
                <P>
                    Section 553(b) of the Administrative Procedure Act (APA) (5 U.S.C. 551 
                    <E T="03">et seq.</E>
                    ) authorizes agencies to dispense with notice and comment procedures for rules when the agency, for “good cause,” finds that those procedures are “impracticable, unnecessary, or contrary to the public interest.” Under this section, an agency, upon finding good cause, may issue a final rule without providing notice and seeking comment prior to issuance. Further, section 553(d) of the APA authorizes agencies to make rules effective in less than thirty days, upon a finding of good cause.
                </P>
                <P>An unsafe condition exists that requires the immediate adoption of this AD without providing an opportunity for public comments prior to adoption. The FAA has found that the risk to the flying public justifies forgoing notice and comment prior to adoption of this rule because lost synchronization between RMPs can lead to loss of communications means (RMP data synchronization and VHF communications) on DRAIMS, which could result in total loss of radio communications, transponder functionality, and standby navigation, impacting the flightcrew's ability to safely navigate, avoid air traffic collisions, and safely land the airplane. Additionally, the compliance time in this AD for the required action is 7 days, which is shorter than the time necessary for the public to comment and for publication of the final rule. Accordingly, notice and opportunity for prior public comment are impracticable and contrary to the public interest pursuant to 5 U.S.C. 553(b).</P>
                <P>In addition, the FAA finds that good cause exists pursuant to 5 U.S.C. 553(d) for making this amendment effective in less than 30 days, for the same reasons the FAA found good cause to forgo notice and comment.</P>
                <HD SOURCE="HD1">Regulatory Flexibility Act (RFA)</HD>
                <P>The requirements of the RFA do not apply when an agency finds good cause pursuant to 5 U.S.C. 553 to adopt a rule without prior notice and comment. Because the FAA has determined that it has good cause to adopt this rule without notice and comment, RFA analysis is not required.</P>
                <HD SOURCE="HD1">Costs of Compliance</HD>
                <P>The FAA estimates that this AD affects 544 airplanes of U.S. registry. The FAA estimates the following costs to comply with this AD:</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,i1" CDEF="s50,10C,8C,12C">
                    <TTITLE>Estimated Costs for Required Actions</TTITLE>
                    <BOXHD>
                        <CHED H="1">Labor cost</CHED>
                        <CHED H="1">Parts cost</CHED>
                        <CHED H="1">
                            Cost per
                            <LI>product</LI>
                        </CHED>
                        <CHED H="1">
                            Cost on U.S.
                            <LI>operators</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">1 work-hour × $85 per hour = $85</ENT>
                        <ENT>$0</ENT>
                        <ENT>$85</ENT>
                        <ENT>$46,240</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Authority for This Rulemaking</HD>
                <P>Title 49 of the United States Code specifies the FAA's authority to issue rules on aviation safety. Subtitle I, section 106, describes the authority of the FAA Administrator. Subtitle VII: Aviation Programs, describes in more detail the scope of the Agency's authority.</P>
                <P>The FAA is issuing this rulemaking under the authority described in Subtitle VII, Part A, Subpart III, Section 44701: General requirements. Under that section, Congress charges the FAA with promoting safe flight of civil aircraft in air commerce by prescribing regulations for practices, methods, and procedures the Administrator finds necessary for safety in air commerce. This regulation is within the scope of that authority because it addresses an unsafe condition that is likely to exist or develop on products identified in this rulemaking action.</P>
                <HD SOURCE="HD1">Regulatory Findings</HD>
                <P>This AD will not have federalism implications under Executive Order 13132. This AD will not have a substantial direct effect on the States, on the relationship between the national government and the States, or on the distribution of power and responsibilities among the various levels of government.</P>
                <P>For the reasons discussed above, I certify that this AD:</P>
                <P>(1) Is not a “significant regulatory action” under Executive Order 12866, and</P>
                <P>(2) Will not affect intrastate aviation in Alaska.</P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 14 CFR Part 39</HD>
                    <P>Air transportation, Aircraft, Aviation safety, Incorporation by reference, Safety.</P>
                </LSTSUB>
                <HD SOURCE="HD1">The Amendment</HD>
                <P>Accordingly, under the authority delegated to me by the Administrator, the FAA amends 14 CFR part 39 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 39—AIRWORTHINESS DIRECTIVES</HD>
                </PART>
                <REGTEXT TITLE="14" PART="39">
                    <AMDPAR>1. The authority citation for part 39 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority:</HD>
                        <P>49 U.S.C. 106(g), 40113, 44701.</P>
                    </AUTH>
                </REGTEXT>
                <SECTION>
                    <SECTNO>§ 39.13 </SECTNO>
                    <SUBJECT>[Amended]</SUBJECT>
                </SECTION>
                <REGTEXT TITLE="14" PART="39">
                    <AMDPAR>2. The FAA amends § 39.13 by adding the following new airworthiness directive:</AMDPAR>
                    <EXTRACT>
                        <FP SOURCE="FP-2">
                            <E T="04">2025-11-02 Airbus SAS:</E>
                             Amendment 39-23048; Docket No. FAA-2025-0913; Project Identifier MCAI-2025-00177-T.
                        </FP>
                        <HD SOURCE="HD1">(a) Effective Date</HD>
                        <P>This airworthiness directive (AD) is effective June 11, 2025.</P>
                        <HD SOURCE="HD1">(b) Affected ADs</HD>
                        <P>None.</P>
                        <HD SOURCE="HD1">(c) Applicability</HD>
                        <P>This AD applies to the Airbus SAS Model airplanes identified in paragraphs (c)(1) through (3) of this AD, certificated in any category, having Airbus modification 162344 or 168460, except for airplanes having Airbus modification 165670 installed in production.</P>
                        <P>(1) Model A319-151N, -153N, -171N, and -173N airplanes.</P>
                        <P>(2) Model A320-251N, -252N, -253N, -271N, -272N, and -273N airplanes.</P>
                        <P>(3) Model A321-251N, -251NX, -252N, -252NX, -253N, -253NX, -253NY, -271N, -271NX, -272N, and -272NX airplanes.</P>
                        <HD SOURCE="HD1">(d) Subject</HD>
                        <P>Air Transport Association (ATA) of America Code 23, Communications.</P>
                        <HD SOURCE="HD1">(e) Unsafe Condition</HD>
                        <P>This AD was prompted by reports of lost synchronization between radio management panels (RMPs). The FAA is issuing this AD to address loss of communications means (RMP data synchronization and very high frequency (VHF) communications) on the digital radio and audio integrating management system (DRAIMS). This condition, if not corrected, could result in total loss of radio communications, including transponder functionality and standby navigation.</P>
                        <HD SOURCE="HD1">(f) Compliance</HD>
                        <P>Comply with this AD within the compliance times specified, unless already done.</P>
                        <HD SOURCE="HD1">(g) Airplane Flight Manual (AFM) Revision</HD>
                        <P>
                            Within 7 days after the effective date of this AD, revise the Emergency Procedures section of the existing AFM to include the 
                            <PRTPAGE P="22202"/>
                            information in figure 1 or figure 2 to paragraph (g) of this AD, as applicable. This may be done by inserting a copy of figure 1 or figure 2 to paragraph (g) of this AD, as applicable, into the existing AFM. Using a different document with information identical to that contained in figure 1 or figure 2 to paragraph (g) of this AD, as applicable, is acceptable for compliance with the requirements of this paragraph.
                        </P>
                        <HD SOURCE="HD1">Figure 1 to Paragraph (g)—AFM Procedure for Airplanes With Airbus Modification 162344 and Modification 162367</HD>
                        <BILCOD>BILLING CODE 4910-13-P</BILCOD>
                        <GPH SPAN="3" DEEP="256">
                            <GID>ER27MY25.003</GID>
                        </GPH>
                        <HD SOURCE="HD1">Figure 2 to Paragraph (g)—AFM Procedure for Airplanes With Airbus Modification 162344 and Not Modification 162367</HD>
                        <GPH SPAN="3" DEEP="283">
                            <GID>ER27MY25.004</GID>
                        </GPH>
                        <PRTPAGE P="22203"/>
                        <BILCOD>BILLING CODE 4910-13-C</BILCOD>
                        <HD SOURCE="HD1">(h) Credit for Previous Actions</HD>
                        <P>(1) This paragraph provides credit for the AFM revision required by paragraph (g) of this AD, if the revision was performed before the effective date of this AD using Airbus A318/A319/A320/A321 Operations Engineering Bulletin (OEB) 63, issue 1.0, dated February 7, 2025.</P>
                        <P>(2) This paragraph provides credit for the AFM revision required by paragraph (g) of this AD, if the revision was performed before the effective date of this AD using Airbus A318/A319/A320/A321 Airplane Flight Manual Temporary Revision TR816, Issue 1, dated February 19, 2025; or Airbus A318/A319/A320/A321 Airplane Flight Manual Temporary Revision TR817, Issue 1, dated February 19, 2025, as applicable.</P>
                        <HD SOURCE="HD1">(i) Additional AD Provisions</HD>
                        <P>The following provisions also apply to this AD:</P>
                        <P>
                            (1) 
                            <E T="03">Alternative Methods of Compliance (AMOCs):</E>
                             The Manager, AIR-520, Continued Operational Safety Branch, FAA, has the authority to approve AMOCs for this AD, if requested using the procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19, send your request to your principal inspector or responsible Flight Standards Office, as appropriate. If sending information directly to the manager of AIR-520, Continued Operational Safety Branch, send it to the attention of the person identified in paragraph (j)(1) of this AD and email to: 
                            <E T="03">AMOC@faa.gov</E>
                            . Before using any approved AMOC, notify your appropriate principal inspector, or lacking a principal inspector, the manager of the responsible Flight Standards Office.
                        </P>
                        <P>
                            (2) 
                            <E T="03">Contacting the Manufacturer:</E>
                             For any requirement in this AD to obtain instructions from a manufacturer, the instructions must be accomplished using a method approved by the Manager, AIR-520, Continued Operational Safety Branch, FAA; or EASA; or Airbus SAS's EASA Design Organization Approval (DOA). If approved by the DOA, the approval must include the DOA-authorized signature.
                        </P>
                        <HD SOURCE="HD1">(j) Additional Information</HD>
                        <P>
                            (1) For more information about this AD, contact Frank Carreras, Aviation Safety Engineer, FAA, 2200 South 216th St., Des Moines, WA 98198; phone: 206-231-3539; email: 
                            <E T="03">Frank.Carreras@FAA.gov.</E>
                        </P>
                        <P>
                            (2) For Airbus material identified in this AD that is not incorporated by reference, contact Airbus SAS, Airworthiness Office—EAL, Rond-Point Emile Dewoitine No: 2, 31700 Blagnac Cedex, France; telephone +33 5 61 93 36 96; fax +33 5 61 93 45 80; email 
                            <E T="03">airworthiness.A330-A340@airbus.com;</E>
                             website 
                            <E T="03">airbus.com.</E>
                        </P>
                        <HD SOURCE="HD1">(k) Material Incorporated by Reference</HD>
                        <P>None.</P>
                    </EXTRACT>
                </REGTEXT>
                <SIG>
                    <DATED>Issued on May 19, 2025.</DATED>
                    <NAME>Peter A. White,</NAME>
                    <TITLE>Deputy Director, Integrated Certificate Management Division, Aircraft Certification Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09416 Filed 5-21-25; 11:15 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-13-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>Federal Aviation Administration</SUBAGY>
                <CFR>14 CFR Part 71</CFR>
                <DEPDOC>[Docket No. FAA-2023-2224; Airspace Docket No. 23-AGL-34]</DEPDOC>
                <RIN>RIN 2120-AA66</RIN>
                <SUBJECT>Amendment of Class E Airspace; Park River, ND</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Aviation Administration (FAA), DOT.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This action amends the Class E airspace at Park River, ND. This action due to the development of new public instrument procedures and to support instrument flight rule (IFR) operations. The name of the airport is also being updated to coincide with the FAA's aeronautical database.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Effective 0901 UTC, August 7, 2025. The Director of the Federal Register approves this incorporation by reference action under 1 CFR part 51, subject to the annual revision of FAA Order JO 7400.11 and publication of conforming amendments.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        A copy of the Notice of Proposed Rulemaking (NPRM), all comments received, this final rule, and all background material may be viewed online at 
                        <E T="03">www.regulations.gov</E>
                         using the FAA Docket number. Electronic retrieval help and guidelines are available on the website. It is available 24 hours each day, 365 days each year.
                    </P>
                    <P>
                        FAA Order JO 7400.11J, Airspace Designations and Reporting Points, and subsequent amendments can be viewed online at 
                        <E T="03">www.faa.gov/air_traffic/publications/.</E>
                         You may also contact the Rules and Regulations Group, Office of Policy, Federal Aviation Administration, 800 Independence Avenue SW, Washington DC 20591; telephone: (202) 267-8783.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Jeffrey Claypool, Federal Aviation Administration, Operations Support Group, Central Service Center, 10101 Hillwood Parkway, Fort Worth, TX 76177; telephone (817) 222-5711.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Authority for This Rulemaking</HD>
                <P>The FAA's authority to issue rules regarding aviation safety is found in Title 49 of the United States Code. Subtitle I, Section 106 describes the authority of the FAA Administrator. Subtitle VII, Aviation Programs, describes in more detail the scope of the agency's authority. This rulemaking is promulgated under the authority described in Subtitle VII, Part A, Subpart I, Section 40103. Under that section, the FAA is charged with prescribing regulations to assign the use of airspace necessary to ensure the safety of aircraft and the efficient use of airspace. This regulation is within the scope of that authority as it amends the Class E airspace extending upward from 700 feet above the surface at Park River Airport-W.C. Skjerven Field, Park River, ND, to support IFR operations at this airport.</P>
                <HD SOURCE="HD1">History</HD>
                <P>
                    The FAA published an NPRM for Docket No. FAA-2023-2224 in the 
                    <E T="04">Federal Register</E>
                     (88 FR 83873; December 1, 2023) proposing to establish Class E airspace at Park River, ND. Interested parties were invited to participate in this rulemaking effort by submitting written comments on the proposal to the FAA. No comments were received.
                </P>
                <HD SOURCE="HD1">Incorporation by Reference</HD>
                <P>
                    Class E airspace designations are published in paragraph 6005 of FAA Order JO 7400.11, Airspace Designations and Reporting Points, which is incorporated by reference in 14 CFR 71.1 on an annual basis. This document amends the current version of that order, FAA Order JO 7400.11J, dated July 31, 2024, and effective September 15, 2024. These amendments will be published in the next update to FAA Order JO 7400.11. FAA Order JO 7400.11J, which lists Class A, B, C, D, and E airspace areas, air traffic service routes, and reporting points, is publicly available as listed in the 
                    <E T="02">ADDRESSES</E>
                     section of this document.
                </P>
                <HD SOURCE="HD1">The Rule</HD>
                <P>This amendment to 14 CFR part 71 modifies the Class E airspace extending upward from 700 feet above the surface to within a 6.3-mile (decreased from a 7-mile) radius of Park River Airport-W.C. Skjerven Field, Park River, ND; and updates the name (previously Park River-W C Skjerven Field) to coincide with the FAA's aeronautical database.</P>
                <HD SOURCE="HD1">Regulatory Notices and Analyses</HD>
                <P>
                    The FAA has determined that this regulation only involves an established 
                    <PRTPAGE P="22204"/>
                    body of technical regulations for which frequent and routine amendments are necessary to keep them operationally current. It, therefore: (1) is not a “significant regulatory action” under Executive Order 12866; (2) is not a “significant rule” under DOT Regulatory Policies and Procedures (44 FR 11034; February 26, 1979); and (3) does not warrant preparation of a regulatory evaluation as the anticipated impact is so minimal. Since this is a routine matter that only affects air traffic procedures and air navigation, it is certified that this rule, when promulgated, does not have a significant economic impact on a substantial number of small entities under the criteria of the Regulatory Flexibility Act.
                </P>
                <HD SOURCE="HD1">Environmental Review</HD>
                <P>The FAA has determined that this action qualifies for categorical exclusion under the National Environmental Policy Act in accordance with FAA Order 1050.1F, “Environmental Impacts: Policies and Procedures,” paragraph 5-6.5.a. This airspace action is not expected to cause any potentially significant environmental impacts, and no extraordinary circumstances exist that warrant preparation of an environmental assessment.</P>
                <LSTSUB>
                    <HD SOURCE="HED">Lists of Subjects in 14 CFR 71</HD>
                    <P>Airspace, Incorporation by reference, Navigation (air). </P>
                </LSTSUB>
                <HD SOURCE="HD1">The Amendment</HD>
                <P>In consideration of the foregoing, the Federal Aviation Administration amends 14 CFR part 71 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 71—DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR TRAFFIC SERVICE ROUTES; AND REPORTING POINTS</HD>
                </PART>
                <REGTEXT TITLE="14" PART="71">
                    <AMDPAR>1. The authority citation for 14 CFR part 71 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority:</HD>
                        <P> 49 U.S.C. 106(f), 106(g), 40103, 40113, 40120; E.O. 10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.</P>
                    </AUTH>
                </REGTEXT>
                <SECTION>
                    <SECTNO>§ 71.1</SECTNO>
                    <SUBJECT> [Amended]</SUBJECT>
                </SECTION>
                <REGTEXT TITLE="14" PART="71">
                    <AMDPAR>2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO 7400.11J, Airspace Designations and Reporting Points, dated July 31, 2024, and effective September 15, 2024, is amended as follows:</AMDPAR>
                    <EXTRACT>
                        <HD SOURCE="HD2">Paragraph 6005. Class E Airspace Areas Extending Upward From 700 Feet or More Above the Surface of the Earth.</HD>
                        <STARS/>
                        <HD SOURCE="HD1">AGL ND E5 Park River, ND [Amended]</HD>
                        <FP SOURCE="FP-2">Park River Airport-W.C. Skjerven Field, ND</FP>
                        <FP SOURCE="FP1-2">(Lat. 48°23′39″ N, long. 97°46′51″ W)</FP>
                        <P>That airspace extending upward from 700 feet above the surface within a 6.3-mile radius of Park River Airport-W.C. Skjerven Field.</P>
                        <STARS/>
                    </EXTRACT>
                </REGTEXT>
                <SIG>
                    <DATED>Issued in Fort Worth, Texas, on May 19, 2025.</DATED>
                    <NAME>Dallas W. Lantz,</NAME>
                    <TITLE>Acting Manager, Operations Support Group, ATO Central Service Center.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09290 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-13-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>Federal Aviation Administration</SUBAGY>
                <CFR>14 CFR Part 71</CFR>
                <DEPDOC>[Docket No. FAA-2024-2533; Airspace Docket No. 22-AAL-26]</DEPDOC>
                <RIN>RIN 2120-AA66</RIN>
                <SUBJECT>Amendment of Colored Federal Airways Green 8 (G-8), Green 10 (G-10), Green 12 (G-12), and Red 99 (R-99); Revocation of Colored Federal Airway Blue 27 (B-27) and Alaskan Very High Frequency Omnidirectional Range Federal Airway V-619 in Alaska</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Aviation Administration (FAA), DOT.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule; correction.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        This action corrects a final rule published by the FAA in the 
                        <E T="04">Federal Register</E>
                         on May 13, 2025, amending Colored Federal Airways Green 8 (G-8), Green 10 (G-10), Green 12 (G-12), and Red 99 (R-99); Revocation of Colored Federal Airway Blue 27 (B-27) and Alaskan Very High Frequency Omnidirectional Range (VOR) Federal Airway V-619 in Alaska.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Effective date 0901 UTC, August 7, 2025. The Director of the Federal Register approves this incorporation by reference action under 1 CFR part 51, subject to the annual revision of FAA Order 7400.11 and publication of conforming amendments.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        FAA Order 7400.11J, Airspace Designations and Reporting Points, and subsequent amendments can be viewed online at 
                        <E T="03">www.faa.gov/air_traffic/publications/.</E>
                         You may also contact the Rules and Regulations Group, Policy Directorate, Federal Aviation Administration, 600 Independence Avenue SW, Washington, DC 20597; telephone: (202) 267-8783.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Steven Roff, Rules and Regulations Group, Policy Directorate, Federal Aviation Administration, 600 Independence Avenue SW, Washington, DC 20597; telephone: (202) 267-8783.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">History</HD>
                <P>
                    The FAA published a final rule in the 
                    <E T="04">Federal Register</E>
                     (90 FR 20232; May 13, 2025), amending Colored Federal Airways G-8, G-10, G-12, and R-99; Revocation of Colored Federal Airway B-27 and Alaskan VOR Federal Airway V-619 in Alaska. Subsequent to publication, the FAA identified a typographical error in the explanation of changes listed in “The Rule” section for R-99. In this section, it states “As amended, R-99 extends between the Port Heiden and the Dutch Harbor NDB/DMEs in Alaska.” This section should have stated that R-99 would extend between St. Paul Island and the Dutch Harbor NDB/DMEs.
                </P>
                <HD SOURCE="HD1">Correction to Final Rule</HD>
                <P>
                    Accordingly, pursuant to the authority delegated to me, in Docket No. FAA-2024-2048 as published in the 
                    <E T="04">Federal Register</E>
                     on May 13, 2025 (90 FR 20233), FR Doc. 2025-08270, is corrected as follows:
                </P>
                <P>1. On page 20232, in the third column, under the heading “The Rule,” correct the last sentence in the Colored Federal Airway R-99 explanation to read: “As Amended, R-99 extends between the St. Paul Island and the Dutch Harbor NDB/DMEs in Alaska.”</P>
                <SIG>
                    <DATED>Issued in Washington, DC, on May 20, 2025.</DATED>
                    <NAME>Brian Eric Konie,</NAME>
                    <TITLE>Manager (A), Rules and Regulations Group.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09422 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-13-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">CONSUMER PRODUCT SAFETY COMMISSION</AGENCY>
                <CFR>16 CFR Part 1241</CFR>
                <SUBJECT>Safety Standard for Crib Mattresses</SUBJECT>
                <HD SOURCE="HD2">CFR Correction</HD>
                <P>This rule is being published by the Office of the Federal Register to correct an editorial or technical error that appeared in the most recent annual revision of the Code of Federal Regulations.</P>
                <REGTEXT TITLE="16" PART="1241">
                    <AMDPAR>
                        In Title 16 of the Code of Federal Regulations, Part 1000 to End, revised as of January 1, 2025, in § 1241.2, in paragraph (a), remove the term “
                        <E T="03">http://www.astm.org/READINGROOM/</E>
                        ” and add “
                        <E T="03">https://www.astm.org/READINGLIBRARY/</E>
                        ” in its place.
                    </AMDPAR>
                </REGTEXT>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09578 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 0099-10-D</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <PRTPAGE P="22205"/>
                <AGENCY TYPE="N">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <CFR>33 CFR Part 100</CFR>
                <DEPDOC>[Docket No. USCG-2025-0338]</DEPDOC>
                <SUBJECT>Special Local Regulations; Marine Events Within the Fifth Coast Guard District—Lower Township, NJ</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notification of enforcement of regulation.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Coast Guard will enforce special local regulations for the Escape the Cape Triathlon from June 8, 2025, to provide for the safety of life on navigable waterways during this event. Our regulation for marine events within the Fifth Coast Guard District identifies the regulated area for this event in Lower Township, NJ. During the enforcement periods, the operator of any vessel in the regulated area must comply with directions from the Patrol Commander or any Official Patrol displaying a Coast Guard ensign.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The regulations in 33 CFR 100.501 will be enforced for the special local regulation listed in Table 1 to Paragraph (i)(1) of § 100.501 for the Escape the Cape Swim from 7 a.m. through 10 a.m. on June 8, 2025.</P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have questions about this notification of enforcement, call or email MST2 Emmanuel E. Melendez, Waterways Management Division, Sector Delaware Bay U.S. Coast Guard; telephone 206-815-6688, option 3, email 
                        <E T="03">SecDelBayWWM@uscg.mil.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>The Coast Guard will enforce the special local regulation in Table 1 to Paragraph (i)(1) in 33 CFR 100.501, for the regulated area of the Escape the Cape Swim from 7 a.m. to 10 a.m. on June 8, 2025. This action is being taken to provide for the safety of life on navigable waterways during this event. Our regulation for marine events within the Fifth Coast Guard District, § 100.501, specifies the location of the regulated area for the “Escape the Cape Swim” which encompasses portions of the Delaware Bay off Lower Township, NJ. During the enforcement period, as reflected in § 100.501(d)(2), a vessel operator may request permission to enter and transit through a regulated area by contacting the Event PATCOM or official patrol vessel on VHF-FM channel 16. When authorized to transit through the regulated area, the vessel must proceed at the minimum speed necessary to maintain a safe course that minimizes wake near the event area.</P>
                <P>
                    In addition to this notification of enforcement in the 
                    <E T="04">Federal Register</E>
                    <E T="03">,</E>
                     the Coast Guard plans to provide notification of this enforcement period via the Local Notice to Mariners and Broadcast Notice to Mariners.
                </P>
                <SIG>
                    <DATED>Dated: May 14, 2025.</DATED>
                    <NAME>Kate F. Higgins-Bloom,</NAME>
                    <TITLE>Captain, U.S. Coast Guard, Captain of the Port, Sector Delaware Bay.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09424 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <CFR>33 CFR Part 100</CFR>
                <DEPDOC>[Docket Number USCG-2025-0325]</DEPDOC>
                <RIN>RIN 1625-AA08</RIN>
                <SUBJECT>Special Local Regulation; Atlantic Ocean, Atlantic City, NJ</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Temporary final rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Coast Guard is establishing a temporary special local regulation for the navigable waters of the Atlantic Ocean, near Atlantic City, NJ. This action is needed to provide for the safety of life on these navigable waters during an offshore boat race on June 8, 2025. This rule prohibits persons and vessels from being in the regulated area during the enforcement periods unless authorized entry by the Captain of the Port, Sector Delaware Bay, or a designated representative.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This rule is effective from 10 a.m. until 6 p.m. on June 8, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        To view documents mentioned in this preamble as being available in the docket, go to 
                        <E T="03">https://www.regulations.gov,</E>
                         type USCG-2025-0325 in the search box and click “Search.” Next, in the Document Type column, select “Supporting &amp; Related Material.”
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have questions about this rule, call or email MST1 Dylan Caikowski, Waterways Management Division, Sector Delaware Bay, U.S. Coast Guard; telephone (206) 815-6688, option 3; email 
                        <E T="03">SecDelBayWWM@uscg.mil.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Table of Abbreviations</HD>
                <EXTRACT>
                    <FP SOURCE="FP-1">CFR Code of Federal Regulations</FP>
                    <FP SOURCE="FP-1">COTP Captain of the Port, Sector Delaware Bay</FP>
                    <FP SOURCE="FP-1">DHS Department of Homeland Security</FP>
                    <FP SOURCE="FP-1">FR Federal Register</FP>
                    <FP SOURCE="FP-1">NPRM Notice of proposed rulemaking</FP>
                    <FP SOURCE="FP-1">PATCOM Patrol Commander</FP>
                    <FP SOURCE="FP-1">§ Section </FP>
                    <FP SOURCE="FP-1">U.S.C. United States Code</FP>
                </EXTRACT>
                <HD SOURCE="HD1">II. Background Information and Regulatory History</HD>
                <P>The sponsor of an organized water event which is conducted according to a prearranged schedule and which, by its nature, circumstances or location, will introduce extra or unusual hazards to the safety of life on the navigable waters of the United States must submit an application for a permit to the Coast Guard. 33 CFR 100.15. A Captain of the Port, after approving plans for the holding of such a marine event within his or her district or zone, is authorized to promulgate such special local regulations as he or she deems necessary to ensure the safety of life on the navigable waters immediately prior to, during and immediately after the approved event. 33 CFR 100.35.</P>
                <P>The Captain of the Port, Sector Delaware Bay (COTP) has received an application under 33 CFR 100.15 for a permit to host an offshore boat race on June 8, 2025. The event will have 40 participating vessels and approximately 25 spectating vessels.</P>
                <P>
                    The Coast Guard is issuing this temporary rule under the authority in 5 U.S.C. 553(b)(B). This statutory provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are “impracticable, unnecessary, or contrary to the public interest.” The Coast Guard finds that good cause exists for not publishing a notice of proposed rulemaking (NPRM) with respect to this rule because it is impracticable to do so. There is insufficient time to notice the rule, allow for a reasonable comment period, and publish a rule, given that the rule must be in force by June 8, 2025, to serve its purpose. In addition, and on the basis of impracticability for lack of time as well, the Coast Guard finds that good cause exists under 5 U.S.C. 553(d)(3) for making this rule effective less than 30 days after publication in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">III. Legal Authority and Need for Rule</HD>
                <P>
                    The Coast Guard is issuing this rule under authority in 46 U.S.C. 70041. The COTP has determined that the offshore boat race could pose a risk to participants or waterway users if normal vessel traffic were allowed to interfere with the event. Possible hazards include risks of participant injury or death from 
                    <PRTPAGE P="22206"/>
                    near or actual collisions with non-participant vessels traversing through the regulated area.
                </P>
                <HD SOURCE="HD1">IV. Discussion of the Rule</HD>
                <P>This rule establishes a special local regulation from 10 a.m. until 6 p.m. on June 8, 2025, to protect non-participants and participants in an offshore boat race. The regulated area covers all navigable waters of Atlantic Ocean near Atlantic City, NJ, within a polygon bounded by the following: originating on the shore line at approximate position latitude 39°21′51″ N longitude 074°24′26″ W; thence southeast to approximate position 39°20′43″ N longitude 074°24′04″ W; thence southwest to approximate position to latitude 39°20′03″ N, longitude 074°26′29″ W; thence northwest to the shoreline at approximate position latitude 39°20′49″ N, longitude 074°27′05″ W; thence northeast along the shoreline to the point of origin.</P>
                <P>Inside of the regulated area detailed above there is a spectator area reserved for non-participant vessels to watch the event. The spectator area is within a polygon bounded by the following: beginning at approximate position latitude 39°20′45″ N, longitude 074°25′33″ W; thence northeast to approximate position latitude 39°21′00″ N, longitude 074°24′44″ W; thence southeast to approximate position latitude 39°20′50″ N, longitude 074°24′39″ W; thence southwest to approximate position latitude 39°20′35″ N, longitude 074°25′28″ W; thence northwest to the point of origin.</P>
                <P>The duration of the zone is intended to ensure the safety of participants and other waterway users before, during, and after the scheduled offshore boat race. No vessel or person will be permitted to enter the regulated area without obtaining permission from the COTP or a designated representative.</P>
                <HD SOURCE="HD1">V. Regulatory Analyses</HD>
                <P>We developed this rule after considering numerous statutes and Executive orders related to rulemaking. Below we summarize our analyses based on a number of these statutes and Executive orders.</P>
                <HD SOURCE="HD2">A. Regulatory Planning and Review</HD>
                <P>Executive Orders 12866 and 13563 direct agencies to assess the costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits. This rule has not been designated a “significant regulatory action,” under section 3(f) of Executive Order 12866. Accordingly, this rule has not been reviewed by the Office of Management and Budget (OMB).</P>
                <P>This regulatory action determination is based on the size and duration of the regulated area, which would impact a small, designated area of the Atlantic Ocean. Vessels will be able to safely transit around the regulated area during the enforcement period. The Coast Guard will provide advance notification of the special local regulation to the local maritime community by Local Notice to Mariners and Broadcast Notice to Mariners.</P>
                <HD SOURCE="HD2">B. Impact on Small Entities</HD>
                <P>The regulatory flexibility analysis provisions of the Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as amended, do not apply this rule. They do not apply because this rule fits a 5 U.S.C. 553(b)(B) good-cause exception for notice-and-comment rulemaking. Therefore, we were not required to publish a notice of proposed rulemaking.</P>
                <P>
                    Under section 213(a) of the Small Business Regulatory Enforcement Fairness Act of 1996 (Pub. L. 104-121), we want to assist small entities in understanding this rule. If the rule would affect your small business, organization, or governmental jurisdiction and you have questions concerning its provisions or options for compliance, please call or email the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section.
                </P>
                <P>Small businesses may send comments on the actions of Federal employees who enforce, or otherwise determine compliance with, Federal regulations to the Small Business and Agriculture Regulatory Enforcement Ombudsman and the Regional Small Business Regulatory Fairness Boards. The Ombudsman evaluates these actions annually and rates each agency's responsiveness to small business. If you wish to comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR (1-888-734-3247). The Coast Guard will not retaliate against small entities that question or complain about this rule or any policy or action of the Coast Guard.</P>
                <HD SOURCE="HD2">C. Collection of Information</HD>
                <P>This rule will not call for a new collection of information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).</P>
                <HD SOURCE="HD2">D. Federalism and Indian Tribal Governments</HD>
                <P>A rule has implications for federalism under Executive Order 13132, Federalism, if it has a substantial direct effect on the States, on the relationship between the National Government and the States, or on the distribution of power and responsibilities among the various levels of government. We have analyzed this rule under that Order and have determined that it is consistent with the fundamental federalism principles and preemption requirements described in Executive Order 13132.</P>
                <P>Also, this rule does not have tribal implications under Executive Order 13175, Consultation and Coordination with Indian Tribal Governments, because it does not have a substantial direct effect on one or more Indian Tribes, on the relationship between the Federal Government and Indian Tribes, or on the distribution of power and responsibilities between the Federal Government and Indian Tribes.</P>
                <HD SOURCE="HD2">E. Unfunded Mandates Reform Act</HD>
                <P>The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538) requires Federal agencies to assess the effects of their discretionary regulatory actions. In particular, the Act addresses actions that may result in the expenditure by a State, local, or tribal government, in the aggregate, or by the private sector of $100,000,000 (adjusted for inflation) or more in any one year. Though this rule will not result in such an expenditure, we do discuss the effects of this rule elsewhere in this preamble.</P>
                <HD SOURCE="HD2">F. Environment</HD>
                <P>
                    We have analyzed this rule under Department of Homeland Security Directive 023-01, Rev. 1, associated implementing instructions, and Environmental Planning COMDTINST 5090.1 (series), which guide the Coast Guard in complying with the National Environmental Policy Act of 1969 (42 U.S.C. 4321-4370f), and have determined that this action is one of a category of actions that do not individually or cumulatively have a significant effect on the human environment. This rule involves a special local regulation lasting approximately 8 hours that will prohibit or restrict vessels entry within the regulated area during an offshore boat race. It is categorically excluded from further review under paragraph L61 of Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of Environmental Consideration supporting this determination is available in the docket. For instructions on locating the docket, see the 
                    <E T="02">ADDRESSES</E>
                     section of this preamble.
                </P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 33 CFR Part 100</HD>
                    <P>Marine safety, Navigation (water), Reporting and recordkeeping requirements, Waterways.</P>
                </LSTSUB>
                <PRTPAGE P="22207"/>
                <P>For the reasons discussed in the preamble, the Coast Guard amends 33 CFR part 100 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 100—SAFETY OF LIFE ON NAVIGABLE WATERS</HD>
                </PART>
                <REGTEXT TITLE="33" PART="100">
                    <AMDPAR>1. The authority citation for part 100 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority:</HD>
                        <P>46 U.S.C. 70041; 33 CFR 1.05-1.</P>
                    </AUTH>
                </REGTEXT>
                <REGTEXT TITLE="33" PART="100">
                    <AMDPAR>2. Add § 100.T599-0325 to read as follows:</AMDPAR>
                    <SECTION>
                        <SECTNO>§ 100.T599-0325 </SECTNO>
                        <SUBJECT>Special Local Regulation; Atlantic Ocean, Atlantic City, NJ.</SUBJECT>
                        <P>
                            (a) 
                            <E T="03">Regulated area.</E>
                             All navigable waters of Atlantic Ocean near Atlantic City, NJ, within a polygon bounded by the following: originating on the shore line at approximate position latitude 39°21′51″ N longitude 074°24′26″ W; thence southeast to approximate position 39°20′43″ N longitude 074°24′04″ W; thence southwest to approximate position to latitude 39°20′03″ N, longitude 074°26′29″ W; thence northwest to the shoreline at approximate position latitude 39°20′49″ N, longitude 074°27′05″ W; thence northeast along the shoreline to the point of origin. These coordinates are based on World Geodetic System (WGS 84).
                        </P>
                        <P>
                            (1) 
                            <E T="03">Spectator area.</E>
                             All navigable waters of Atlantic Ocean near Atlantic City, NJ, within a polygon inside the regulated area bounded by the following: beginning at approximate position latitude 39°20′45″ N, longitude 074°25′33″ W; thence northeast to approximate position latitude 39°21′00″ N, longitude 074°24′44″ W; thence southeast to approximate position latitude 39°20′50″ N, longitude 074°24′39″ W; thence southwest to approximate position latitude 39°20′35″ N, longitude 074°25′28″ W; thence northwest to the point of origin. These coordinates are based on World Geodetic System (WGS 84).
                        </P>
                        <P>
                            (b) 
                            <E T="03">Definitions.</E>
                             As used in this section—
                        </P>
                        <P>
                            <E T="03">Captain of the Port Representative or COTP Representative</E>
                             means a commissioned, warrant, or petty officer of the Coast Guard designated by name by the Captain of the Port to verify an event's compliance with the conditions of its approved permit.
                        </P>
                        <P>
                            <E T="03">Event Patrol Commander or Event PATCOM</E>
                             means a commissioned, warrant, or petty officer of the Coast Guard who has been designated by the respective Coast Guard Sector—Captain of the Port to enforce the regulations in paragraph (d) of this section.
                        </P>
                        <P>
                            <E T="03">Non-participant</E>
                             means a person, or a vessel not registered with the event sponsor either as a participant or an official patrol vessel.
                        </P>
                        <P>
                            <E T="03">Official patrol vessel or official patrol</E>
                             means any vessel assigned or approved by the respective Captain of the Port with a commissioned, warrant, or petty officer on board and displaying a Coast Guard ensign, or any state or local law enforcement vessel approved by the Captain of the Port in accordance with current local agreements.
                        </P>
                        <P>
                            <E T="03">Participant</E>
                             means any person or vessel registered with the event sponsor as participating in the event or otherwise designated by the event sponsor as having a function tied to the event.
                        </P>
                        <P>
                            <E T="03">Spectator area</E>
                             means an area bound by coordinates provided in latitude and longitude within the regulated area that outlines the boundary of an area reserved for non-participant vessels watching the event.
                        </P>
                        <P>
                            (c) 
                            <E T="03">Patrol of the marine event.</E>
                             The COTP may assign one or more official patrol vessels, as described in § 100.40, to the regulated event. The Event PATCOM will be designated to oversee the patrol. The patrol vessel and the Event PATCOM may be contacted on VHF-FM Channel 16. The Event PATCOM may terminate the event, or the operation of any vessel participating in the marine event, at any time if deemed necessary for the protection of life or property.
                        </P>
                        <P>
                            (d) 
                            <E T="03">Regulations.</E>
                             (1) 
                            <E T="03">Controls on vessel movement.</E>
                             The Event PATCOM or official patrol vessel may forbid and control the movement of all persons and vessels in the regulated area(s). When hailed or signaled by an official patrol vessel, the person or vessel being hailed must immediately comply with all directions given. Failure to do so may result in expulsion from the area, citation for failure to comply, or both.
                        </P>
                        <P>
                            (2) 
                            <E T="03">Directions, instructions, and minimum speed necessary.</E>
                             (i) The operator of a vessel in the regulated area must stop the vessel immediately when directed to do so by an official patrol vessel and then proceed only as directed.
                        </P>
                        <P>(ii) A person or vessel must comply with all instructions of the Event PATCOM or official patrol vessel.</P>
                        <P>(iii) A vessel operator may request permission to enter and transit through a regulated area by contacting the Event PATCOM or official patrol vessel on VHF-FM channel 16. When authorized to transit through the regulated area, the vessel must proceed at the minimum speed necessary to maintain a safe course that minimizes wake near the event area.</P>
                        <P>
                            (3) 
                            <E T="03">Spectator area.</E>
                             Non-participants are only allowed inside the regulated area if they remain within a designated spectator area or have authorization from the Event PATCOM or official patrol vessel to transit through the area. A non-participant vessel must be stationary or operate at a safe speed while within the designated spectator area. On scene official patrol vessels or the Event PATCOM will direct non-participant vessels to the spectator area. A non-participant must contact the Event PATCOM or official patrol vessel to request permission to pass through the regulated area. If permission is granted, the non-participant must pass directly through the regulated area at minimum speed necessary to maintain a safe course that minimizes wake and without loitering.
                        </P>
                        <P>
                            (4) 
                            <E T="03">Regulated area.</E>
                             Non-participants are only allowed inside the regulated area to pass through or enter and remain within a designated spectator area. A non-participant must contact the Event PATCOM or an official patrol vessel to request permission to either enter the spectator area or pass through the regulated area. If permission is granted, the non-participant may enter the spectator area or pass directly through the regulated area as instructed by the Event PATCOM or official patrol vessel at minimum speed necessary to maintain a safe course that minimizes wake and without loitering.
                        </P>
                        <P>
                            (5) 
                            <E T="03">Postponement or cancellation.</E>
                             The COTP, or Event PATCOM may postpone or cancel a marine event at any time if, in the COTP's sole discretion, the COTP determines that cancellation is necessary for the protection of life or property.
                        </P>
                        <P>
                            (e) 
                            <E T="03">Enforcement period.</E>
                             This section is subject to enforcement from 10 a.m. to 6 p.m. on June 8, 2025.
                        </P>
                    </SECTION>
                </REGTEXT>
                <SIG>
                    <DATED>Dated: May 14, 2025.</DATED>
                    <NAME>Kate F. Higgins-Bloom,</NAME>
                    <TITLE>Captain, U.S. Coast Guard, Captain of the Port, Sector Delaware Bay.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09435 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <CFR>33 CFR Part 165</CFR>
                <DEPDOC>[Docket Number USCG-2025-0184]</DEPDOC>
                <RIN>RIN 1625-AA00</RIN>
                <SUBJECT>Safety Zone; Fireworks Display, Delaware River, Philadelphia, PA</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Temporary final rule.</P>
                </ACT>
                <SUM>
                    <PRTPAGE P="22208"/>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Coast Guard is establishing a temporary safety zone for waters of Delaware River, near Pleasant Hill Park, in Philadelphia, PA for a barge-based fireworks display on July 4, 2025. The safety zone is needed to protect personnel, vessels, and the marine environment from potential hazards created by a fireworks display. Entry of vessels or persons into this zone is prohibited unless specifically authorized by the Captain of the Port, Sector Delaware Bay (COTP).</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This rule is effective from 9 p.m. on July 4, 2025, until 10 p.m. on July 5, 2025. It will only be enforced, however, from 9 p.m. to 10 p.m. on July 4, or from 9 p.m. to 10 p.m. on a rain date of July 5.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        To view documents mentioned in this preamble as being available in the docket, go to 
                        <E T="03">https://www.regulations.gov,</E>
                         type USCG-2025-0184 in the search box and click “Search.” Next, in the Document Type column, select “Supporting &amp; Related Material.”
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have questions about this rule, call or email Petty Officer Emmanuel E. Melendez, Sector Delaware Bay, Waterways Management Division, U.S. Coast Guard; telephone (206) 815-6688, option 3, email 
                        <E T="03">SecDelBayWWM@uscg.mil.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Table of Abbreviations</HD>
                <EXTRACT>
                    <FP SOURCE="FP-1">CFR Code of Federal Regulations</FP>
                    <FP SOURCE="FP-1">COTP Captain of the Port, Sector Delaware Bay</FP>
                    <FP SOURCE="FP-1">DHS Department of Homeland Security</FP>
                    <FP SOURCE="FP-1">FR Federal Register</FP>
                    <FP SOURCE="FP-1">NPRM Notice of proposed rulemaking</FP>
                    <FP SOURCE="FP-1">§ Section </FP>
                    <FP SOURCE="FP-1">U.S.C. United States Code</FP>
                </EXTRACT>
                <HD SOURCE="HD1">II. Background Information and Regulatory History</HD>
                <P>The Coast Guard is issuing this temporary rule under the authority in 5 U.S.C. 553(b)(B). This statutory provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are “impracticable, unnecessary, or contrary to the public interest.” The Coast Guard finds that good cause exists for not publishing a notice of proposed rulemaking (NPRM) with respect to this rule because it is impracticable to do so. There is insufficient time to notice the rule, allow for a reasonable comment period, and publish a rule, given that the rule must be in force by July 4, 2025, to serve its purpose.</P>
                <HD SOURCE="HD1">III. Legal Authority and Need for Rule</HD>
                <P>The Coast Guard is issuing this rule under authority in 46 U.S.C. 70034. The COTP has determined that the potential hazards associated with a barge-based fireworks display will be a safety concern for anyone within 300 yards of the barge. The purpose of this rule is to ensure the safety of vessels and people in the navigable waters in the safety zone before, during, and after a barge-based fireworks display.</P>
                <HD SOURCE="HD1">IV. Discussion of the Rule</HD>
                <P>The COTP is establishing a safety zone which will be enforced from 9 p.m. through 10 p.m. on July 4, 2025, or a rain date of July 5, 2025, or a rain date of July 5, 2025, from 9 p.m. through 10 p.m. The COTP, or a designated representative, will inform the public through written Local Notice to Mariners, Broadcast Notice to Mariners via VHF-FM marine channel 16, of any adjustments to the enforcement periods of the safety zone. The safety zone will cover all navigable waters within 300 yards of a barge on the Delaware River located near Pleasant Hill Park, in Philadelphia, PA. The coordinates of the safety zone are provided in the proposed language of the rule, below. The duration of the zone is intended to ensure the safety of vessels and these navigable waters before, during, and after the scheduled 9 p.m. to 10 p.m. fireworks display. No vessel or person would be permitted to enter the safety zone without obtaining permission from the COTP or a designated representative.</P>
                <HD SOURCE="HD1">V. Regulatory Analyses</HD>
                <P>We developed this rule after considering numerous statutes and Executive orders related to rulemaking. Below we summarize our analyses based on a number of these statutes and Executive orders.</P>
                <HD SOURCE="HD2">A. Regulatory Planning and Review</HD>
                <P>Executive Orders 12866 and 13563 direct agencies to assess the costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits. This rule has not been designated a “significant regulatory action,” under section 3(f) of Executive Order 12866. Accordingly, this rule has not been reviewed by the Office of Management and Budget (OMB).</P>
                <P>This regulatory action determination is based on the following factors: (1) although persons and vessels may not enter, transit through, anchor in, or remain within the safety zone without authorization from the COTP or a designated representative, they may operate in the surrounding area during the enforcement period; (2) persons and vessels will still be able to enter, transit through, anchor in, or remain within the regulated area if authorized by the COTP; and (3) the Coast Guard will provide advance notification of the safety zone to the local maritime community by Local Notice to Mariners and Broadcast Notice to Mariners.</P>
                <HD SOURCE="HD2">B. Impact on Small Entities</HD>
                <P>The regulatory flexibility analysis provisions of the Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as amended, do not apply this rule. They do not apply because this rule fits a 5 U.S.C. 553(b)(B) good-cause exception for notice-and-comment rulemaking. Therefore, we were not required to publish a notice of proposed rulemaking.</P>
                <P>
                    Under section 213(a) of the Small Business Regulatory Enforcement Fairness Act of 1996 (Pub. L. 104-121), we want to assist small entities in understanding this rule. If the rule would affect your small business, organization, or governmental jurisdiction and you have questions concerning its provisions or options for compliance, please call or email the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section.
                </P>
                <P>Small businesses may send comments on the actions of Federal employees who enforce, or otherwise determine compliance with, Federal regulations to the Small Business and Agriculture Regulatory Enforcement Ombudsman and the Regional Small Business Regulatory Fairness Boards. The Ombudsman evaluates these actions annually and rates each agency's responsiveness to small business. If you wish to comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR (1-888-734-3247). The Coast Guard will not retaliate against small entities that question or complain about this rule or any policy or action of the Coast Guard.</P>
                <HD SOURCE="HD2">C. Collection of Information</HD>
                <P>This rule will not call for a new collection of information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).</P>
                <HD SOURCE="HD2">D. Federalism and Indian Tribal Governments</HD>
                <P>
                    A rule has implications for federalism under Executive Order 13132, Federalism, if it has a substantial direct effect on the States, on the relationship between the National Government and the States, or on the distribution of power and responsibilities among the 
                    <PRTPAGE P="22209"/>
                    various levels of government. We have analyzed this rule under that Order and have determined that it is consistent with the fundamental federalism principles and preemption requirements described in Executive Order 13132.
                </P>
                <P>Also, this rule does not have tribal implications under Executive Order 13175, Consultation and Coordination with Indian Tribal Governments, because it does not have a substantial direct effect on one or more Indian tribes, on the relationship between the Federal Government and Indian tribes, or on the distribution of power and responsibilities between the Federal Government and Indian tribes.</P>
                <HD SOURCE="HD2">E. Unfunded Mandates Reform Act</HD>
                <P>The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538) requires Federal agencies to assess the effects of their discretionary regulatory actions. In particular, the Act addresses actions that may result in the expenditure by a State, local, or tribal government, in the aggregate, or by the private sector of $100,000,000 (adjusted for inflation) or more in any one year. Though this rule will not result in such an expenditure, we do discuss the effects of this rule elsewhere in this preamble.</P>
                <HD SOURCE="HD2">F. Environment</HD>
                <P>
                    We have analyzed this rule under Department of Homeland Security Directive 023-01, Rev. 1, associated implementing instructions, and Environmental Planning COMDTINST 5090.1 (series), which guide the Coast Guard in complying with the National Environmental Policy Act of 1969 (42 U.S.C. 4321-4370f), and have determined that this action is one of a category of actions that do not individually or cumulatively have a significant effect on the human environment. This rule involves a safety zone lasting approximately 1 hour that will prohibit entry within 300 yards of a fireworks barge. It is categorically excluded from further review under paragraph L60(a) of Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of Environmental Consideration supporting this determination is available in the docket. For instructions on locating the docket, see the 
                    <E T="02">ADDRESSES</E>
                     section of this preamble.
                </P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 33 CFR Part 165</HD>
                    <P>Harbors, Marine safety, Navigation (water), Reporting and recordkeeping requirements, Security measures, Waterways.</P>
                </LSTSUB>
                <P>For the reasons discussed in the preamble, the Coast Guard amends 33 CFR part 165 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 165—REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS</HD>
                </PART>
                <REGTEXT TITLE="33" PART="165">
                    <AMDPAR>1. The authority citation for part 165 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority: </HD>
                        <P> 46 U.S.C. 70034, 70051, 70124; 33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5; Department of Homeland Security Delegation No. 00170.1, Revision No. 01.3.</P>
                    </AUTH>
                </REGTEXT>
                <REGTEXT TITLE="33" PART="165">
                    <AMDPAR>2. Add § 165.T05-0184 to read as follows:</AMDPAR>
                    <SECTION>
                        <SECTNO>§ 165.T05-0184 </SECTNO>
                        <SUBJECT>Safety Zone; Fireworks Display, Delaware River, Philadelphia, PA.</SUBJECT>
                        <P>
                            (a) 
                            <E T="03">Location.</E>
                             All navigable waters within 300 yards of a barge in the Delaware River located at approximate position latitude 40°2′22″ N longitude 074°59′22.67″ W.
                        </P>
                        <P>
                            (b) 
                            <E T="03">Definitions.</E>
                             As used in this section, designated representative means a Coast Guard Patrol Commander, including a Coast Guard petty officer, warrant or commissioned officer on board a Coast Guard vessel or on board a federal, state, or local law enforcement vessel assisting the Captain of the Port (COTP), Sector Delaware Bay in the enforcement of the safety zone.
                        </P>
                        <P>
                            (c) 
                            <E T="03">Regulations.</E>
                             (1) Under the general safety zone regulations in subpart C of this part, you may not enter the safety zone described in paragraph (a) of this section unless authorized by the COTP or the COTP's designated representative.
                        </P>
                        <P>(2) To seek permission to enter or remain in the zone, contact the COTP or the COTP's representative via VHF-FM channel 16 or 215-271-4807. Those in the safety zone must comply with all lawful orders or directions given to them by the COTP or the COTP's designated representative.</P>
                        <P>(3) No vessel may take on bunkers or conduct lightering operations within the safety zone during its enforcement period.</P>
                        <P>(4) This section applies to all vessels except those engaged in law enforcement, aids to navigation servicing, and emergency response operations.</P>
                        <P>
                            (d) 
                            <E T="03">Enforcement.</E>
                             The U.S. Coast Guard may be assisted in the patrol and enforcement of the safety zone by Federal, State, and local agencies.
                        </P>
                        <P>
                            (e) 
                            <E T="03">Enforcement period.</E>
                             This zone will be enforced from approximately 9 p.m. through 10 p.m. on July 4, 2025, or a rain date of July 5, 2025.
                        </P>
                    </SECTION>
                </REGTEXT>
                <SIG>
                    <DATED>Dated: May 14, 2025.</DATED>
                    <NAME>Kate F. Higgins-Bloom,</NAME>
                    <TITLE>Captain, U.S. Coast Guard, Captain of the Port, Sector Delaware Bay. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09192 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <CFR>33 CFR Part 165</CFR>
                <DEPDOC>[Docket Number USCG-2025-0390]</DEPDOC>
                <RIN>RIN 1625-AA00</RIN>
                <SUBJECT>Safety Zone; Roostertail Fireworks, Detroit River, Detroit, MI</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P> Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Temporary final rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Coast Guard is establishing a temporary safety zone for navigable waters in the Detroit River in Detroit, MI. The safety zone is necessary and intended to protect personnel, vessels, and the marine environment from potential hazards associated with the fireworks displays. Entry of vessels or persons into this zone is prohibited unless specifically authorized by the Captain of the Port Detroit, or his designated representative.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This rule is effective from 9 p.m. through 11 p.m. on June 28, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        To view documents mentioned in this preamble as being available in the docket, go to 
                        <E T="03">https://www.regulations.gov,</E>
                         type USCG-2025-0390 in the search box and click “Search.” Next, in the Document Type column, select “Supporting &amp; Related Material.”
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have questions about this rule, call or email If you have questions on this rule, call or email Tracy Girard, Waterways Department, Sector Detroit, Coast Guard; telephone (313) 568-9564, email 
                        <E T="03">Tracy.M.Girard@uscg.mil.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Table of Abbreviations</HD>
                <EXTRACT>
                    <FP SOURCE="FP-1">CFR Code of Federal Regulations</FP>
                    <FP SOURCE="FP-1">DHS Department of Homeland Security</FP>
                    <FP SOURCE="FP-1">FR Federal Register</FP>
                    <FP SOURCE="FP-1">NPRM Notice of proposed rulemaking</FP>
                    <FP SOURCE="FP-1">§ Section </FP>
                    <FP SOURCE="FP-1">U.S.C. United States Code</FP>
                </EXTRACT>
                <HD SOURCE="HD1">II. Background Information and Regulatory History</HD>
                <P>
                    The Coast Guard is issuing this temporary rule under the authority in 5 U.S.C. 553(b)(B). This statutory provision authorizes an agency to issue a rule without prior notice and opportunity to comment when the agency for good cause finds that those procedures are “impracticable, unnecessary, or contrary to the public interest.” The Coast Guard finds that good cause exists for not publishing a notice of proposed rulemaking (NPRM) 
                    <PRTPAGE P="22210"/>
                    with respect to this rule because the event sponsor did not notify the Coast Guard with sufficient time to publish an NPRM and immediate action is necessary to protect personnel, vessels, and the marine environment in the Detroit River. It is impracticable and contrary to the public interest to publish a NPRM because we must establish this safety zone by June 28, 2025.
                </P>
                <P>
                    Also, under 5 U.S.C. 553(d)(3), the Coast Guard finds that good cause exists for making this rule effective less than 30 days after publication in the 
                    <E T="04">Federal Register</E>
                    . For the same reasons discussed in the preceding paragraph, delaying the effective date of this rule would be impracticable because immediate action is needed to respond to the potential safety hazards associated with a fireworks display.
                </P>
                <HD SOURCE="HD1">III. Legal Authority and Need for Rule</HD>
                <P>The Coast Guard is issuing this rule under authority in 46 U.S.C. 70034. The Captain of the Port Detroit (COTP) has determined that potential hazards associated with fireworks displays will be a safety concern for anyone within a 200-yard radius of the launch site. The likely combination of recreational vessels, darkness punctuated by bright flashes of light, and fireworks debris falling into the water presents risks of collisions which could result in serious injuries or fatalities. This rule is necessary to protect personnel, vessels, and the marine environment in the navigable waters within the safety zone during the fireworks display.</P>
                <HD SOURCE="HD1">IV. Discussion of the Rule</HD>
                <P>This rule establishes a safety zone from 9 p.m. through 11 p.m. on June 28, 2025. The safety zone will encompass all U.S. navigable waters of the Detroit River within a 200-yard radius of the fireworks launch site located near the public launch site, in Detroit, MI. The duration of the zone is intended to protect personnel, vessels, and the marine environment in these navigable waters during the fireworks display. Entry into, transiting, or anchoring within the safety zone is prohibited unless authorized by the Captain of the Port Detroit or his designated representative. The Captain of the Port Detroit or his designated representative may be contacted via VHF Channel 16.</P>
                <HD SOURCE="HD1">V. Regulatory Analyses</HD>
                <P>We developed this rule after considering numerous statutes and Executive orders related to rulemaking. Below we summarize our analyses based on a number of these statutes and Executive orders.</P>
                <HD SOURCE="HD2">A. Regulatory Planning and Review</HD>
                <P>Executive Orders 12866 and 13563 direct agencies to assess the costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits. This rule has not been designated a “significant regulatory action,” under section 3(f) of Executive Order 12866. Accordingly, this rule has not been reviewed by the Office of Management and Budget (OMB).</P>
                <P>This regulatory action determination is based on the size, location, and duration of the safety zone. Vessel traffic will be able to safely transit around this safety zone which would impact a small, designated area of the Detroit River 2 hours during the evening when vessel traffic is normally low. Moreover, the Coast Guard would issue a Broadcast Notice to Mariners via VHF-FM Marine Channel 16 about the zone, and the rule would allow vessels to seek permission to enter the zone.</P>
                <HD SOURCE="HD2">B. Impact on Small Entities</HD>
                <P>The Regulatory Flexibility Act of 1980, 5 U.S.C. 601-612, as amended, requires Federal agencies to consider the potential impact of regulations on small entities during rulemaking. The term “small entities” comprises small businesses, not-for-profit organizations that are independently owned and operated and are not dominant in their fields, and governmental jurisdictions with populations of less than 50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule will not have a significant economic impact on a substantial number of small entities.</P>
                <P>While some owners or operators of vessels intending to transit the safety zone may be small entities, for the reasons stated in section V.A above, this rule will not have a significant economic impact on any vessel owner or operator.</P>
                <P>
                    Under section 213(a) of the Small Business Regulatory Enforcement Fairness Act of 1996 (Pub. L. 104-121), we want to assist small entities in understanding this rule. If the rule will affect your small business, organization, or governmental jurisdiction and you have questions concerning its provisions or options for compliance, please call or email the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section.
                </P>
                <P>Small businesses may send comments on the actions of Federal employees who enforce, or otherwise determine compliance with, Federal regulations to the Small Business and Agriculture Regulatory Enforcement Ombudsman and the Regional Small Business Regulatory Fairness Boards. The Ombudsman evaluates these actions annually and rates each agency's responsiveness to small business. If you wish to comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR (1-888-734-3247). The Coast Guard will not retaliate against small entities that question or complain about this rule or any policy or action of the Coast Guard.</P>
                <HD SOURCE="HD2">C. Collection of Information</HD>
                <P>This rule will not call for a new collection of information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).</P>
                <HD SOURCE="HD2">D. Federalism and Indian Tribal Governments</HD>
                <P>A rule has implications for federalism under Executive Order 13132, Federalism, if it has a substantial direct effect on the States, on the relationship between the National Government and the States, or on the distribution of power and responsibilities among the various levels of government. We have analyzed this rule under that Order and have determined that it is consistent with the fundamental federalism principles and preemption requirements described in Executive Order 13132.</P>
                <P>Also, this rule does not have tribal implications under Executive Order 13175, Consultation and Coordination with Indian Tribal Governments, because it does not have a substantial direct effect on one or more Indian tribes, on the relationship between the Federal Government and Indian tribes, or on the distribution of power and responsibilities between the Federal Government and Indian tribes.</P>
                <HD SOURCE="HD2">E. Unfunded Mandates Reform Act</HD>
                <P>The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538) requires Federal agencies to assess the effects of their discretionary regulatory actions. In particular, the Act addresses actions that may result in the expenditure by a State, local, or tribal government, in the aggregate, or by the private sector of $100,000,000 (adjusted for inflation) or more in any one year. Though this rule will not result in such an expenditure, we do discuss the effects of this rule elsewhere in this preamble.</P>
                <HD SOURCE="HD2">F. Environment</HD>
                <P>
                    We have analyzed this rule under Department of Homeland Security Directive 023-01, Rev. 1, associated implementing instructions, and Environmental Planning COMDTINST 5090.1 (series), which guide the Coast Guard in complying with the National 
                    <PRTPAGE P="22211"/>
                    Environmental Policy Act of 1969 (42 U.S.C. 4321-4370f), and have determined that this action is one of a category of actions that do not individually or cumulatively have a significant effect on the human environment. This rule involves a safety zone lasting only 2 hours that will prohibit entry within 200-yard radius of where the fireworks display will be conducted. It is categorically excluded from further review under paragraph L60(a)60 of Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 1. A Record of Environmental Consideration supporting this determination is available in the docket. For instructions on locating the docket, see the 
                    <E T="02">ADDRESSES</E>
                     section of this preamble.
                </P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 33 CFR Part 165</HD>
                    <P>Harbors, Marine safety, Navigation (water), Reporting and record keeping requirements, Security measures, Waterways.</P>
                </LSTSUB>
                <P>For the reasons discussed in the preamble, the Coast Guard amends 33 CFR part 165 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 165—REGULATED NAVIGATION AREAS AND LIMITED ACCESS AREAS</HD>
                </PART>
                <REGTEXT TITLE="33" PART="165">
                    <AMDPAR>1. The authority citation for part 165 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority: </HD>
                        <P>46 U.S.C. 70034, 70051, 70124; 33 CFR 1.05-1, 6.04-1, 6.04-6, and 160.5; Department of Homeland Security Delegation No. 00170.1, Revision No. 01.3. </P>
                    </AUTH>
                </REGTEXT>
                <REGTEXT TITLE="33" PART="165">
                    <AMDPAR>2. Add § 165.T09-0390 to read as follows:</AMDPAR>
                    <SECTION>
                        <SECTNO>§ 165.T09-0390</SECTNO>
                        <SUBJECT> Safety Zone; Roostertail Fireworks, Detroit River; Detroit, MI.</SUBJECT>
                        <P>
                            (a) 
                            <E T="03">Location.</E>
                             The following area is a temporary safety zone: all U.S. navigable waters of the Detroit River within a within a 200-yard radius of the fireworks launch site located at position 42°41′15.75″ N, 082°58′22.94″ W. All geographic coordinates are North American Datum of 1983 (NAD 83).
                        </P>
                        <P>
                            (b) 
                            <E T="03">Enforcement Period.</E>
                             This regulation will be enforced from 9 p.m. through 11 p.m. on June 28, 2025. The Captain of the Port (COTP) Detroit, or a designated representative may suspend enforcement of the safety zone at any time.
                        </P>
                        <P>
                            (c) 
                            <E T="03">Definitions.</E>
                             As used in this section, 
                            <E T="03">designated representative</E>
                             means a Coast Guard Patrol Commander, including a Coast Guard coxswain, petty officer, or other officer operating a Coast Guard vessel and a Federal, State, and local officer designated by or assisting the COTP Detroit in the enforcement of the safety zone.
                        </P>
                        <P>
                            (d) 
                            <E T="03">Regulations.</E>
                             (1) In accordance with the general regulations in § 165.23, entry into, transiting, or anchoring within this safety zone is prohibited unless authorized by the Captain of the Port Detroit or his designated representative.
                        </P>
                        <P>(2) Vessel operators desiring to enter or operate within the safety zone shall contact the Captain of the Port Detroit or his designated representative to obtain permission to do so. Vessel operators given permission to enter or operate in the safety zone must comply with all directions given to them by the Captain of the Port Detroit or his designated representative. The COTP Detroit or his designated representative may be contacted via VHF Channel 16.</P>
                    </SECTION>
                </REGTEXT>
                <SIG>
                    <DATED>Dated: May 15, 2025.</DATED>
                    <NAME>Richard P. Armstrong,</NAME>
                    <TITLE>Captain, U.S. Coast Guard, Captain of the Port Detroit. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09137 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <CFR>42 CFR Part 88</CFR>
                <DEPDOC>[Docket No. CDC-2024-0067; NIOSH-353]</DEPDOC>
                <RIN>RIN 0920-AA86</RIN>
                <SUBJECT>World Trade Center (WTC) Health Program; Expanded Eligibility for Pentagon and Shanksville, Pennsylvania Responders</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Centers for Disease Control and Prevention (CDC), Department of Health and Human Services (HHS).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        On September 11, 2024, CDC published in the 
                        <E T="04">Federal Register</E>
                         an interim final rule with request for comment to update existing regulations governing the WTC Health Program to align with statutory changes. The interim final rule expanded eligibility criteria for enrollment of new Pentagon and Shanksville responders, capped at 500 new members, and made various conforming amendments to the WTC Health Program regulations. In this final rule, CDC responds to public comment and finalizes the revisions to the regulation.
                    </P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This rule is effective on May 27, 2025.</P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Rachel Weiss, Public Health Analyst, National Institute for Occupational Safety and Health, 1090 Tusculum Avenue, MS: C-46, Cincinnati, OH 45226; telephone: (404) 498-2500 (this is not a toll-free number); email: 
                        <E T="03">NIOSHregs@cdc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Public Participation</HD>
                <P>Interested parties were invited to participate in this rulemaking by submitting written views, opinions, recommendations, and data on the interim final rule published on September 11, 2024 (89 FR 73592). Two comments were submitted to the rulemaking docket during the 30-day comment period, both from interested individuals who are not members of the WTC Health Program. The two comments are summarized in Section III.</P>
                <HD SOURCE="HD1">II. Background</HD>
                <P>Title I of the James Zadroga 9/11 Health and Compensation Act of 2010 (Zadroga Act), as amended, revised the Public Health Service Act (PHS Act) to establish the WTC Health Program (Program), which is administered by the National Institute for Occupational Safety and Health (NIOSH), within CDC. The WTC Health Program provides medical monitoring and treatment to eligible responders to the September 11, 2001, terrorist attacks in New York City, at the Pentagon, and in Shanksville, Pennsylvania, and to eligible survivors of the New York City attacks. In this rulemaking, the Administrator of the WTC Health Program and the Secretary of HHS finalize revisions of the implementing regulation for the Program to align with the statutory changes to the PHS Act.</P>
                <HD SOURCE="HD2">A. WTC Health Program Statutory Authority</HD>
                <P>
                    Title I of the Zadroga Act 
                    <SU>1</SU>
                    <FTREF/>
                     (Pub. L. 111-347, as amended by Pub. L. 114-113, Pub. L. 116-59, Pub. L. 117-328, and Pub. L. 118-31) added Title XXXIII to the PHS Act, codified at 42 U.S.C. 300mm-300mm-64, establishing the WTC Health Program within HHS. All references to the Administrator in this document mean the Director of NIOSH, within CDC, or his or her designee.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         Those portions of the Zadroga Act found in titles II and III of Public Law 111-347 do not pertain to the WTC Health Program and are codified elsewhere.
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Regulatory Background</HD>
                <P>
                    Following the enactment of the Zadroga Act, the HHS Secretary promulgated 42 CFR part 88 to establish implementing regulations for the WTC Health Program within NIOSH. The Zadroga Act prescribed eligibility criteria for Pentagon and Shanksville, Pennsylvania responders and required the Administrator to establish the dates 
                    <PRTPAGE P="22212"/>
                    on which cleanup was concluded at the Pentagon and Shanksville sites, respectively.
                    <SU>2</SU>
                    <FTREF/>
                     The Administrator promulgated the eligibility criteria and cleanup dates in 42 CFR 88.4(b) and (c) through a rulemaking published on March 28, 2013.
                    <SU>3</SU>
                    <FTREF/>
                     Following the rulemaking, eligible Pentagon and Shanksville responders include those individuals who:
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         42 U.S.C. 300mm-21(a)(2)(C)(i)(I) and (II).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">World Trade Center Health Program Eligibility Requirements for Shanksville, Pennsylvania and Pentagon Responders,</E>
                         Interim Final Rule, 78 FR 18855, March 28, 2013.
                    </P>
                </FTNT>
                <P>• Were active or retired members of a fire or police department (fire or emergency personnel), worked for a recovery or cleanup contractor, or were volunteers; and</P>
                <P>• Performed rescue, recovery, demolition, debris cleanup, or other related services, either at the Pentagon site of the September 11, 2001, terrorist attacks, for at least 1 day beginning September 11, 2001, and ending on November 19, 2001, or at the Shanksville, Pennsylvania site for at least 1 day beginning September 11, 2001, and ending on October 3, 2001.</P>
                <P>Since 2013, the WTC Health Program has enrolled 1,544 Pentagon responders and Shanksville, Pennsylvania responders, combined but not including those new members enrolled pursuant to the September 11, 2024 interim final rule.</P>
                <P>In 2023, Congress identified a gap in coverage for the population of employees of the Department of Defense (DOD) or other Federal agencies, certain DOD and Federal agency contractors, and regular or reserve uniformed service members who responded to the Pentagon and Shanksville sites; these personnel did not previously meet the statutory eligibility criteria in the Zadroga Act because of their specific types of employment. Congress included language to address these coverage gaps and expand eligibility criteria for responders at the Pentagon and Shanksville, Pennsylvania sites in the National Defense Authorization Act, 2024 (Pub. L. 118-31, December 22, 2023) (2024 NDAA).</P>
                <P>On September 11, 2024, the Administrator of the WTC Health Program and the HHS Secretary amended part 88 to operationalize changes to Title XXXIII of the PHS Act due to the 2024 NDAA. The agency published an interim final rule with immediate effective date to quickly implement the expanded eligibility criteria for Pentagon and Shanksville responders. Specifically, the amendments to WTC Health Program regulations in 42 CFR part 88 made by the interim final rule included expanding eligibility criteria for Pentagon and Shanksville responders, adding a numerical limit on Pentagon and Shanksville responders enrolled under the new eligibility criteria, updating the language in the regulation regarding the numerical limit on certain newly enrolled WTC responders and certified-eligible survivors, and updating and adding new definitions. An interim final rulemaking was conducted because the agency determined that there was good cause to waive public notice and comment prior to publication as the rulemaking merely implemented the statutory changes. The agency determined it would have been contrary to the public interest to delay the ability of eligible individuals to access treatment for health conditions related to their 9/11 response activities. No opposition to the expanded eligibility requirements was anticipated and the agency did not exercise any discretion in further defining certain employees who may be eligible for the Program or clarify any additional limits on the number of individuals from these categories who would be eligible. Postponement of the implementation of the new eligibility criteria could have resulted in harm to Pentagon and Shanksville responders currently coping with one or more health conditions covered by the WTC Health Program or who are at risk for developing such a condition. Thus, notice and comment procedures were waived in the interest of protecting the health of these responders and allowing them to apply for enrollment in the WTC Health Program as soon as possible. Since publication of the interim final rule, the Administrator of the WTC Health Program welcomed 69 new members pursuant to the expanded eligibility criteria as of April 23, 2025. The interim final rule public comment period and Paperwork Reduction Act emergency information collection request were open for 30 days, until October 11, 2024.</P>
                <HD SOURCE="HD1">III. Summary of Public Comments</HD>
                <P>On September 11, 2024, the Administrator of the WTC Health Program and the HHS Secretary published an interim final rule operationalizing the 2024 NDAA amendments and expanding those groups eligible for enrollment as responders at the Pentagon and Shanksville, Pennsylvania sites. Two public comments were submitted to the rulemaking docket, both supportive of the rulemaking.</P>
                <P>
                    <E T="03">Public comment:</E>
                     Of the two supportive public comments, one expressed disappointment that the number of new Pentagon and Shanksville enrollees is capped at 500 and asked for the agency's rationale.
                </P>
                <P>
                    <E T="03">Agency response:</E>
                     As discussed above, Congress enacted the 2024 NDAA to amend Title XXXIII of the PHS Act to expand eligibility criteria for responders to the September 11, 2001, terrorist attacks at the Pentagon and Shanksville, Pennsylvania sites. NDAA amendments codified in 42 U.S.C. 300mm-22(a)(4)(A)(ii) specify that the “total number of individuals who may be enrolled under [the expanded eligibility criteria] shall not exceed 500 at any time.” Accordingly, the agency has no discretion to increase or decrease that limit in WTC Health Program regulations and no change has been made in response to this comment.
                </P>
                <HD SOURCE="HD1">IV. Summary of Final Rule</HD>
                <P>No changes have been made to the final regulatory text, either in response to public comment or at the agency's discretion. With this rulemaking, and for the reasons discussed in the interim final rule, amendments to 42 CFR part 88 are finalized as described below.</P>
                <HD SOURCE="HD2">Authority Citation</HD>
                <P>The authority citation for 42 CFR part 88 was updated to reflect recent amendments to Title I of the Zadroga Act (Pub. L. 111-347, as amended by Pub. L. 114-113, Pub. L. 116-59, Pub. L. 117-328, and Pub. L. 118-31). The statutory citation now reads 42 U.S.C. 300mm-300mm-64.</P>
                <HD SOURCE="HD3">Section 88.1 Definitions</HD>
                <P>
                    The statutory definitions of the terms 
                    <E T="03">Federal agency</E>
                     and 
                    <E T="03">uniformed services</E>
                     were added to the existing Definitions section, 42 CFR 88.1. In the existing definitions of 
                    <E T="03">Act</E>
                     and 
                    <E T="03">WTC Health Program,</E>
                     the statutory authority citation was updated to reflect recent amendments to the Zadroga Act.
                </P>
                <HD SOURCE="HD3">Section 88.4 Eligibility Criteria—WTC Responders</HD>
                <P>
                    The existing Pentagon responder eligibility criteria in 42 CFR 88.4(b) were modified to include the new statutory criteria for the three new classes of eligible responders at the Pentagon site. For clarity, the existing language in paragraph (b)(1) identifying classes of eligible Pentagon responders was broken into new paragraphs, designated (b)(1)(i) through (iii). New paragraphs (b)(1)(iv) through (vi) were added to include the three new classes of eligible Pentagon responders. New paragraph (b)(1)(iv) identifies employees 
                    <PRTPAGE P="22213"/>
                    of the DOD or any other Federal agency; paragraph (b)(1)(v) identifies employees of DOD contractors or other Federal agency contractors who worked during the period beginning on September 11, 2001, and ending on September 18, 2001; and paragraph (b)(1)(vi) identifies members of regular and reserve components of the uniformed services. Language in existing § 88.4(b)(2) describing eligible response activities, time periods, and duration of work was split into two paragraphs, resulting in a revised paragraph (b)(2) and a new paragraph (b)(3).
                </P>
                <P>The existing Shanksville, Pennsylvania responder eligibility criteria in § 88.4(c) were also revised to add the new statutory criteria for the three new classes of eligible responders at the Shanksville, Pennsylvania site. For clarity, the existing language identifying classes of eligible Shanksville responders in paragraph (c)(1) was broken into new paragraphs, designated (c)(1)(i) through (iii). New paragraphs (c)(1)(iv) through (vi) were added to include the three new classes of eligible Shanksville responders. New paragraph (c)(1)(iv) identifies employees of the DOD or any other Federal agency; paragraph (c)(1)(v) identifies employees of DOD contractors or other Federal agency contractors who worked during the period beginning on September 11, 2001, and ending on September 18, 2001; and paragraph (c)(1)(vi) identifies members of regular and reserve components of the uniformed services. Language in existing paragraph (c)(2) describing eligible response activities, time periods, and duration of work was split into two paragraphs, resulting in a revised paragraph (c)(2) and a new paragraph (c)(3).</P>
                <HD SOURCE="HD3">Section 88.6 Enrollment Decision—WTC Responders</HD>
                <P>In 42 CFR 88.6, existing paragraph (c) establishes conditions under which the WTC Health Program may deny enrollment of responders. In paragraph (c)(2)(i), the numerical limit on new WTC responder enrollment was replaced with new language indicating that this limit is established in the Zadroga Act, as amended. Language in paragraph (c)(2)(i) describing the Administrator's discretion regarding whether to close Program enrollment in the event that sufficient funds are not available to enroll new members was moved to a new paragraph (c)(2)(iii) without change. New text in paragraph (c)(2)(ii) reflects the new statutory limit of 500 total WTC responders who may be enrolled pursuant to the expanded Pentagon and Shanksville, Pennsylvania eligibility criteria in §§ 88.4(b)(1)(iv) through (vi) and 88.4(c)(1)(iv) through (vi), respectively.</P>
                <HD SOURCE="HD3">Section 88.12 Enrollment Decision—Certified-Eligible Survivors</HD>
                <P>In 42 CFR 88.12, existing paragraph (b)(3) establishes conditions under which the WTC Health Program may deny certified-eligible survivor status. The numerical limit in paragraph (b)(3)(i) was replaced with new language indicating that the limit on certified-eligible survivor enrollment is specified in the Zadroga Act, as amended. Language in existing paragraph (b)(3)(i), describing the Administrator's discretion regarding whether to close Program enrollment in the event that sufficient funds are not available to enroll new members, was moved to a new paragraph (b)(3)(ii) without change.</P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 42 CFR Part 88</HD>
                    <P>Administrative practice and procedure, Cancer, Diseases, Firefighters, Health, Health care, Mental health programs, Law enforcement officers, Lung diseases, Occupational safety and health, Volunteers, Workers' compensation.</P>
                </LSTSUB>
                <P>Accordingly, the interim final rule amending 42 CFR part 88, which published on September 11, 2024 (89 FR 73592), is adopted as a final rule without change.</P>
                <SIG>
                    <NAME>John J. Howard,</NAME>
                    <TITLE>Administrator, World Trade Center Health Program and Director, National Institute for Occupational Safety and Health, Centers for Disease Control and Prevention, Department of Health and Human Services.</TITLE>
                    <NAME>Robert F. Kennedy, Jr.,</NAME>
                    <TITLE>Secretary, Department of Health and Human Services.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09411 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4163-18-P</BILCOD>
        </RULE>
    </RULES>
    <VOL>90</VOL>
    <NO>100</NO>
    <DATE>Tuesday, May 27, 2025</DATE>
    <UNITNAME>Proposed Rules</UNITNAME>
    <PRORULES>
        <PRORULE>
            <PREAMB>
                <PRTPAGE P="22214"/>
                <AGENCY TYPE="N">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <CFR>40 CFR Part 751</CFR>
                <DEPDOC>[EPA-HQ-OPPT-2020-0465; FRL-8155.1-01-OCSPP]</DEPDOC>
                <RIN>RIN 2070-AL28</RIN>
                <SUBJECT>Methylene Chloride; Regulation Under the Toxic Substances Control Act (TSCA); Compliance Date Extensions</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Proposed rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Environmental Protection Agency (EPA or Agency) is proposing to extend the compliance date applicable to certain entities subject to the regulation of methylene chloride recently promulgated under the Toxic Substances Control Act (TSCA). Specifically, EPA is proposing to extend by 18 months the Workplace Chemical Protection Program (WCPP) and the associated recordkeeping compliance dates for laboratories that are not owned or operated by agencies or Federal contractors acting on behalf of the Federal government. Under this proposal, all laboratories, whether federal or not, would have the same compliance dates, which would be aligned with current compliance dates for Federal agencies and Federal contractors. EPA is proposing to extend the compliance dates for associated laboratory activities detailed in this proposal to avoid disruption of important functions such as the use of environmental monitoring methods needed for cleanup sites and wastewater treatment, as well as activities associated with university laboratories. The use of environmental monitoring methods, a common function of non-federal laboratories, is important to EPA's mission to ensure that the air is safe to breathe, water is safe for drinking or recreating, and disposal activities protect the environment.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before June 26, 2025.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit your comments, identified by docket identification (ID) number EPA-HQ-OPPT-2020-0465, using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         Follow the online instructions for submitting comments. Do not submit electronically any information you consider to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute. Additional instructions on commenting or visiting the docket, along with more information about dockets generally, is available at 
                        <E T="03">https://www.epa.gov/dockets/.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        <E T="03">For technical information contact:</E>
                         Daniel Whitby, Existing Chemicals Risk Management Division, Office of Pollution Prevention and Toxics, Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington, DC 20460-0001; telephone number: (202) 564-0598; email address: 
                        <E T="03">MethyleneChlorideTSCA@epa.gov.</E>
                    </P>
                    <P>
                        <E T="03">For general information contact:</E>
                         The TSCA-Hotline, ABVI-Goodwill, 422 South Clinton Ave., Rochester, NY 14620; telephone number: (202) 554-1404; email address: 
                        <E T="03">TSCA-Hotline@epa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <HD SOURCE="HD1">I. Executive Summary</HD>
                <HD SOURCE="HD2">A. Does this action apply to me?</HD>
                <P>You may be potentially affected by this rule if you use methylene chloride in a laboratory setting for the following activities; the industrial or commercial use of methylene chloride in a laboratory process or in specialized laboratory equipment for instrument calibration/maintenance; chemical analysis, chemical synthesis, extracting and purifying other chemicals; dissolving other substances; executing research, development, test and evaluation methods; and similar activities, such as use as a solvent, reagent, analytical standard, or other experimental use. For the purposes of this proposed rulemaking, EPA emphasizes that industrial and commercial use of methylene chloride as a laboratory chemical applies to all laboratories, including industrial, commercial, academic and research laboratories, except for those laboratories owned or operated by a Federal agency or a Federal contractor acting on behalf of the Federal government for research, government, and academic institutions. Under the following list of North American Industrial Classification System (NAICS) codes, potentially affected entities may include:</P>
                <P>• Testing Laboratories (NAICS code 541380);</P>
                <P>• Research and Development in the Physical, Engineering, and Life Sciences (except Nanotechnology and Biotechnology (NAICS code 541715);</P>
                <P>• Hazardous Waste Treatment and Disposal (NAICS code 562211);</P>
                <P>• Solid Waste Combustors and Incinerators (NAICS code 562213);</P>
                <HD SOURCE="HD2">B. What is the agency's authority for taking this action?</HD>
                <P>Under TSCA section 6(a) (15 U.S.C. 2605(a)), if EPA determines through a TSCA section 6(b) risk evaluation that a chemical substance presents an unreasonable risk of injury to health or the environment for one or more condition(s) of use.</P>
                <P>
                    With the obligation to promulgate these rules, the Agency also has the inherent authority to amend them if circumstances change, including based on the receipt of new information and in relation to compliance deadlines established under TSCA section 6(d). It is well settled that EPA has inherent authority to reconsider, revise, or repeal past decisions to the extent permitted by law so long as the Agency provides a reasoned explanation. See 
                    <E T="03">FCC</E>
                     v. 
                    <E T="03">Fox Television Stations, Inc.,</E>
                     556 U.S. 502, 515 (2009); see also 
                    <E T="03">FDA</E>
                     v. 
                    <E T="03">Wages &amp; White Lion Invs., L.L.C.,</E>
                     145 S. Ct. 898, slip op. at 20 (2025). Here, as explained further in Unit I.D., based on information submitted by regulated entities, the Agency proposes that revised compliance dates are necessary to address recently-received information that the original compliance dates for laboratories not owned or operated by Federal agencies, or Federal contractors acting on behalf of the Federal government, are not practicable and do not provide adequate transition time because they disrupt environmental monitoring and associated laboratory-based activities discussed further in Unit II.C.3.
                </P>
                <HD SOURCE="HD2">C. What action is the agency taking?</HD>
                <P>
                    EPA is proposing to amend the regulations at 40 CFR 751.109 to extend the WCPP compliance dates for the industrial or commercial use of 
                    <PRTPAGE P="22215"/>
                    methylene chloride as a laboratory chemical, established in the May 2024 final rule (Ref. 1), for an additional 18 months to match the compliance dates for Federal agencies and their contractors. Specifically, for laboratories not owned or operated by Federal agencies, or Federal contractors acting on behalf of the Federal government, this proposal would extend the compliance date for initial monitoring from May 5, 2025 to November 9, 2026, the compliance date for establishing regulated areas and ensuring compliance with the Existing Chemical Exposure Limit (ECEL) from August 1, 2025 to February 8, 2027, and the compliance date for ensuring the methods of compliance as well as developing and implementing an exposure control plan from October 30, 2025, to May 10, 2027.
                </P>
                <P>The May 2024 final rule for methylene chloride (Ref. 1) prohibits the manufacture (including import), processing, use, and distribution of methylene chloride and methylene chloride-containing products for all consumer use and most industrial and commercial uses, with specified exclusions; requires owners and operators of workplaces engaged in the manufacture, processing, and use of methylene chloride for permitted uses to comply with a Workplace Chemical Protection Program (WCPP) to reduce exposures; and requires persons manufacturing, processing, or distributing in commerce methylene chloride and products containing methylene chloride to notify their customers of these prohibitions and restrictions. The compliance dates for the prohibitions began as early as February 3, 2025, while the first compliance date for the WCPP provisions is May 5, 2025, for initial exposure monitoring (Ref. 1).</P>
                <P>EPA is interested in receiving new specific information that was not accessible during the proposed or final rulemaking on the barriers to WCPP compliance for different kinds of laboratories, and in any information that shows the exposure reductions that fume hoods or other enclosures currently in use in laboratories provide to address risks such that they are no longer unreasonable. EPA seeks comment on these compliance difficulties and on legitimate reliance interests, if any, on the original deadlines, that the Agency should consider in the course of this limited rulemaking. EPA notes that it has not, and is not, reopening the entirety of the methylene chloride final rule by issuing this proposal. Accordingly, EPA requests that commenters limit their submissions to the laboratory compliance deadline issues raised in this proposed rule.</P>
                <HD SOURCE="HD2">D. Why is the agency taking this action?</HD>
                <P>EPA is issuing this proposal to address the unanticipated hardships that were inadvertently created for laboratories by the May 2024 final rule on methylene chloride (Ref. 1) due to the widespread, often mandatory, use of methylene chloride as a laboratory chemical that was not fully understood by EPA before the rule was published. Although EPA responded to comments and revised provisions of the final rule in consideration of commenter's concerns on laboratory use of methylene chloride, shortly after the final rule was published in May 2024, many representatives of various laboratories using methylene chloride began contacting EPA with questions about the applicability of the rule, difficulties in complying with the requirements of the WCPP, and other concerns (Ref. 1). Many of these laboratories, especially those associated with local governments or universities, use methylene chloride in small quantities and somewhat infrequently (Refs. 2, 3). For example, one police department submitted a post-rulemaking inquiry to EPA to discuss their use of methylene chloride in the detection of controlled substances. Several universities contacted EPA to ask about how the rule applies to their activities, such as solvent extractions performed by students in an organic chemistry laboratory (Refs. 4, 5, 6, 7, 8). Several of the university laboratories that contacted EPA indicated that their use of methylene chloride occurred exclusively under a fume hood. They questioned whether initial monitoring would still be required, and whether initial monitoring would have to be done for each fume hood in use on the campus (Refs. 3, 5, 6, 7, 8).</P>
                <P>
                    Environmental monitoring laboratories also contacted EPA shortly after the final rule was published. They provided additional information on the various EPA test methods and voluntary consensus standards used in compliance testing that require the use of methylene chloride, including methods that are part of EPA's SW-846 Hazardous Waste Test Methods Compendium (available online at 
                    <E T="03">https://www.epa.gov/hw-sw846</E>
                    ), such as Method 0010, used in the determination of destruction and removal efficiency of semivolatile principal organic hazardous compounds (POHCs) from incineration systems or the determination of particulate emission rates from stationary sources (Refs. 9, 10, 11). In the view of these laboratories, EPA should not be imposing the burden of the TSCA WCPP on laboratories that are using methylene chloride pursuant to EPA methods mandated for use by other regulatory programs. Rather, these laboratories believe that EPA should first revise its mandatory analytical methods that require the use of methylene chloride to allow for the use of other solvents, or other techniques that would reduce methylene chloride use by environmental monitoring laboratories. These laboratories also have concerns about their ability to meet the TSCA rule's requirements to perform initial monitoring of potentially exposed person's exposures by the compliance deadline.
                </P>
                <P>While EPA received several comments along these lines during the public comment period on the proposed rule, EPA was not aware of the breadth of laboratories needing to comply with the WCPP as a result of mandatory EPA methods that require the use of methylene chloride to perform the analysis, posing unique compliance challenges when combined with other requirements of the WCPP such as conducting exposure monitoring, developing exposure control plans, and assess and acquire necessary PPE based on the exposure monitoring.</P>
                <HD SOURCE="HD2">E. What are the incremental economic impacts?</HD>
                <P>EPA evaluated the potential incremental economic impacts and determined that these changes would have minimal impacts on the estimated costs and benefits of the existing action and would primarily result in a delay in when those costs and benefits begin accruing. Quantified costs are expected to be the same as estimated in the final rule but will not be incurred until the proposed compliance date extension expires. The extension would also postpone when decreases in potential exposures to methylene chloride in laboratory settings and delay when potential benefits begin to accrue. On balance, this proposed further extension of the compliance dates is appropriate to prevent the disruptive consequences of requiring laboratories to begin implementing the WCPP by May 5, 2025, without a further compliance extension.</P>
                <HD SOURCE="HD1">II. Background</HD>
                <HD SOURCE="HD2">A. The May 2023 Notice of Proposed Rulemaking</HD>
                <P>
                    1. 
                    <E T="03">Summary of the notice of proposed rulemaking.</E>
                     In May 2023, EPA proposed a rule under TSCA section 6(a) to address unreasonable risk of injury to 
                    <PRTPAGE P="22216"/>
                    human health presented by methylene chloride under 52 of its 53 total conditions of use (Ref. 10). In the 2023 notice of proposed rulemaking (Ref. 10), EPA noted that methylene chloride was a widely used solvent in a variety of commercial and consumer applications and has a number of known health effects that may result from exposure. As described in more detail in EPA's proposed rule and as described in the TSCA section 6(b) 2020 Risk Evaluation for Methylene Chloride, EPA identified non-cancer adverse effects from both acute and chronic inhalation and dermal exposures to methylene chloride, and cancer from chronic inhalation and dermal exposures to methylene chloride (Refs. 10, 13). To address the unreasonable risks, the 2023 proposed rule (Ref. 10) sought to prohibit the manufacture, processing, and distribution in commerce of methylene chloride for consumer use; require a workplace chemical protection program (WCPP) for those industrial and commercial uses not proposed to be prohibited, which included a requirement to meet inhalation exposure concentration limits for both an 8-hour time-weighted average and 15-minute time-weighted average exposures, and to conduct exposure monitoring for certain continued conditions of use of methylene chloride; prohibit most industrial and commercial uses of methylene chloride; require recordkeeping and downstream notification requirements for several conditions of use of methylene chloride; and provide certain time-limited exemptions from requirements for uses of methylene chloride that would otherwise significantly disrupt national security or critical infrastructure.
                </P>
                <P>
                    2. 
                    <E T="03">Summary of the comments received on the notice of proposed rulemaking.</E>
                     After publication of the 2023 proposed rule for methylene chloride (Ref. 10), EPA opened a public comment from May 3, 2023, to July 3, 2023. During this time, EPA received almost 40,000 public comments, the vast majority of which were submitted by individuals participating in mass mailer campaigns requesting that EPA protect workers and consumers expeditiously and to strengthen the proposed requirements (Refs. 14, 15, 16, 17). Other commenters requested expansion of the WCPP to include additional conditions of use or to allow all industrial and commercial conditions of use under the WCPP, additional time for compliance with the WCPP (ranging from 6 months to 5 years), additional exemptions under TSCA section 6(g), and a de minimis regulatory threshold (Refs. 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46). EPA also received specific information from various industry sectors requesting changes to the proposed rule, including information from laboratories that use methylene chloride. For a full discussion of comments related to WCPP compliance timeframes, refer to Final Rule Unit III.D.1., and Response to Comments section 5.1.7 (Refs. 1, 47).
                </P>
                <P>Comments were received by laboratory-affiliated organizations such as the American Council of Independent Laboratories (ACIL), Pace Analytical, and the Environmental Monitoring Coalition (EMC) (Refs. 48, 49, 50). While ACIL's comment expressed broad support of the 2023 proposed rule, their comment conveyed the concerns of its members regarding use of methylene chloride in environmental testing and compliance required by EPA's analytical methods (Ref. 48). Similarly, EMC stated that the proposed rule could affect environmental compliance monitoring, remediation of hazardous waste sites, and emergency responses thereby impacting public health and the environment (Ref. 50). ACIL suggested that for laboratories conducting environmental and food safety testing using methylene chloride, potentially exposed persons should be protected through prescriptive controls such as ventilation and dermal PPE instead of the WCPP (Ref. 48). Both ACIL's and EMC's comments, which were supported by Pace Analytical, requested that EPA revise its analytical methods under other statutes prior to finalizing the TSCA regulation and to grant the private sector and Voluntary Consensus Standard Bodies the opportunity to develop new approaches that reduce the amount of the solvent within a shorter timeframe than EPA's process to develop new analytical methods (Refs. 48, 49, 50). ACIL highlighted challenges and costs associated with meeting the exposure monitoring compliance date, training requirements, validation of new methods, modification of equipment, and reaccreditation of the laboratories by third parties (Ref. 48). This issue is discussed further in Unit II.C.2.</P>
                <P>Other commenters provided remarks on various aspects of the laboratory condition of use and its coverage under the 2023 proposed rule's WCPP. An independent commenter expressed concern that the approach of laboratories under the WCPP was unreasonable because the scale of use is not analogous to industry (Ref. 51). The commenter also highlighted that colleges and universities may contain numerous amounts of laboratories which would place an unacceptable burden on them to comply with the proposed rule's WCPP. The American Chemical Society (ACS) iterated a similar concern for small scale use of methylene chloride in laboratories and exposure monitoring under the proposed WCPP (Ref. 52). Their comment cited concerns for the WCPP compliance costs and costs of retaining safety professional services (Ref. 52). Additionally, ACS stated that tracking personnel for the WCPP's recordkeeping in an academic environment is impractical because the turnover rate among universities for students/faculty is high and requested that EPA adopt a different approach (Ref. 52).</P>
                <HD SOURCE="HD2">B. The May 2024 Final Rule</HD>
                <P>
                    On May 8, 2024, EPA published the final regulation for methylene chloride under TSCA section 6(a) (Ref. 1). Many of the provisions in the 2023 proposed rule were finalized as proposed. EPA considered information received through public comments, making a number of revisions to: include additional uses under the WCPP, broaden the scope of some WCPP uses to include those in the private sector in addition to the Federal agencies, provide a delayed prohibition for two conditions of use, include a 
                    <E T="03">de minimis</E>
                     regulatory threshold, extend the compliance dates for the WCPP and prohibition, and revise specific provisions of the WCPP. For a complete description of these changes, see Unit III. of the 2024 final regulation (Ref. 1). This Unit additionally provides a summary of comments which compelled EPA to extend the compliance timeframes for the WCPP.
                </P>
                <P>
                    EPA originally proposed that the WCPP compliance activities begin with initial monitoring to be completed at six months. However, after considering information received from commenters, EPA finalized the WCPP compliance activities to begin at 12 months for general industry users and at 30 months for Federal agencies and their contractors from the date of publication of the final rule, by which time regulated entities would be required to complete their initial monitoring. This revision to the compliance timeframe resulted from public commenters, such as those described in the previous paragraphs, who stated that the proposed compliance timeframes for the WCPP were inadequate to implement for several reasons including: challenges associated with the implementation of recordkeeping for the hierarchy of controls; that the proposed rule did not account for the increased demand of professional safety services; and because 
                    <PRTPAGE P="22217"/>
                    development of an exposure assessment strategy would require additional time (Refs. 33, 34, 36, 53, 54). During the public comment period, commenters submitted concerns that the Good Laboratory Practice standards were atypical within the industrial hygiene community to use for air monitoring samples (Refs. 25, 34, 36, 44). Based on these comments, in addition to revising the compliance timeframes after consideration of public comments, the Agency revised its approach to expand the analysis of monitoring results and associated recordkeeping requirements to any accredited lab including GLP, AIHA (Laboratory Accreditation Program), and analogous industry-recognized programs.
                </P>
                <P>The 2024 methylene chloride final rule's WCPP, with revisions prompted by public commenters, includes and finalizes exposure limits; initial, periodic, and additional exposure monitoring requirements; regulated areas; PPE and respirator requirements; an exposure control plan; recordkeeping; and notification requirements (Ref. 1).</P>
                <HD SOURCE="HD2">C. Impacts of the 2024 Final Rule on Laboratories</HD>
                <P>As discussed in Unit II.A. and B., EPA's final regulation of methylene chloride addresses unreasonable risk of injury to human health presented by all known, intended and reasonably foreseen uses of methylene chloride. Since the publication of the final rule, EPA has received many inquiries requesting clarification with respect to that final rule, but a majority of those inquiries came from laboratories, and some inquirers provided new information or additional context to the challenges specific to laboratories with implementation of the WCPP. That information is summarized in more detail in this Unit.</P>
                <P>
                    1. 
                    <E T="03">The utility of methylene chloride as a laboratory solvent.</E>
                     EPA recognizes that methylene chloride has numerous uses in pharmaceuticals, research and development, academia, and environmental monitoring and compliance laboratories. It is a common laboratory solvent due to its polarity, low boiling point, and inability to act as a proton donor in a reaction, making it suitable for various applications like liquid chromatography, extractions, synthesis, and purification. Its volume of use is often low and may vary from laboratory to laboratory. In environmental testing and compliance laboratories, methylene chloride is an analyte that is required to be monitored. For these types of laboratories, environmental testing is conducted in situations where contaminant level requirements exist under certain environmental statutes. Methylene chloride is also used in sample preparation before an analysis of persistent organic pollutants (Ref. 55).
                </P>
                <P>
                    2. 
                    <E T="03">Use of methylene chloride in analyses of environmental monitoring samples.</E>
                     Although a few commenters on the 2023 proposal (Ref. 10) noted that laboratories performing sample analysis for environmental monitoring and environmental compliance purposes would be affected by the rule (Refs. 48, 49, 50), after the final rule was issued in May 2024 (Ref. 1), EPA began receiving more information on the number of laboratories involved in environmental monitoring and environmental compliance testing, the variety of EPA-approved and mandatory methods that require the use of methylene chloride as a solvent, and the equipment and procedures used by these laboratories that ensure that worker exposures are low. According to the ACIL, their members perform more than 3 million tests annually using methylene chloride, many of which are performed pursuant to regulatory requirements of other statutes and use more than 50 EPA-approved methods or voluntary consensus standards that mandate the use of methylene chloride as a solvent (Refs. 48, 56). In addition to the previously-mentioned Method 0010 (Ref. 9), used to test the efficiency of incineration systems or determine particulate emission rates, other hazardous waste test methods (known as SW-846 methods) that require the use of methylene chloride include Method 3511, Organic Compounds in Water by Microextraction, and Method 3535A, Solid-Phase Extraction, which is used to isolate target organic analytes from aqueous samples (Ref. 9). EPA's National Primary Drinking Water Regulations at 40 CFR part 141 require methods that use methylene chloride, including Method 506, used to detect phthalate and adipate esters in drinking water, and Method 525.2, used to detect organic compounds in drinking water (Ref. 57). EPA's National Pollutant Discharge Elimination System regulations under the Clean Water Act also require, at 40 CFR part 136, methods that use methylene chloride, including Method 608 for organochlorine pesticides and polychlorinated biphenyls, Method 612 for chlorinated hydrocarbons, and Method 613 for 2,3,7,8-tetrachlorodibenzo-
                    <E T="03">p</E>
                    -dioxin (Refs. 9, 58, 59, 60). The Clean Air Act also requires under its regulations methods that use methylene chloride, including, under 40 CFR part 60, Method 23A, the Determination of Polychlorinated Dibenzo-p-Dioxins, Polychlorinated Dibenzofurans, Polychlorinated Biphenyls, and Polycyclic Aromatic Hydrocarbons from Stationary Sources (Ref. 61).
                </P>
                <P>Many analytical methods that must be used for environmental testing involve the use of methylene chloride. Unlike other affected entities, environmental testing laboratories are currently unable to select an alternative analytical method that does not require the use of methylene chloride due to requirements to use certain analytical methods. As such, these laboratories are not afforded the same ability or flexibility to eliminate the use of methylene chloride or substitute alternative solvent chemicals as other industries are able to do under the same rule. Many of these analytical methods do not list alternative chemicals that may be used in place of methylene chloride in the analytical method, and the process to revise or develop new analytical methods using different chemicals is a multi-year process that would exceed the WCPP compliance dates (Ref. 48). EPA now recognizes that the specification for the use of methylene chloride in analytical methods limits the ability of laboratories to exercise certain exposure control methods under the WCPP's Exposure Control Plan, including elimination and substitution, prior to implementing PPE and/or respirators.</P>
                <P>
                    According to a commenter, laboratories analyzing environmental samples for monitoring and compliance purposes explained that their use of methylene chloride typically occurs in areas with high-level ventilation and in a fume hood (Ref. 48). This practice is intended to protect workers from exposure to methylene chloride and prevents contamination of laboratory surfaces and the air by methylene chloride that could compromise the analysis of the samples (Ref. 48). The American Council of Independent Laboratories noted that, in order to ensure that such contamination is not occurring, their laboratories routinely test blank samples for contamination (Ref. 48). They further noted that laboratory accreditation organizations ensure that accredited laboratories are monitoring processes for potential contamination on a regular basis (Ref. 48). Thus, ACIL concludes that, if exposure to high levels of methylene chloride was occurring, their routine testing for sample contamination would likely flag such problems (Ref. 48). After EPA promulgated the May 2024 final rule, ACIL referred to statements 
                    <PRTPAGE P="22218"/>
                    presented in the Response to Comments document and in a public webinar that the Agency's data and rationale supported the use of fume hoods as an exposure control to protect laboratory personnel (Refs. 47, 56, 62). As EPA stated in the Response to Public Comments and the public webinar, the Agency maintains high confidence in laboratories' ability to achieve the protective measures needed to address the unreasonable risk and to meet the requirements of the WCPP and ECEL (Refs. 47, 62).
                </P>
                <P>During the proposed rule's public comment period, one of the main concerns voiced by environmental monitoring laboratories was the cost and difficulty of performing initial monitoring, and, potentially, periodic monitoring (Refs. 48, 49, 50). Due to compliance costs as a result of the final regulation, ACIL stated that smaller laboratories serving rural communities may cease environmental analyses that require the use of methylene chloride-based methods (Ref. 56). According to other laboratories, most have not had to perform exposure monitoring under the OSHA Methylene Chloride Standard, 29 CFR 1910.1052, because they are complying with the OSHA Laboratory Standard at 29 CFR 1910.1450, and monitoring is not required unless there is reason to believe that exposure levels routinely exceed the applicable OSHA action level, which for methylene chloride is 12.5 ppm (Refs. 52, 63, 64, 65). In their view, compliance with the containment requirements of the Laboratory Standard at 29 CFR 1910.1450, such as proper use of fume hoods or glove boxes, precludes ambient methylene chloride levels that exceed the TSCA action level, as well as the OSHA action level (Refs. 52, 63, 64, 65). These commenters did not provide monitoring data in support of their views, and while EPA agrees that proper use of fume hoods or glove boxes would likely be sufficient to address unreasonable risks from methylene chloride, without monitoring information to demonstrate as such, any laboratory could not be considered to be in compliance with the WCPP.</P>
                <P>Some organizations indicated a desire to undertake an arduous and potentially costly process to revise existing analytical method requirements rather than monitoring to demonstrate compliance with the ECEL, which, as noted above, could likely be met with use of laboratory hoods. Two organizations expressed that the better approach would be for EPA to work with the FDA, States, and standards-setting organizations to revise mandatory analytical methods to not require the use of methylene chloride, although they recognized that this would take a significant amount of time, and is outside the scope of a 6(a) TSCA rulemaking. One mentioned the phase-out of chlorofluorocarbons (CFCs) as an example, and stated that EPA took 20 years to conduct the needed research and to make the needed regulatory changes to remove the requirement to employ CFCs as solvents in its required oil and grease methods. They further noted that the use of methylene chloride is specified in many more methods than CFCs were. EPA understands the appeal of this approach, which would result in the elimination of methylene chloride hazards in many laboratories. However, EPA has determined that methylene chloride can be safely used in laboratories operating under the WCPP, so there is no need to terminate use of an effective solvent.</P>
                <P>
                    3. 
                    <E T="03">Use of methylene chloride in other laboratories.</E>
                     After EPA promulgated the final rule in 2024, representatives of academic laboratories also began contacting the Agency about the rule's impacts. EPA heard from individual universities, such as the University of California and Purdue University, as well as from the College Safety Health Environmental Management Association (CSHEMA) and the American Chemical Society, speaking on behalf of academic teaching and research laboratories. These stakeholders explained additional challenges that academic laboratories face in complying with the final rule. Universities often have multiple campuses, with a variety of laboratories on each, and methylene chloride is typically used only infrequently in most of these laboratories. In their view, it would be cost prohibitive to perform initial monitoring, and periodic monitoring if necessary, in each laboratory that they control, particularly where it is unlikely that anyone may be routinely exposed to methylene chloride (Ref. 48). In addition, because EPA's final rule extends protections beyond workers to all potentially exposed persons in the area, students will be covered by the rule and will potentially have to be provided with training, medically qualified to don a respirator, fit-tested for respirator use, and issued PPE and respirators, and records would have to be kept accordingly.
                </P>
                <P>Law enforcement agencies and laboratories also shared information with EPA after promulgation of the final rule. The Texas Department of Public Safety, New York City Police Department, the Johnson County (KS) Sheriff's Office, and the Wyoming State Crime Laboratory described the use of methylene chloride in small quantities for testing purposes, such as testing for controlled substances, like cocaine and heroin (Refs. 66, 67, 68, 69). These labs requested clarity on how the rulemaking would apply to their use, including if EPA was aware of alternatives to methylene chloride for testing of controlled substances and asking if methylene chloride use could continue with an exposure control plan in place.</P>
                <HD SOURCE="HD1">III. Provisions of This Proposed Rule</HD>
                <HD SOURCE="HD2">A. Establishing Compliance Dates</HD>
                <P>TSCA section 6(d) includes a number of provisions relating to establishment of effective or compliance dates applicable to TSCA section 6 rules. TSCA section 6(d)(1)(A) directs EPA to specify a date on which the TSCA section 6(a) rule is to take effect that is “as soon as practicable,” while TSCA section 6(d)(1)(B) requires EPA to specify mandatory compliance dates for each requirement of a rule promulgated under TSCA section 6(a), which must be as soon as practicable but no later than five years after promulgation, with few exceptions.</P>
                <P>EPA's 2023 NPRM would have required entities subject to the WCPP to conduct initial exposure monitoring no later than six months after the final rule was published, establish regulated areas and provide personal protective equipment (PPE) within the next three months, and develop and implement an exposure control plan three months after that, or within one year of the publication of the final rule. Many industry commenters thought that the compliance dates for WCPP implementation were too ambitious, while environmental advocacy organizations thought that industry should be required to comply sooner with worker protection measures once monitoring data showing exceedances of the ECEL or STEL was obtained. Industry commenters cited concerns about the availability of industrial hygiene personnel and monitoring methods, as well as the time it would take to implement engineering and administrative controls in the workplace.</P>
                <P>
                    In balancing questions over the practicability of WCPP compliance dates with the interest in protecting workers from unreasonable risks, EPA determined that the proposed timeframe was not practicable for all who would need to comply with it. Therefore, the final rule provided an additional six months of time for all owners and operators to implement the WCPP. Federal agencies and their contractors have approximately 18 additional months to comply with the WCPP, 
                    <PRTPAGE P="22219"/>
                    based on EPA's concern about the ability of certain departments and agencies of the Federal Government to achieve compliance with the private-sector timeframes and given the importance of methylene chloride to mission-critical Department of Defense and National Aeronautics and Space Administration operations and overall military readiness. For more information on this issue, see Unit III.D.1 of the 2024 final rule.
                </P>
                <HD SOURCE="HD2">B. Proposed Compliance Date Extension for the Industrial and Commercial Use of Methylene Chloride as a Laboratory Chemical</HD>
                <P>As a result of the information from laboratories and organizations representing laboratories subsequent to the publication of the 2024 final rule, EPA is proposing to extend the compliance dates applicable to non-federal owners and operators that use methylene chloride as a laboratory chemical, aligning with timeframes for Federal laboratories and Federal contractors. Under this proposal, such laboratories would have until November 9, 2026 to conduct initial monitoring, until February 8, 2027 to establish regulated areas and ensure compliance with the ECEL and EPA STEL, and until May 10, 2027 to develop and implement an exposure control plan. EPA has based this proposal on number of challenges to WCPP compliance identified by laboratories, including their inability to choose a different, less toxic solvent when performing analyses, especially environmental monitoring sample analyses that must be performed in accordance with specified methods, and the availability and cost of industrial hygiene personnel to conduct initial monitoring. In EPA's view, the newly proposed compliance dates are practicable and represent a reasonable transition period under TSCA section 6(d). Moreover, using compliance dates already established for Federal agencies and their contractors avoids the confusion that EPA may have created by having multiple compliance dates for various WCPP provisions.</P>
                <P>EPA requests comments and specific information addressing:</P>
                <P>• The ability of the various laboratories to comply with the requirements of the WCPP by the newly proposed compliance dates.</P>
                <P>• Alternative compliance timeframes for laboratories that represent dates that are as soon as practicable and provide for a reasonable transition period.</P>
                <P>• Information related to laboratory use of methylene chloride, addressing risks associated with that use, that may not have been previously available to EPA during risk management and should now be considered.</P>
                <P>• The costs of compliance with the WCPP for laboratories, such as the cost of: obtaining the services of an industrial hygienist, identifying relevant tasks associated with methylene chloride exposure, collecting and analyzing exposure samples, including the cost of equipment necessary to collect exposure samples, training, recordkeeping, implementing engineering and administrative controls and PPE, and modifying existing chemical hygiene plans developed under 29 CFR 1910.1450 to meet the requirements of 40 CFR 751.109(e)(2).</P>
                <P>• The cost differential of compliance between EPA requirements (40 CFR 751.109) and the current OSHA laboratory standard (29 CFR 1910.1450).</P>
                <P>• The number of potentially exposed persons who operate in various laboratories under the workplace chemical protection program requirements and the costs and benefits.</P>
                <P>EPA also welcomes comments, including data supporting alternative approaches to ensuring that potentially exposed persons are protected when they are working in, or otherwise present in, laboratories where methylene chloride is being used. For example, several commenters on the 2023 proposal took note of the approach taken in EPA's proposed TSCA section 6 rule on perchloroethylene (Ref. 48), which addressed laboratory exposures to perchloroethylene by requiring fume hoods or other enclosures and dermal protection. EPA understands that much of the methylene chloride use in laboratories is done under a fume hood or in glove boxes or other enclosures that limit air concentrations in the vicinity of the use. However, data in the methylene chloride risk evaluation indicates the potential for air concentrations in laboratories to exceed the ECEL. EPA is interested in any information that describes exposure reductions that fume hoods or other enclosures currently in use in laboratories provide that may reduce risks such that they are no longer unreasonable.</P>
                <HD SOURCE="HD1">IV. References</HD>
                <P>
                    The following is a listing of the documents that are specifically referenced in this document. The docket includes these documents and other information considered by EPA, including documents that are referenced within the documents that are included in the docket, even if the referenced document is not physically located in the docket. For assistance in locating these other documents, please consult the technical person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    .
                </P>
                <EXTRACT>
                    <P>
                        1. EPA. Methylene Chloride; Regulation under the Toxic Substances Control Act; Final Rule. RIN 2070-AK70. 
                        <E T="04">Federal Register</E>
                         (89 FR 39254) (FRL-8155-01-OCSPP). May 8, 2024. 
                        <E T="03">https://www.govinfo.gov/content/pkg/FR-2024-05-08/pdf/2024-09606.pdf.</E>
                    </P>
                    <P>2. EPA. American Chemical Society Meeting Memo. January 7, 2025.</P>
                    <P>3. EPA. American Council of Independent Laboratories Meeting Memo. January 8, 2025.</P>
                    <P>4. EPA. Temple University Correspondence Memo. July 16, 2024.</P>
                    <P>5. EPA. University of Minnesota Meeting Memo. December 3, 2024.</P>
                    <P>6. EPA. Vanderbilt University Correspondence Memo. May 31, 2024.</P>
                    <P>7. EPA. Colorado School of Mines Correspondence Memo. June 25, 2024.</P>
                    <P>8. EPA. University of Connecticut Correspondence Memo. June 10, 2024.</P>
                    <P>
                        9. EPA. SW-846 Hazardous Waste Test Methods Compendium. Accessed March 25, 2025. 
                        <E T="03">https://www.epa.gov/hw-sw846/sw-846-compendium.</E>
                    </P>
                    <P>
                        10. EPA. Methylene Chloride; Regulation under the Toxic Substances Control Act (TSCA); Proposed Rule. 
                        <E T="04">Federal Register</E>
                         (88 FR 28284) (FRL-8155-02-OCSPP). May 3, 2023. 
                        <E T="03">https://www.govinfo.gov/content/pkg/FR-2023-05-03/pdf/2023-09184.pdf.</E>
                    </P>
                    <P>11. EPA. Vermont Department of Health Laboratory Correspondence Memo. July 11, 2024.</P>
                    <P>12. EPA. Philadelphia Water Department Correspondence Memo. June 11, 2024.</P>
                    <P>13. EPA. Risk Evaluation for Methylene Chloride (MC). EPA Document #740-R1-8010.</P>
                    <P>14. Public Interest Research Group. Mass Comment Campaign. EPA-HQ-OPPT-2020-0465-0168. February 5, 2023.</P>
                    <P>15. Clean Water Action. Mass Comment Campaign. EPA-HQ-OPPT-2020-0465-0169. February 5. 2023.</P>
                    <P>16. Toxic Free Future. Mass Comment Campaign. EPA-HQ-OPPT-2020-0465-0170. February 5, 2023.</P>
                    <P>17. Safer Chemicals Healthy Families. Mass Comment Campaign. EPA-HQ-OPPT-2020-0465-0171. February 5, 2023.</P>
                    <P>18. Michael Kennedy. American Petroleum Institute (API) Comment EPA-HQ-OPPT-2020-0465-0198. June 29, 2023. National Federation of Independent Business.</P>
                    <P>19. David S. Addington. National Federation of Independent Business Comment EPA-HQ-OPPT-2020-0465-0186. June 16, 2023.</P>
                    <P>20. Melanie Barrett. Millipore Sigma Comment EPA-HQ-OPPT-2020-0465-0212. June 30, 2023. Aerospace Industries Association.</P>
                    <P>21. Remy Nathan. Aerospace Industries Association (AIA) Comment EPA-HQ-OPPT-2020-0465-0168. June 30, 2023.</P>
                    <P>22. William E. Allmond, IV. The Adhesives and Sealants Council, Inc. Comment EPA-HQ-OPPT-2020-0465-0229. June 30, 2023.</P>
                    <P>23. Richard E. Engler. TSCA New Chemicals Coalition. Comment EPA-HQ-OPPT-2020-0465-0230. July 6, 2023.</P>
                    <P>
                        24. Major L. Clark, III. Small Business Administration. Comment EPA-HQ-OPPT-2020-0465-0235. July 3, 2023.
                        <PRTPAGE P="22220"/>
                    </P>
                    <P>25. 3M Company. Comment EPA-HQ-OPPT-2020-0465-0222. July 7, 2023.</P>
                    <P>26. Richard Szembrot. Eastman Kodak Company. Comment EPA-HQ-OPPT-2020-0465-0236. July 6, 2023.</P>
                    <P>27. Jennifer C. Gibson. National Association of Chemical Distributors. Comment EPA-HQ-OPPT-2020-0465-0238. July 6, 2023.</P>
                    <P>28. Martin J. Durbin. U.S. Chamber of Commerce. Comment EPA-HQ-OPPT-2020-0465-0279. July 7, 2023.</P>
                    <P>29. Danielle Jones. Chemours Company Comment EPA-HQ-OPPT-2020-0465-0242. July 3, 2023.</P>
                    <P>30. Jim LaBrake. Nalas Engineering Services. Comment EPA-HQ-OPPT-2020-0465-0286. July 7, 2023.</P>
                    <P>31. Genevieve Strand. Society of Chemical Manufacturers &amp; Affiliates (SOCMA) Comment EPA-HQ-OPPT-2020-0465-0250. July 3, 2023.</P>
                    <P>32. Haakan Jonsson. Covestro LLC Comment EPA-HQ-OPPT-2020-0465-0377. June 29, 2023.</P>
                    <P>33. Riaz Zaman. American Coatings Association. Comment EPA-HQ-OPPT-2020-0465-0211. July 6, 2023.</P>
                    <P>34. Paul DeLeo. American Chemistry Council (ACC) Comment EPA-HQ-OPPT-2020-0465-0281. July 3, 2023.</P>
                    <P>35. LeaAnne Forest. American Chemistry Council (ACC). Comment EPA-HQ-OPPT-2020-0465-0268. July 7, 2023.</P>
                    <P>36. James Lee. Ohio Manufacturers Association (OMA). Comment EPA-HQ-OPPT-2020-0465-0185. June 21, 2023.</P>
                    <P>37. Halogenated Solvents Industry Alliance (HSIA). Comment EPA-HQ-OPPT-2020-0465-0285. July 7, 2023.</P>
                    <P>38. Sherolyn Bishop. Savannah River National Laboratory—U.S. Department of Energy. Comment EPA-HQ-OPPT-2020-0465-0196. June 30, 2023.</P>
                    <P>39. James Lee. Hach Company. Comment EPA-HQ-OPPT-2020-0465-0180. May 24, 2023.</P>
                    <P>40. Carrie McMichael. Solvay Specialty Polymers USA, LLC Comment EPA-HQ-OPPT-2020-0465-0215. June 30, 2023.</P>
                    <P>41. EaglePicher. EaglePicher Technologies, LLC Comment EPA-HQ-OPPT-2020-0465-0214. June 30, 2023.</P>
                    <P>42. Andy Barsala. GE Aerospace Comment EPA-HQ-OPPT-2020-0465-0234. July 3, 2023.</P>
                    <P>43. Wanda Copeland Smith. Halocarbon. Comment EPA-HQ-OPPT-2020-0465-0252. July 3, 2023.</P>
                    <P>44. Lee French. DuPont de Nemours, Inc. Comment EPA-HQ-OPPT-2020-0465-0224. June 30, 2023.</P>
                    <P>45. Steven Bennett. Household and Commercial Products Association (HCPA). Comment EPA-HQ-OPPT-2020-0465-0257. July 6, 2023.</P>
                    <P>46. Steve Shestag. The Boeing Company. Comment EPA-HQ-OPPT-2020-0465-0253. July 6, 2023.</P>
                    <P>47. U.S. Tire Manufacturers Association. Comment EPA-HQ-OPPT-2020-0465-0239. July 6, 2023.</P>
                    <P>48. EPA. Methylene Chloride; Regulation Under the Toxic Substances Control Act (TSCA); Response to Public Comments. RIN 2070-AK70. April 2024.</P>
                    <P>49. Judith Morgan and David Friedman. American Council of Independent Laboratories (ACIL). Comment EPA-HQ-OPPT-2020-0465-0258. June 6, 2023.</P>
                    <P>50. Judy Morgan. Pace Analytical. Comment EPA-HQ-OPPT-2020-0465-0274. July 7, 2023.</P>
                    <P>51. Jerry Parr. Environmental Monitoring Coalition (EMC). Comment EPA-HQ-OPPT-2020-0465-0255. June 6, 2023.</P>
                    <P>52. Steven McLean. Comment EPA-HQ-OPPT-2020-0465-0184. June 13, 2023.</P>
                    <P>53. Caroline Trupp Gil. American Chemical Society (ACS). Comment EPA-HQ-OPPT-2020-0465-0247. July 6, 2023.</P>
                    <P>54. EPA. Initial Regulatory Flexibility Analysis for Methylene Chloride; Regulation of Methylene Chloride under TSCA § 6(a) Proposed Rule; RIN 2070-AK70. November 22, 2022.</P>
                    <P>55. Kenji Saito. American College of Occupational and Environmental Medicine (ACOEM). Comment EPA-HQ-OPPT-2020-0465-0237. July 3, 2023.</P>
                    <P>56. Karen Ethier. ThermoFisher. Comment EPA-HQ-OPPT-2020-0465-0213. July 6, 2023.</P>
                    <P>57. EPA. American Council of Independent Laboratories Meeting Memo. April 23, 2025.</P>
                    <P>
                        58. EPA. EPA Analytical Method 506 and 525.2 Revision 2.0. Accessed March 25, 2025. 
                        <E T="03">https://www.epa.gov/system/files/documents/2024-02/organic-methods-table.pdf.</E>
                    </P>
                    <P>
                        59. EPA. Method 608: Organochlorine Pesticides and PCBs. Accessed March 25, 2025. 
                        <E T="03">https://www.epa.gov/sites/default/files/2015-09/documents/method_608_1984.pdf.</E>
                    </P>
                    <P>
                        60. EPA. Method 612: Chlorinated Hydrocarbons. Accessed March 25, 2025. 
                        <E T="03">https://www.epa.gov/sites/default/files/2015-10/documents/method_612_1984.pdf.</E>
                    </P>
                    <P>
                        61. EPA. Method 613: 2, 3, 7, 8-Tetrachloro-dibenzo-p-Dioxin. Accessed March 25, 2025. 
                        <E T="03">https://www.epa.gov/sites/default/files/2015-10/documents/method_613_1984.pdf.</E>
                    </P>
                    <P>
                        62. EPA. EPA Method 23A. Accessed March 25, 2025. 
                        <E T="03">https://www.epa.gov/sites/default/files/2020-04/documents/method_0023a_0.pdf.</E>
                    </P>
                    <P>63. EPA. Public Webinar on Methylene Chloride; Risk Evaluation and Risk Management under TSCA Section 6. EPA-HQ-OPPT-2020-0465-0431. June 4, 2024.</P>
                    <P>64. Robin Mills Ridgway. Purdue University. Comment EPA-HQ-OPPT-2020-0465-0243. July 6, 2023.</P>
                    <P>
                        65. OSHA. Occupational Exposure to Hazardous Chemicals in Laboratories. Accessed March 31, 2025. 
                        <E T="03">https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.1450.</E>
                    </P>
                    <P>
                        66. OSHA. Methylene Chloride. Accessed March 31, 2025. 
                        <E T="03">https://www.osha.gov/laws-regs/regulations/standardnumber/1910/1910.1052.</E>
                    </P>
                    <P>67. EPA. Texas Department of Public Safety Correspondence Memo. June 12, 2024.</P>
                    <P>68. EPA. New York Police Department Police Laboratory Correspondence Memo. June 4, 2024.</P>
                    <P>69. EPA. Johnson County Sherriff's Office Criminalistic Laboratory Correspondence Memo. June 4, 2024.</P>
                    <P>70. EPA. Wyoming State Crime Laboratory Correspondence Memo. June 4, 2024.</P>
                    <P>71. EPA. Existing Chemical Exposure Limit (ECEL) for Occupational Use of Methylene Chloride. December 10, 2020.</P>
                    <P>72. Kevin Ashley. Harmonization of NIOSH Sampling and Analytical Methods with Related International Voluntary Consensus Standards. J Occup Environ Hyg. 12(7):D107-15. 2015.</P>
                </EXTRACT>
                <HD SOURCE="HD1">V. Statutory and Executive Order Reviews</HD>
                <P>
                    Additional information about these statutes and Executive Orders can be found at 
                    <E T="03">https://www.epa.gov/laws-regulations/laws-and-executive-orders.</E>
                </P>
                <HD SOURCE="HD2">A. Executive Order 12866: Regulatory Planning and Review and Executive Order 13563: Improving Regulation and Regulatory Review</HD>
                <P>This action is not a significant regulatory action under Executive Order 12866 (58 FR 51735, October 4, 1993) and was therefore not submitted to the Office of Management and Budget (OMB) for review under Executive Orders 12866 and 13563 (76 FR 3821, January 21, 2011).</P>
                <HD SOURCE="HD2">B. Executive Order 14192: Unleashing Prosperity Through Deregulation</HD>
                <P>This action is expected to be an Executive Order 14192 deregulatory action. This proposed rule is expected to provide burden reduction by providing relief against existing compliance deadlines.</P>
                <HD SOURCE="HD2">C. Paperwork Reduction Act (PRA)</HD>
                <P>
                    This action does not impose any new information collection activities or burden subject to OMB review and approval under the PRA, 44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                     However, this action defers the costs associated with paperwork and recordkeeping burden for an existing information collection because the delayed compliance date alters the time horizon of the collection's analysis. Burden is defined in 5 CFR 1320.3(b). OMB has previously approved the information collection activities contained in the existing regulations and associated burden under OMB Control No. 2070-0229 (EPA ICR No. 2735.02). An agency may not conduct or sponsor, and a person is not required to respond to a collection of information that requires OMB approval under PRA, unless it has been approved by OMB and displays a currently valid OMB control number. The OMB control numbers for EPA's regulations in title 40 of the CFR, after appearing in the 
                    <E T="04">Federal Register</E>
                    , are listed in 40 CFR part 9, and included on the related collection instrument or form, if applicable.
                    <PRTPAGE P="22221"/>
                </P>
                <HD SOURCE="HD2">D. Regulatory Flexibility Act (RFA)</HD>
                <P>
                    I certify that this action will not have a significant economic impact on a substantial number of small entities under the RFA, 5 U.S.C. 601 
                    <E T="03">et seq.</E>
                     In making this determination, EPA concludes that the impact of concern for this action is any significant adverse economic impact on small entities, and the Agency is certifying that this rule will not have a significant economic impact on a substantial number of small entities because the rule relieves regulatory burden. This action would extend the compliance dates for several provisions of the WCPP for approximately 18 months for the industrial and commercial use of methylene chloride as a laboratory chemical. We have therefore concluded that this action would relieve regulatory burden for those entities engaged in the industrial and commercial use of methylene chloride as a laboratory chemical.
                </P>
                <HD SOURCE="HD2">E. Unfunded Mandates Reform Act (UMRA)</HD>
                <P>This action does not contain an unfunded mandate as described in UMRA, 2 U.S.C. 1531-1538, and does not significantly or uniquely affect small governments. The action imposes no enforceable duty on any state, local or tribal governments or the private sector.</P>
                <HD SOURCE="HD2">F. Executive Order 13132: Federalism</HD>
                <P>This action does not have federalism implications as specified in Executive Order 13132 (64 FR 43255, August 10, 1999) because it will not have substantial direct effects on the states, on the relationship between the national government and the states, or on the distribution of power and responsibilities among the various levels of government.</P>
                <HD SOURCE="HD2">G. Executive Order 13175: Consultation and Coordination With Indian Tribal Governments</HD>
                <P>This action does not have tribal implications as specified in Executive Order 13175 (65 FR 67249, November 9, 2000) because it does not have substantial direct effects on one or more Indian tribes, on the relationship between the Federal Government and Indian tribes, or on the distribution of power and responsibilities between the Federal Government and Indian tribes. Thus, Executive Order 13175 does not apply to this action.</P>
                <HD SOURCE="HD2">H. Executive Order 13045: Protection of Children From Environmental Health Risks and Safety Risks</HD>
                <P>This action is not a “covered regulatory action” under Executive Order 13045 (62 FR 19885, April 23, 1997) because it is not an economically significant regulatory action as defined by Executive Order 12866.</P>
                <HD SOURCE="HD2">I. Executive Order 13211: Actions Concerning Regulations That Significantly Affect Energy Supply, Distribution, or Use</HD>
                <P>This action is not subject to Executive Order 13211 (66 FR 28355, May 22, 2001) because it is not a significant regulatory action under Executive Order 12866.</P>
                <HD SOURCE="HD2">J. National Technology Transfer and Advancement Act (NTTAA)</HD>
                <P>Pursuant to the NTTAA section 12(d), 15 U.S.C. 272, the Agency has determined that this proposed rulemaking involves environmental monitoring or measurement, specifically for occupational inhalation exposures to methylene chloride. Consistent with the Agency's Performance Based Measurement System (PBMS), EPA has decided not to require the use of specific, prescribed analytic methods. Rather, the Agency will allow the use of any method that meets the prescribed performance criteria. The PBMS approach is intended to be more flexible and cost-effective for the regulated community; it is also intended to encourage innovation in analytical technology and improved data quality. EPA is not precluding the use of any method, whether it constitutes a voluntary consensus standard or not, as long as it meets the performance criteria specified.</P>
                <P>For this proposed rulemaking, the key consideration for the PBMS approach is the ability to accurately detect and measure airborne concentrations of methylene chloride at the ECEL, the ECEL action level, and the EPA STEL. Some examples of methods which meet the criteria are included in appendix A of the ECEL memo (Ref. 71). EPA recognizes that there may be voluntary consensus standards (Ref. 72).</P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 40 CFR Part 751</HD>
                    <P>Environmental protection, Chemicals, Export notification, Hazardous substances, Import certification, Reporting and recordkeeping.</P>
                </LSTSUB>
                <SIG>
                    <NAME>Lee Zeldin,</NAME>
                    <TITLE>Administrator.</TITLE>
                </SIG>
                <P>For the reasons set forth in the preamble, the EPA proposes to amend 40 CFR part 751 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 751—REGULATION OF CERTAIN CHEMICAL SUBSTANCES AND MIXTURES UNDER SECTION 6 OF THE TOXIC SUBSTANCES CONTROL ACT</HD>
                </PART>
                <AMDPAR>1. The authority citation for part 751 continues to read as follows:</AMDPAR>
                <AUTH>
                    <HD SOURCE="HED">Authority:</HD>
                    <P>15 U.S.C. 2605, 15 U.S.C. 2625(l)(4).</P>
                </AUTH>
                <AMDPAR>2. Amend § 751.109 by revising paragraphs (c), (d)(2), (e), (f), and (g) to read as follows:</AMDPAR>
                <SECTION>
                    <SECTNO>§ 751.109 </SECTNO>
                    <SUBJECT>Workplace Chemical Protection Program.</SUBJECT>
                    <STARS/>
                    <P>
                        (c) 
                        <E T="03">Exposure limits—</E>
                        (1) 
                        <E T="03">ECEL.</E>
                         The owner or operator must ensure that no person is exposed to an airborne concentration of methylene chloride in excess of 2 parts of methylene chloride per million parts of air (2 ppm) as an 8-hour TWA:
                    </P>
                    <P>(i) After February 8, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators when using methylene chloride as a laboratory chemical;</P>
                    <P>(ii) After August 1, 2025, for other owners and operators; or</P>
                    <P>(iii) Beginning 4 months after the owner or operator introduces methylene chloride into the workplace, if methylene chloride use commences after May 5, 2025, consistent with paragraphs (d) through (f) of this section.</P>
                    <P>
                        (2) 
                        <E T="03">EPA STEL.</E>
                         The owner or operator must ensure that no person is exposed to an airborne concentration of methylene chloride in excess of 16 parts of methylene chloride per million parts of air (16 ppm) as determined over a sampling period of 15 minutes:
                    </P>
                    <P>(i) After February 8, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators when using methylene chloride as a laboratory chemical;</P>
                    <P>(ii) After August 1, 2025, for other owners and operators; or</P>
                    <P>(iii) Beginning 4 months after the owner or operator introduces methylene chloride into the workplace, if methylene chloride use commences after May 5, 2025, consistent with paragraphs (d) through (f) of this section.</P>
                    <P>
                        (3) 
                        <E T="03">Regulated areas.</E>
                         The owner or operator must: (i) Establish and maintain regulated areas in accordance with 29 CFR 1910.1052(e)(2) and (4) through (7):
                    </P>
                    <P>
                        (ii) After February 8, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, 
                        <PRTPAGE P="22222"/>
                        and owners or operators when using methylene chloride as a laboratory chemical;
                    </P>
                    <P>(iii) After August 1, 2025, for other owners and operators; or</P>
                    <P>(iv) Within 3 months after the owner or operator's receipt of the results of any monitoring data consistent with paragraph (d) of this section.</P>
                    <STARS/>
                    <P>(d) * * *</P>
                    <P>
                        (2) 
                        <E T="03">Initial monitoring.</E>
                         Each owner or operator covered by this section must perform an initial exposure monitoring to determine each potentially exposed person's exposure:
                    </P>
                    <P>(i) By November 9, 2026, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators when using methylene chloride as a laboratory chemical;</P>
                    <P>(ii) By May 5, 2025, for other owners and operators; or</P>
                    <P>(iii) Within 30 days of the owner or operator introducing methylene chloride into the workplace, whichever is later, unless:</P>
                    <STARS/>
                    <P>
                        (e) 
                        <E T="03">ECEL control procedures and plan.</E>
                         (1) 
                        <E T="03">Methods of compliance.</E>
                         The owner or operator must institute one or a combination of elimination, substitution, engineering controls, work practices, or administrative controls to reduce exposure to or below the ECEL and EPA STEL except to the extent that the owner or operator can demonstrate that such controls are not feasible:
                    </P>
                    <P>(i) By May 10, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators using methylene chloride as a laboratory chemical;</P>
                    <P>(ii) By October 30, 2025, for other owners and operators; or</P>
                    <P>(iii) Within 7 months of the owner or operator introducing methylene chloride into the workplace.</P>
                    <P>
                        (2) 
                        <E T="03">Exposure control plan.</E>
                         The owner or operator must develop and implement an exposure control plan:
                    </P>
                    <P>(i) By May 10, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators using methylene chloride as a laboratory chemical;</P>
                    <P>(ii) By October 30, 2025, for other owners and operators, the owner or operator must develop and implement an exposure control plan; or</P>
                    <P>(iii) Within 7 months of the owner or operator introducing methylene chloride into the workplace.</P>
                    <STARS/>
                    <P>
                        (f) 
                        <E T="03">Respiratory protection—</E>
                        (1) 
                        <E T="03">Respirator conditions.</E>
                         The owner or operator must provide respiratory protection to all potentially exposed persons in the regulated area as outlined in paragraph (c)(3) of this section, and according to the provisions outlined in 29 CFR 1910.134(a) through (l) (except 29 CFR 1910.134(d)(1)(iii)) and as specified in this paragraph (f) for potentially exposed persons exposed to methylene chloride in concentrations above the ECEL or the EPA STEL. For the purpose of this paragraph (f), the maximum use concentration (MUC) as used in 29 CFR 1910.134 must be calculated by multiplying the assigned protection factor (APF) specified for a respirator by the ECEL or EPA STEL:
                    </P>
                    <P>(i) After February 8, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators using methylene chloride as a laboratory chemical;</P>
                    <P>(ii) After August 1, 2025, for other owners and operators; or</P>
                    <P>(iii) Within 3 months after the owner or operator's receipt of the results of any exposure monitoring as described in paragraph (d) of this section.</P>
                    <STARS/>
                    <P>
                        (g) 
                        <E T="03">Dermal protection.</E>
                         The owner or operator must require the donning of gloves that are chemically resistant to methylene chloride with activity-specific training where dermal contact with methylene chloride is possible, after application of the requirements in paragraph (e) of this section, in accordance with the NIOSH hierarchy of controls:
                    </P>
                    <P>(1) After February 8, 2027, for Federal agencies, Federal contractors acting for or on behalf of the Federal Government, and owners or operators using methylene chloride as a laboratory chemical;</P>
                    <P>(2) After August 1, 2025, for other owners and operators.</P>
                    <STARS/>
                </SECTION>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09421 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </PRORULE>
        <PRORULE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>Fish and Wildlife Service</SUBAGY>
                <CFR>50 CFR Part 17</CFR>
                <DEPDOC>[Docket No. FWS-R8-ES-2023-0157; FXES1111090FEDR-256-FF09E21000]</DEPDOC>
                <RIN>RIN 1018-BH11</RIN>
                <SUBJECT>Endangered and Threatened Wildlife and Plants; Designation of Critical Habitat for Four Distinct Population Segments of the Foothill Yellow-Legged Frog; Reopening of the Comment Period</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Fish and Wildlife Service, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Proposed rule; reopening of the comment period.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        We, the U.S. Fish and Wildlife Service, announce that we are reopening the comment period for the proposed rule to designate critical habitat for four distinct population segments (DPSs) of the foothill yellow-legged frog (
                        <E T="03">Rana boylii</E>
                        ) under the Endangered Species Act of 1973, as amended (Act). In total, approximately 760,071 acres (307,590 hectares) in California fall within the boundaries of the proposed critical habitat designation. Comments previously submitted on the proposed rule need not be resubmitted as they are already incorporated into the public record for the rulemaking action and will be fully considered in our development of the final rule.
                    </P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        The comment period on the proposed rule that published on January 14, 2025, at 90 FR 3412 is reopened until July 28, 2025. Comments submitted electronically using the Federal eRulemaking Portal (see 
                        <E T="02">ADDRESSES</E>
                        , below) must be received by 11:59 p.m. eastern time on the closing date.
                    </P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P/>
                    <P>
                        <E T="03">Availability of documents:</E>
                         You may obtain a copy of the proposed rule and associated supporting documents on the internet at 
                        <E T="03">https://www.regulations.gov</E>
                         at Docket No. FWS-R8-ES-2023-0157.
                    </P>
                    <P>
                        <E T="03">Comment submission:</E>
                         You may submit written comments by one of the following methods:
                    </P>
                    <P>
                        (1) 
                        <E T="03">Electronically:</E>
                         Go to the Federal eRulemaking Portal: 
                        <E T="03">https://www.regulations.gov.</E>
                         In the Search box, enter FWS-R8-ES-2023-0157, which is the docket number for this rulemaking. Then, click on the Search button. On the resulting page, in the panel on the left side of the screen, under the Document Type heading, check the Proposed Rule box to locate the correct document. You 
                        <PRTPAGE P="22223"/>
                        may submit a comment by clicking on “Comment.”
                    </P>
                    <P>
                        (2) 
                        <E T="03">By hard copy:</E>
                         Submit by U.S. mail to: Public Comments Processing, Attn: FWS-R8-ES-2023-0157, U.S. Fish and Wildlife Service, MS: PRB/3W, 5275 Leesburg Pike, Falls Church, VA 22041-3803.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Kim Turner, Deputy Field Supervisor, U.S. Fish and Wildlife Service, Sacramento Fish and Wildlife Office; 916-414-6606; 
                        <E T="03">kim_s_turner@fws.gov.</E>
                         Individuals in the United States who are deaf, deafblind, hard of hearing, or have a speech disability may dial 711 (TTY, TDD, or TeleBraille) to access telecommunications relay services. Individuals outside the United States should use the relay services offered within their country to make international calls to the point-of-contact in the United States.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On August 29, 2023, under the authority of the Endangered Species Act of 1973, as amended (Act; 16 U.S.C. 1531 
                    <E T="03">et seq.</E>
                    ), we published a final rule (88 FR 59698) that added four DPSs of the foothill yellow-legged frog to the List of Endangered and Threatened Wildlife at 50 CFR 17.11(h). Two DPSs are listed as endangered, and two DPSs are listed as threatened. On January 14, 2025, after obtaining required information to complete our analysis for determining critical habitat, we published a proposed rule to designate critical habitat for the four DPSs (90 FR 3412). The proposed rule opened a 60-day comment period, which ended March 17, 2025.
                </P>
                <P>As a result of a public request and to give all interested parties an additional opportunity to comment on the proposed rule, we are reopening the comment period for the proposed rule to designate critical habitat for the four DPSs of the foothill yellow-legged frog described above for an additional 60-day period.</P>
                <P>
                    Please refer to the proposed rule to designate critical habitat for more information on our proposed action and the specific information we seek. Additional information about the proposed rule, including supplementary materials and the comments received, is available on the internet at 
                    <E T="03">https://www.regulations.gov</E>
                     at Docket No. FWS-R8-ES-2023-0157.
                </P>
                <P>
                    We request that you send comments only by the methods described above in 
                    <E T="02">ADDRESSES</E>
                    . We will post all comments on 
                    <E T="03">https://www.regulations.gov.</E>
                     This generally means that we will post any personal information you provide us (see Public Comments, below, for more information).
                </P>
                <HD SOURCE="HD1">Public Comments</HD>
                <P>If you already submitted comments or information on the January 14, 2025, proposed rule (90 FR 3412), please do not resubmit them. Any such comments are incorporated as part of the public record of the rulemaking proceeding, and we will fully consider them in the preparation of our final determination.</P>
                <P>Comments should be as specific as possible. Please include any supplemental information with your submission (such as scientific journal articles or other publications) to allow us to verify any scientific information you include. Please note that submissions merely stating support for, or opposition to, the action under consideration without providing supporting information, although noted, do not provide substantial information necessary to support a determination, as section 4(b)(2) of the Act directs that the Secretary shall designate critical habitat on the basis of the best scientific data available.</P>
                <P>
                    You may submit your comments and materials by one of the methods listed in 
                    <E T="02">ADDRESSES</E>
                    . We request that you send comments only by the methods described in 
                    <E T="02">ADDRESSES</E>
                    . If you submit information via 
                    <E T="03">https://www.regulations.gov,</E>
                     your entire submission—including your personal identifying information—will be posted on the website. If your submission is made via a hardcopy that includes personal identifying information, you may request at the top of your document that we withhold this information from public review. However, we cannot guarantee that we will be able to do so. We will post all hardcopy submissions on 
                    <E T="03">https://www.regulations.gov.</E>
                </P>
                <HD SOURCE="HD1">Signing Authority</HD>
                <P>Paul Souza, Regional Director, Region 8, Exercising the Delegated Authority of the Director of the U.S. Fish and Wildlife Service, approved this action on May 6, 2025, for publication. On May 20, 2025, Paul Souza authorized the undersigned to sign the document electronically and submit it to the Office of the Federal Register for publication as an official document of the U.S. Fish and Wildlife Service.</P>
                <SIG>
                    <NAME>Madonna Baucum,</NAME>
                    <TITLE>Regulations and Policy Chief, Division of Policy, Economics, Risk Management, and Analytics of the Joint Administrative Operations, U.S. Fish and Wildlife Service. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09352 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4333-15-P</BILCOD>
        </PRORULE>
    </PRORULES>
    <VOL>90</VOL>
    <NO>100</NO>
    <DATE>Tuesday, May 27, 2025</DATE>
    <UNITNAME>Notices</UNITNAME>
    <NOTICES>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="22224"/>
                <AGENCY TYPE="F">ADMINISTRATIVE CONFERENCE OF THE UNITED STATES</AGENCY>
                <SUBJECT>Federal Agency Collaboration With State, Local, Tribal, and Territorial Governments; Request for Comments</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Administrative Conference of the United States (ACUS).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of the Chairman of ACUS is requesting public input on Federal agency approaches and processes for collaborating with State, local, Tribal, and territorial governments when administering Federal programs. ACUS is accepting written comments. Responses to this request may inform an ongoing ACUS project, “Federal Agency Collaboration with State, Local, Tribal, and Territorial Governments” which, if warranted, may recommend best practices for agencies to use.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Written comments must be received no later than 10 a.m. (ET) July 28, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        You may submit written comments by email to 
                        <E T="03">info@acus.gov</E>
                         (with “Federal Agency Collaboration with State, Local, Tribal, and Territorial Governments” in the subject line of the message), or by U.S. Mail addressed to Federal Agency Collaboration with State, Local, Tribal, and Territorial Governments, Administrative Conference of the United States, Suite 706 South, 1120 20th Street NW, Washington, DC 20036. ACUS will ordinarily post comments on the project web page (
                        <E T="03">https://www.acus.gov/projects/federal-agency-collaboration-state-local-tribal-and-territorial-governments</E>
                        ) as they are received. Commenters should not include information, such as personal information or confidential business information, that they do not wish to appear on the ACUS website. For the full ACUS public comment policy, please visit 
                        <E T="03">https://www.acus.gov/policy/public-comment-policy.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Becaja Caldwell, Attorney Advisor, Administrative Conference of the United States, 1120 20th Street NW, Suite 706 South, Washington, DC 20036; telephone (202) 480-2081; email 
                        <E T="03">bcaldwell@acus.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The Administrative Conference Act, 5 U.S.C. 591-596, established the Administrative Conference of the United States. The Conference studies the efficiency, adequacy, and fairness of the administrative procedures used by Federal agencies and makes recommendations to agencies, the President, Congress, and the Judicial Conference of the United States for procedural improvements (5 U.S.C. 594(1)). For further information about the Conference and its activities, see 
                    <E T="03">www.acus.gov.</E>
                </P>
                <HD SOURCE="HD1">Federal Agency Collaboration With State, Local, Tribal, and Territorial Governments</HD>
                <P>State, local, Tribal, and territorial governments (SLTTGs) play a critical role in administering many Federal programs. Approximately 81 percent of Federal statutes include provisions that contemplate some kind of collaboration—formal or informal—between Federal agencies and SLTTGs. When governments collaborate, they work together to produce more public value than they could produce on their own, promoting greater accountability, transparency, and innovation in the administration of Federal programs.</P>
                <P>
                    Such intergovernmental partnerships are critical for administering a wide array of Federal policies in myriad contexts.
                    <SU>1</SU>
                    <FTREF/>
                     For example, the Army collaborates with State and local environmental agencies when constructing water navigation projects.
                    <SU>2</SU>
                    <FTREF/>
                     Under the Affordable Care Act, States are responsible for implementing certain insurance-exchange provisions which the Department of Health and Human Services (HHS) oversees.
                    <SU>3</SU>
                    <FTREF/>
                     In the law enforcement context, HHS and the Department of Justice are responsible for coordinating Federal, State, and local law enforcement programs to control fraud and abuse with respect to health plans,
                    <SU>4</SU>
                    <FTREF/>
                     while the Drug Enforcement Administration pursues its enforcement efforts under the Controlled Substances Act with the help of State and local task forces.
                    <SU>5</SU>
                    <FTREF/>
                     The Federal Highway Administration and Bureau of Indian Affairs work in partnership with Tribal governments to facilitate Tribal transportation planning on Tribal lands.
                    <SU>6</SU>
                    <FTREF/>
                     Finally, the Department of Homeland Security oversees a National Network of Fusion Centers, in coordination with SLTTGs and other Federal partners, to facilitate threat-related information sharing among such entities.
                    <SU>7</SU>
                    <FTREF/>
                     These are just some examples of the many ways in which Federal agencies and SLTTGs partner to more effectively and efficiently deliver public services.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         Pamela J. Clouser McCann, 
                        <E T="03">The Strategic Use of Congressional Intergovernmental Delegation,</E>
                         77 J. Pol. 620 (2015).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         33 U.S.C. 2233.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         42 U.S.C. 18031; 
                        <E T="03">see also</E>
                         42 U.S.C. 18041 (describing State flexibility in the operation and enforcement of health benefit exchanges).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         42 U.S.C. 1320a-7c; 
                        <E T="03">see also</E>
                         Dep't of Just. &amp; Dep't of Health &amp; Hum. Servs., Annual Report of the Departments of Health and Human Services and Justice: Health Care Fraud and Abuse Control Program FY 2023 (2024), 
                        <E T="03">https://oig.hhs.gov/documents/hcfac/10087/HHS%20OIG%20FY%202023%20HCFAC.pdf</E>
                         (discussing the ways in which both departments worked together with State and local governments to combat health care fraud and abuse in Fiscal Year 2023).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         21 U.S.C. 873; 
                        <E T="03">see also State and Local Task Forces,</E>
                         Drug Enf't Admin., 
                        <E T="03">https://www.dea.gov/state-and-local-task-force</E>
                         (last visited May 20, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         23 U.S.C. 201-202.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See Fusion Centers' Support of National Strategies and Guidance,</E>
                         U.S. Dep't of Homeland Sec., 
                        <E T="03">https://www.dhs.gov/topic/fusion-centers-support-national-strategies-and-guidance</E>
                         (last visited May 20, 2025).
                    </P>
                </FTNT>
                <P>
                    For these partnerships to be successful, officials must coordinate and cooperate effectively across government. However, there is limited research on how Federal agencies and SLTTGs work together to achieve successful partnerships. Through this project, ACUS is seeking to learn more about the laws and policies that govern and shape intergovernmental partnerships; the frequency and scale of Federal collaboration with SLTTGs; practical considerations that policymakers evaluate in structuring, implementing, and maintaining such partnerships; and challenges that administrators face in managing them. The project will result in a set of recommended best practices that Federal agencies can use to coordinate and collaborate more effectively with SLTTG partners.
                    <PRTPAGE P="22225"/>
                </P>
                <HD SOURCE="HD1">Specific Topics for Public Comment</HD>
                <P>ACUS welcomes views, information, and data on all aspects of strategies and approaches that agencies are using or might use to collaborate with State, local, Tribal, and/or territorial governments in administering Federal programs. ACUS also seeks specific feedback on the following questions related to agencies' collaboration efforts:</P>
                <P>1. What has been your experience regarding collaboration with a Federal agency to carry out a program?</P>
                <P>2. If you have been involved in an intergovernmental partnership, who are (or were) your intergovernmental partners?</P>
                <P>3. In your experience, what makes a collaboration successful? Are there practices that Federal and SLTTG officials could adopt to facilitate more productive collaborations?</P>
                <P>4. In your experience, what challenges do Federal officials experience when interacting with SLTTG partners? What strategies have Federal and SLTTG officials used (or do use) to address these challenges? Were any strategies particularly effective or ineffective? Why or why not? Are there any lessons learned, policies, or practices that could be implemented to enhance intergovernmental partnerships?</P>
                <P>5. In your experience, how do (or did) intergovernmental partners communicate with each other and with other interested persons? Has technology changed this dynamic, and, if so, how?</P>
                <P>6. In your experience, to what extent do Federal agencies and SLTTG partners develop policies that govern their relationships? To what extent are such policies made publicly available?</P>
                <P>7. To what extent are Federal officials and SLTTG partners aware of the laws governing their collaboration?</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Shawne McGibbon,</NAME>
                    <TITLE>General Counsel.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09373 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6110-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF AGRICULTURE</AGENCY>
                <SUBAGY>Animal and Plant Health Inspection Service</SUBAGY>
                <DEPDOC>[Docket No. APHIS-2021-0081]</DEPDOC>
                <SUBJECT>Deregulation of Chrysanthemum White Rust and the Importation of Chrysanthemum spp. Cuttings, and In Vitro Plantlets, and Synonymous Genera From Certain Countries Into the Continental United States</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Animal and Plant Health Inspection Service, USDA.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of availability; reopening of comment period.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        We are reopening the comment period on a notice making available an economic evaluation relative to regulating chrysanthemum white rust as a quarantine pest, as well as a pest risk analysis regarding the importation of 
                        <E T="03">Chrysanthemum</E>
                         spp. and synonymous genera cuttings and 
                        <E T="03">in vitro</E>
                         plantlets into the United States. Based on comments received on an initial notice, we have revised the pest risk analysis. This action will allow interested persons time to review the revised documents and submit comments.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The comment period for the notice published on April 17, 2023 (88 FR 23390-23391) is reopened. We will consider all comments that we receive on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit comments by either of the following methods:</P>
                    <P>
                        • 
                        <E T="03">Federal eRulemaking Portal:</E>
                         Go to 
                        <E T="03">http://www.regulations.gov.</E>
                         Enter APHIS-2021-0081 in the Search field. Select the Documents tab, then select the Comment button in the list of documents.
                    </P>
                    <P>
                        • 
                        <E T="03">Postal Mail/Commercial Delivery:</E>
                         Send your comment to Docket No. APHIS-2021-0081, Regulatory Analysis and Development, PPD, APHIS, Station 2C-10.16, 4700 River Road, Unit 25, Riverdale, MD 20737-1238.
                    </P>
                    <P>
                        Supporting documents and any comments we receive on this docket may be viewed at 
                        <E T="03">regulations.gov</E>
                         or in our reading room, which is located in room 1620 of the USDA South Building, 14th Street and Independence Avenue SW, Washington, DC. Normal reading room hours are 8 a.m. to 4:30 p.m., Monday through Friday, except holidays. To be sure someone is there to help you, please call (202) 799-7039 before coming.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Ms. Heather Coady and Ms. Shannon Jarman, Regulatory Policy Specialists, Plants for Planting Policy, Plant Protection and Quarantine, Animal and Plant Health Inspection Service, 5607 Sunnyside Ave., Beltsville, MD 20705; phone: (240) 935-1598; email: 
                        <E T="03">PPQ.NAPPRA@usda.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Chrysanthemum white rust (CWR) is a fungal disease caused by the basidiomycete 
                    <E T="03">Puccinia horiana,</E>
                     Henn. The Animal and Plant Health Inspection Service (APHIS) considers CWR a quarantine pest. Under international standards, a quarantine pest is defined as “a pest of potential economic importance to the area endangered by it and not yet present there, or present but not widely distributed there and being officially controlled.” 
                    <SU>1</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         See International Standards for Phytosanitary Measures No. 5, “Glossary of Phytosanitary Terms” found at 
                        <E T="03">https://www.fao.org/3/mc891e/mc891e.pdf.</E>
                    </P>
                </FTNT>
                <P>
                    Because CWR is considered a quarantine pest, APHIS' policy 
                    <SU>2</SU>
                    <FTREF/>
                     has provided that any CWR detection domestically triggers an eradication protocol requiring complete destruction of symptomatic plants and those nearby. The policy also has required fungicidal treatments be applied to asymptomatic plants. Affected growers or entities have borne the eradication expense for CWR.
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         See 
                        <E T="03">https://www.aphis.usda.gov/plant_health/plant_pest_info/cwr/downloads/cwrplan.pdf.</E>
                    </P>
                </FTNT>
                <P>APHIS has also placed regulatory restrictions and prohibitions on the importation of host material for CWR to prevent its introduction into the United States through such importation. The regulations in 7 CFR 319.37-1 through 319.37-23 govern the importation of plants for planting into the United States. Section 319.37-4 of the regulations provides that certain taxa of plants for planting are not authorized for importation into the United States pending pest risk analysis (NAPPRA) to prevent the introduction of quarantine pests into the United States.</P>
                <P>
                    Accordingly, unrooted cuttings and 
                    <E T="03">in vitro</E>
                     plantlets of 
                    <E T="03">Chrysanthemum</E>
                     spp., 
                    <E T="03">Leucanthemella serotina,</E>
                     and 
                    <E T="03">Nipponanthemum nipponicum</E>
                     and synonymous taxa (
                    <E T="03">Dendranthema</E>
                     spp.,) from Belgium, Bolivia, Brazil, Colombia, Costa Rica, El Salvador, Ethiopia, Germany, Guatemala, Kenya, Mexico, the Netherlands, Nicaragua, Panama, Spain, Tanzania, Tunisia, Uganda, the United Kingdom, and Vietnam have been NAPPRA or required post entry quarantine and additional entry requirements. These restrictions are in place due to the risk that such importation may pose of introducing CWR. Additionally, unrooted cuttings, 
                    <E T="03">in vitro</E>
                     plantlets, and plants with roots of the same taxa from Canada have had 
                    <PRTPAGE P="22226"/>
                    additional entry requirements due to CWR.
                </P>
                <P>Paragraph (e) of § 319.37-4 describes the process for removing taxa from the NAPPRA list. After receiving a request to remove taxa from the NAPPRA list, APHIS will conduct a pest risk analysis in response to such a request and make the pest risk analysis available for public review and comment. Following the close of the comment period, we will review all comments received and announce our decision regarding the request in a subsequent notice.</P>
                <P>
                    In accordance with that process, on April 17, 2023, we published in the 
                    <E T="04">Federal Register</E>
                     (88 FR 23390-23391, Docket No. APHIS-2021-0081) a notice 
                    <SU>3</SU>
                    <FTREF/>
                     of availability in which we announced the availability, for review and comment, of a pest risk analysis that evaluated the risks associated with the importation of unrooted cuttings and 
                    <E T="03">in vitro</E>
                     plantlets of 
                    <E T="03">Chrysanthemum</E>
                     spp. and synonymous genera under a systems approach from Belgium, Bolivia, Brazil, Colombia, Costa Rica, El Salvador, Ethiopia, Germany, Guatemala, Kenya, Mexico, the Netherlands, Nicaragua, Panama, Spain, Tanzania, Tunisia, Uganda, the United Kingdom, and Vietnam into the continental United States. We also made available a pest list and commodity import evaluation document (CIED) regarding the importation of unrooted cuttings, 
                    <E T="03">in vitro</E>
                     plantlets, and plants with roots of the same 
                    <E T="03">Chrysanthemum</E>
                     spp. and synonymous genera from Canada under a separate protocol. Additionally, we made available to the public an economic evaluation (EE) relative to deregulating CWR fungus as a quarantine pest. Related to this notice and based on the recommendations of APHIS' EE, we proposed to change APHIS' policy so that CWR would no longer be considered of quarantine significance if detected domestically or on imported plants for planting.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         To view the notice and the supporting documents, go to 
                        <E T="03">www.regulations.gov.</E>
                         Enter APHIS-2021-0081 in the Search field.
                    </P>
                </FTNT>
                <P>We solicited comments on the notice for 60 days, ending on June 16, 2023. We received 13 comments by that date. They were from businesses, industry trade groups, and government agencies.</P>
                <P>Several commenters noted that we did not delineate “synonymous genera” in the initial notice and asked us what taxa were intended to be included by that term.</P>
                <P>In consideration of the validity of these questions and after careful review, APHIS is modifying and updating the pest lists to clarify and refine references to regulatory taxa, consolidating into the pest list a separate pest list for Canada, and revising the CIED. We are also updating the list of affected nations and genera referenced in these documents to ensure all descriptions are clear and accurate in alignment with § 319.37-4 (which provides that certain taxa of plants for planting are not authorized for importation into the United States pending pest risk analysis); the USDA Agricultural Research Service's Germplasm Resource Information Network (GRIN) taxonomic data; the APHIS Plants for Planting Manual; and the Agricultural Commodity Import Requirements (ACIR) database.</P>
                <P>
                    We are reopening the comment period on Docket No. APHIS-2021-0081 for an additional 30 days. This action will allow interested persons time to review the updates and revisions to the pest risk analysis and to submit comments. The documents may be viewed on the 
                    <E T="03">Regulations.gov</E>
                     website or in our reading room (see 
                    <E T="02">ADDRESSES</E>
                     above for a link to 
                    <E T="03">Regulations.gov</E>
                     and information on the location and hours of the reading room). You may request paper copies of these documents by calling or writing to the person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    . Please refer to the subject of the analysis you wish to review when requesting copies.
                </P>
                <P>We will also consider all comments received between June 17, 2023 (the day after the close of the original comment period) and the date of this notice.</P>
                <SIG>
                    <DATED>Done in Washington, DC, this 20th day of May 2025.</DATED>
                    <NAME>Michael Watson,</NAME>
                    <TITLE>Administrator, Animal and Plant Health Inspection Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09443 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3410-34-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF AGRICULTURE</AGENCY>
                <SUBAGY>U.S. Codex Office</SUBAGY>
                <DEPDOC>[Docket No. USDA-2025-0006]</DEPDOC>
                <SUBJECT>International Standard-Setting Activities</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Trade and Foreign Agricultural Affairs (TFAA), U.S. Codex Office, USDA.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This notice informs the public of the sanitary and phytosanitary (SPS) standard-setting activities of the Codex Alimentarius (Codex), in accordance with section 491 of the Trade Agreements Act of 1979, as amended, and the Uruguay Round Agreements Act. This notice also provides a list of other standard-setting activities of Codex, including commodity standards, guidelines, codes of practice, and revised texts. This notice, which covers Codex activities during periods of June 1, 2024 to May 31, 2025 and June 1, 2025 to May 31, 2026, seeks comments on standards under consideration and recommendations for new standards.</P>
                </SUM>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>The U.S. Codex Office (USCO) invites interested persons to submit their comments on this notice. Comments may be submitted by one of the following methods:</P>
                    <P>
                        • 
                        <E T="03">Federal e-Rulemaking Portal:</E>
                         This website provides the ability to type short comments directly into the comment field on this web page or attach a file for lengthier comments. Go to 
                        <E T="03">http://www.regulations.gov.</E>
                         Follow the on-line instructions at the website for submitting comments.
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Send to Docket Clerk, U.S. Department of Agriculture, Trade and Foreign Agricultural Affairs, U.S. Codex Office, 1400 Independence Avenue SW, Mailstop S4861, Washington, DC 20250-3700.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand- or Courier-Delivered Submittals:</E>
                         Deliver to 1400 Independence Avenue SW, Room 4861, Washington, DC 20250-3700.
                    </P>
                    <P>
                        <E T="03">Instructions:</E>
                         All items submitted by mail or email are to include the Agency name (
                        <E T="03">i.e.,</E>
                         USCO) and docket number USDA-2025-0006. Comments received in response to this docket will be made available for public inspection and posted without change, including any personal information, to 
                        <E T="03">http://www.regulations.gov.</E>
                         Please state that your comments refer to Codex. If your comments relate to specific Codex committees, please identify the committee(s) in your comments and submit a copy of your comments to the U.S. delegate to the committee.
                    </P>
                    <P>
                        <E T="03">Docket:</E>
                         For access to background documents or comments received, email 
                        <E T="03">uscodex@usda.gov</E>
                         to schedule an appointment.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Julie Chao, Acting U.S. Manager for Codex Alimentarius, U.S. Department of Agriculture, Office of the Under Secretary for Trade and Foreign Agricultural Affairs, U.S. Codex Office, 1400 Independence Avenue SW, Room 4861, Washington, DC 20250-3700, Phone: 202-720-1812, Email: 
                        <E T="03">uscodex@usda.gov.</E>
                    </P>
                    <P>
                        For information pertaining to committees, contact the U.S. delegate for that committee. A list of delegates and alternate delegates is accessible via the internet at: 
                        <E T="03">https://www.usda.gov/sites/default/files/documents/us-codex-program-officials.pdf.</E>
                         Documents pertaining to Codex and specific 
                        <PRTPAGE P="22227"/>
                        committee agendas are accessible via the internet at 
                        <E T="03">http://www.fao.org/fao-who-codexalimentarius/meetings/en/.</E>
                         The U.S. Codex Office also maintains a website at 
                        <E T="03">http://www.usda.gov/codex.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>The World Trade Organization (WTO) was established on January 1, 1995, as the common international institutional framework for the conduct of trade relations among its members in matters related to the Uruguay Round Trade Agreements. The WTO is the successor organization to the General Agreement on Tariffs and Trade (GATT). United States membership in the WTO was approved and the Uruguay Round Agreements Act (Uruguay Round Agreements) was signed into law by the President on December 8, 1994, Public Law 103-465, 108 Stat. 4809. The Uruguay Round Agreements became effective with respect to the United States on January 1, 1995. The Uruguay Round Agreements amended the Trade Agreements Act of 1979. Pursuant to section 491 of the Trade Agreements Act of 1979, as amended, the President is required to designate an agency to be “responsible for informing the public of the sanitary and phytosanitary (SPS) standard-setting activities of each international standard-setting organization” (19 U.S.C. 2578). The main international standard-setting organizations are the Codex Alimentarius (Codex), the World Organisation for Animal Health (WOAH, founded as OIE), and the International Plant Protection Convention (IPPC). The President, pursuant to Proclamation No. 6780 of March 23, 1995, (60 FR 15845), designated the U.S. Department of Agriculture as the agency responsible for informing the public of the SPS standard-setting activities of each international standard-setting organization. The Secretary of Agriculture has delegated to the Trade and Foreign Agricultural Affairs Mission Area the responsibility to inform the public of the SPS standard-setting activities of Codex. The Trade and Foreign Agricultural Affairs Mission Area has, in turn, assigned the responsibility for informing the public of the SPS standard-setting activities of Codex to the U.S. Codex Office (USCO).</P>
                <P>Codex was created in 1963. Codex is the principal international organization for establishing standards for food. Through adoption of food standards, codes of practice, and other guidelines developed by its committees, and by promoting their adoption and implementation by governments, Codex seeks to protect the health of consumers, ensure fair practices in the food trade, and promote coordination of food standards work undertaken by international governmental and non-governmental organizations. In the United States, U.S. Codex activities are managed and carried out by the United States Department of Agriculture (USDA); the Food and Drug Administration (FDA), Department of Health and Human Services (HHS); the National Oceanic and Atmospheric Administration (NOAA), Department of Commerce (DOC); and the Environmental Protection Agency (EPA).</P>
                <P>
                    As the agency responsible for informing the public of the SPS standard-setting activities of Codex, the USCO publishes this notice in the 
                    <E T="04">Federal Register</E>
                     annually. 
                    <E T="03">Attachment 1: Sanitary and Phytosanitary Activities of Codex</E>
                     sets forth the following information:
                </P>
                <P>1. The SPS standards under consideration or planned for consideration; and</P>
                <P>2. For each SPS standard specified:</P>
                <P>a. A description of the consideration or planned consideration of the standard;</P>
                <P>b. Whether the United States is participating or plans to participate in the consideration of the standard;</P>
                <P>c. The agenda for United States participation, if any; and</P>
                <P>d. The agency responsible for representing the United States with respect to the standard.</P>
                <P>
                    To obtain copies of the standards listed in 
                    <E T="03">Attachment 1: Sanitary and Phytosanitary Activities of Codex,</E>
                     please contact the U.S. delegate or the U.S. Codex Office.
                </P>
                <P>This notice also solicits public comment on standards that are currently under consideration or planned for consideration and recommendations for new standards. The U.S. delegate, in conjunction with the responsible agency, will take the comments received into account in participating in the consideration of the standards and in proposing matters to be considered by Codex.</P>
                <P>
                    The U.S. delegate will facilitate public participation in the United States Government's activities relating to Codex. The U.S. delegate will maintain a list of individuals, groups, and organizations that have expressed an interest in the activities of the Codex committees and will disseminate information regarding U.S. delegation activities to interested parties. This information will include the status of each agenda item; the U.S. Government's position or preliminary position on each agenda item; and the time and place of planning meetings and debriefing meetings following the Codex committee sessions. In addition, the USCO makes much of the same information available through its web page at 
                    <E T="03">http://www.usda.gov/codex.</E>
                     If you would like to access or receive information about specific committees, please visit the web page or notify the appropriate U.S. delegate or the U.S. Codex Office, Room 4861, 1400 Independence Avenue SW, Washington, DC 20250-3700, Email: 
                    <E T="03">uscodex@usda.gov.</E>
                </P>
                <P>
                    The information provided in 
                    <E T="03">Attachment 1: Sanitary and Phytosanitary Activities of Codex</E>
                     describes the status of Codex standard-setting activities by the Codex committees for the time periods from June 1, 2024 to May 31, 2025 and June 1, 2025 to May 31, 2026. A list of forthcoming Codex sessions may be found at: 
                    <E T="03">https://www.fao.org/fao-who-codexalimentarius/meetings/en.</E>
                </P>
                <HD SOURCE="HD1">Additional Public Notification</HD>
                <P>
                    Public awareness of all segments of rulemaking and policy development is important. Consequently, the USCO will announce this 
                    <E T="04">Federal Register</E>
                     publication on-line through the U.S. Codex web page located at: 
                    <E T="03">https://www.federalregister.gov/agencies/us-codex-office.</E>
                </P>
                <SIG>
                    <DATED>Done at Washington, DC, on May 20, 2025.</DATED>
                    <NAME>Julie Chao,</NAME>
                    <TITLE>Acting U.S. Manager for Codex Alimentarius.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09383 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3420-3F-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">CIVIL RIGHTS COLD CASE RECORDS REVIEW BOARD</AGENCY>
                <DEPDOC>[Agency Docket Number: CRCCRRB-2025-0015-N]</DEPDOC>
                <SUBJECT>Notice of Formal Determination on Records Release</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Civil Rights Cold Case Records Review Board.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Civil Rights Cold Case Records Review Board received 418 pages of records from the National Archives and Records Administration (NARA), the Department of Justice, and the Federal Bureau of Investigation (FBI) related to three civil rights cold case incidents to which the Review Board assigned the unique identifiers 2024-003-003, 2024-003-055, and 2024-003-066. The agencies did not propose any postponements of disclosure in the 
                        <PRTPAGE P="22228"/>
                        records related to incident 2024-003-066. NARA, the Department of Justice, and the FBI proposed 559 postponements in the records related to the other two incidents. The FBI later withdrew 44 of the postponements the Bureau proposed. On May 9, 2025 and May 16, 2025, the Review Board met and approved 161 postponements and portions of 33 additional postponements, and determined that 354 pages in full and 64 pages in part should be publicly disclosed in the Civil Rights Cold Case Records Collection. By issuing this notice, the Review Board complies with the Civil Rights Cold Case Records Collection Act of 2018 that requires the Review Board to publish in the 
                        <E T="04">Federal Register</E>
                         its determinations on the disclosure or postponement of records in the Collection no more than 14 days after the date of its decision.
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Stephannie Oriabure, Chief of Staff, Civil Rights Cold Case Records Review Board, 1800 F Street, NW, Washington, DC 20405, (771) 221-0014, 
                        <E T="03">info@coldcaserecords.gov</E>
                        .
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="xs80,r50,xs100">
                    <BOXHD>
                        <CHED H="1">Incident identifier</CHED>
                        <CHED H="1">Postponement identifier</CHED>
                        <CHED H="1">Review board decision</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0083</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0084 and 2024-DOJ-03-0085</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0086</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0087</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0088</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0089</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0090</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0091 and 2024-DOJ-03-0092</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0093 through 2024-DOJ-03-0095</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0096 and 2024-DOJ-03-0097</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0098 and 2024-DOJ-03-0099</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0100</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0101</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0102 through 2024-DOJ-03-0104</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0105 through 2024-DOJ-03-0116</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0117 and 2024-DOJ-03-0118</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0119</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0120</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0121 through 2024-DOJ-03-0128</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0129</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0130 and 2024-DOJ-03-0131</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0132</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0133 and 2024-DOJ-03-0134</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0135 through 2024-DOJ-03-0145</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0146 through 2024-DOJ-03-0148</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0149</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0150</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0151 through 2024-DOJ-03-0154</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0155</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0156</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0157 through 2024-DOJ-03-0159</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0160 through 2024-DOJ-03-0171</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0172 and 2024-DOJ-03-0173</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0174</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0175</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0176 through 2024-DOJ-03-0183</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0184</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0185 and 2024-DOJ-03-0186</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0187</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0188 and 2024-DOJ-03-0189</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0190 through 2024-DOJ-03-0200</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0201 through 2024-DOJ-03-0204</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0205 through 2024-DOJ-03-0207</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0208</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0209 and 2024-DOJ-03-0210</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0211</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0212 and 2024-DOJ-03-0213</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0214 through 2024-DOJ-03-0224</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0225 through 2024-DOJ-03-0228</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0229 through 2024-DOJ-03-0231</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0232</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0233</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0234 through 2024-DOJ-03-0236</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0237 through 2024-DOJ-03-0248</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0249 and 2024-DOJ-03-0250</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0251</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0252</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-DOJ-03-0253 through 2024-DOJ-03-0259</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0207</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0208</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0209 and 2024-FBI-03-0210</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0211</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22229"/>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0212 and 2024-FBI-03-0213</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0214 and 2024-FBI-03-0215</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0216 through 2024-FBI-03-0220</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0221</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0222</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0223</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0224 through 2024-FBI-03-0226</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0227</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0228</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0228A through 2024-FBI-03-0231</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0232 and 2024-FBI-03-0233</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0234 through 2024-FBI-03-0237</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0238</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0239</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0239A and 2024-FBI-03-0240</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0241</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0242 through 2024-FBI-03-0244</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0245</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0246 through 2024-FBI-03-0248</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0249</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0250 through 2024-FBI-03-0253</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0254</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0255 and 2024-FBI-03-0256</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0257</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0258 and 2024-FBI-03-0259</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0260 and 2024-FBI-03-0261</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0262 through 2024-FBI-03-0266</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0267</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0268 and 2024-FBI-03-0269</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0270</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0271 through 2024-FBI-03-0274</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0275 and 2024-FBI-03-0276</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0277</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0278</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0279 and 2024-FBI-03-0280</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0281</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0282</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0283</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0284 through 2024-FBI-03-0286</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0287</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0288</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0289</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0290</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0291 through 2024-FBI-03-0293</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0294 through 2024-FBI-03-0306</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0307 and 2024-FBI-03-0308</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0309</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0310</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0311 through 2024-FBI-03-0318</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0319</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0320</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0321 through 2024-FBI-03-0323</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0324 through 2024-FBI-03-0336</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0337 and 2024-FBI-03-0338</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0339</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0340</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0341 through 2024-FBI-03-0348</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0349</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0350 and 2024-FBI-03-0351</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0352</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0353 and 2024-FBI-03-0354</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0355 through 2024-FBI-03-0365</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0366 through 2024-FBI-03-0368</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0369</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0370</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0371 through 2024-FBI-03-0373</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0374</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0375 and 2024-FBI-03-0376</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0377</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0378 and 2024-FBI-03-0379</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0380 through 2024-FBI-03-0390</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0391 through 2024-FBI-03-0393</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0394</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0395</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22230"/>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0396 through 2024-FBI-03-0398</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0399</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0400</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0401</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0402 through 2024-FBI-03-0409</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0410 and 2024-FBI-03-0411</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0412 through 2024-FBI-03-0414</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0415</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0416 and 2024-FBI-03-0417</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0418 and 2024-FBI-03-0419</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-003</ENT>
                        <ENT>2024-FBI-03-0420 and 2024-FBI-03-0421</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-NARA-03-0078 through 2024-NARA-03-0080</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0626 through 2024-FBI-03-0637</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0638 through 2024-FBI-03-0640</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0641</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0642 through 2024-FBI-03-0646</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0647</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0648 and 2024-FBI-03-0649</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0650 through 2024-FBI-03-0654</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0655</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0656 through 2024-FBI-03-0663</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0664</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0665 and 2024-FBI-03-0666</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0667 through 2024-FBI-03-0678</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0679 through 2024-FBI-03-0681</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0682</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0683 through 2024-FBI-03-0687</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0688</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0689 and 2024-FBI-03-0690</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0691 through 2024-FBI-03-0695</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0696</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0697 through 2024-FBI-03-0704</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0705</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0706</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0707 through 2024-FBI-03-0718</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0719 through 2024-FBI-03-0721</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0722</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0723 through 2024-FBI-03-0727</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0728</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0729 and 2024-FBI-03-0730</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0731 through 2024-FBI-03-0735</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0736</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0737 through 2024-FBI-03-0744</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0745</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0746</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0747 through 2024-FBI-03-0758</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0759 through 2024-FBI-03-0761</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0762</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0763 through 2024-FBI-03-0767</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0768</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0769 and 2024-FBI-03-0770</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0771 through 2024-FBI-03-0775</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0776</ENT>
                        <ENT>Approve with changes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0777 through 2024-FBI-03-0784</ENT>
                        <ENT>Approve.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0785</ENT>
                        <ENT>Withdrawn by agency.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2024-003-055</ENT>
                        <ENT>2024-FBI-03-0786</ENT>
                        <ENT>Reject.</ENT>
                    </ROW>
                </GPOTABLE>
                <EXTRACT>
                    <FP>(Authority: Pub. L. 115-426, 132 Stat. 5489 (44 U.S.C. 2107))</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Stephannie Oriabure,</NAME>
                    <TITLE>Chief of Staff.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09417 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-SY-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">COMMISSION ON CIVIL RIGHTS</AGENCY>
                <SUBJECT>Notice of Public Meeting of the South Carolina Advisory Committee to the U.S. Commission on Civil Rights</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. Commission on Civil Rights.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of public meeting.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Notice is hereby given, pursuant to the provisions of the rules and regulations of the U.S. Commission on Civil Rights (Commission) and the Federal Advisory Committee Act, that the South Carolina Advisory Committee (Committee) to the U.S. Commission on Civil Rights will hold a public business meeting via Zoom. The purpose of this meeting is to discuss potential civil rights topics of study.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Monday, June 30, 2025, from 1:00 p.m.-2:30 p.m. Eastern Time.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>The meeting will be held via Zoom Webinar.</P>
                    <P>
                        <E T="03">
                            Registration Link (Audio/Visual): https://www.zoomgov.com/webinar/
                            <PRTPAGE P="22231"/>
                            register/WN_Mtm65jbsTOWoQnIiyQs1cQ
                        </E>
                        .
                    </P>
                    <P>
                        <E T="03">Join by Phone (Audio Only):</E>
                         (833) 435-1820 USA Toll-Free; Meeting ID: 160 257 5962.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Victoria Moreno, Designated Federal Officer, at 
                        <E T="03">vmoreno@usccr.gov</E>
                         or (434) 515-0204.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    This Committee meeting is available to the public through the registration link above. Any interested members of the public may attend this meeting. An open comment period will be provided to allow members of the public to make oral comments as time allows. Pursuant to the Federal Advisory Committee Act, public minutes of the meeting will include a list of persons who are present at the meeting. If joining via phone, callers can expect to incur regular charges for calls they initiate over wireless lines, according to their wireless plan. The Commission will not refund any incurred charges. Callers will incur no charge for calls they initiate over land-line connections to the toll-free telephone number. Closed captioning is available by selecting “CC” in the meeting platform. To request additional accommodations, please email 
                    <E T="03">svillanueva@usccr.gov</E>
                     at least 10 business days prior to the meeting.
                </P>
                <P>
                    Members of the public are entitled to submit written comments; the comments must be received in the regional office within 30 days following the scheduled meeting. Written comments may be emailed to Sarah Villanueva at 
                    <E T="03">svillanueva@usccr.gov</E>
                    . Persons who desire additional information may contact the Regional Programs Coordination Unit at (434) 515-0204.
                </P>
                <P>
                    Records generated from this meeting may be inspected and reproduced at the Regional Programs Coordination Unit Office, as they become available, both before and after the meeting. Records of the meetings will be available via the file sharing website, 
                    <E T="03">https://bit.ly/3YnhKJx</E>
                    . Persons interested in the work of this Committee are directed to the Commission's website, 
                    <E T="03">http://www.usccr.gov,</E>
                     or may contact the Regional Programs Coordination Unit at 
                    <E T="03">svillanueva@usccr.gov</E>
                    .
                </P>
                <HD SOURCE="HD1">Agenda</HD>
                <FP SOURCE="FP-1">I. Welcome &amp; Roll Call</FP>
                <FP SOURCE="FP-1">II. Civil Rights Discussion</FP>
                <FP SOURCE="FP-1">III. Public Comment</FP>
                <FP SOURCE="FP-1">IV. Next Steps</FP>
                <FP SOURCE="FP-1">V. Adjournment</FP>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>David Mussatt,</NAME>
                    <TITLE>Supervisory Chief, Regional Programs Unit.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09457 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6335-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>Economic Development Administration</SUBAGY>
                <SUBJECT>Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Workforce System Metrics</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Economic Development Administration, Department of Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of information collection, request for comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Commerce, in accordance with the Paperwork Reduction Act of 1995 (PRA), invites the general public and other Federal agencies to comment on proposed, and continuing information collections, which helps us assess the impact of our information collection requirements and minimize the public's reporting burden. The purpose of this notice is to allow for 60 days of public comment preceding submission of the collection to OMB.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>To ensure consideration, comments regarding this proposed information collection must be received on or before July 28, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Interested persons are invited to submit written comments via email to Patrick Bourke, Good Jobs Grants Officer, Economic Development Administration, at 
                        <E T="03">PBourke@eda.gov</E>
                         or 
                        <E T="03">PRAcomments@doc.gov.</E>
                         Do not submit Confidential Business Information or otherwise sensitive or protected information.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Requests for additional information or specific questions related to collection activities should be directed to Patrick Bourke, Good Jobs Grants Officer, Economic Development Administration, 1401 Constitution Avenue NW, Washington, DC 20230, by phone (202-209-4295) or email 
                        <E T="03">PBourke@eda.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Abstract</HD>
                <P>
                    The Economic Development Administration (EDA) leads the Federal economic development agenda by promoting innovation and competitiveness, preparing American regions for growth and success in the worldwide economy. Guided by the basic principle that sustainable economic development should be driven locally, EDA works directly with communities and regions to help them build the capacity for economic development based on local business conditions and needs. The Public Works and Economic Development Act of 1965 (PWEDA) (42 U.S.C. 3121 
                    <E T="03">et seq.</E>
                    ) is EDA's organic authority and is the primary legal authority under which EDA awards financial assistance. Under PWEDA, EDA provides financial assistance to both rural and urban distressed communities by fostering entrepreneurship, innovation, and productivity through investments in infrastructure development, capacity building, and business development to attract private capital investments and new and better jobs to regions experiencing economic distress. Further information on EDA programs and financial assistance opportunities can be found at 
                    <E T="03">www.eda.gov.</E>
                </P>
                <P>To effectively administer and monitor its economic development assistance programs, EDA collects certain information from applicants for, and recipients of, EDA investment assistance. The purpose of this notice is to seek comments from the public and other Federal agencies on extending the information collection from recipients of awards under the EDA Good Jobs Challenge. This is aligned with ensuring that Federal workforce investments are evidence-based and data-driven, and accountable to participants and the public. The original data collection instrument was filed under OMB 0610-0109. This request is to extend the expiration of the survey from August 2025 to December 2028 and increase the number of respondents who will respond to the data collection. The survey will collect data from recipients, training providers, and participants under the FY 2021 and FY 2024 Good Jobs Challenge (GJC) Notice of Funding Opportunities (NOFO).</P>
                <HD SOURCE="HD1">II. Method of Collection</HD>
                <P>Data will be collected electronically.</P>
                <HD SOURCE="HD1">III. Data</HD>
                <P>
                    <E T="03">OMB Control Number:</E>
                     0610-0109.
                </P>
                <P>
                    <E T="03">Form Number(s):</E>
                     None.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Regular submission. Extension of an approved collection.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Recipients of the Good Jobs Challenge awards, which may include a(n): District Organization; Indian Tribe or a consortium of Indian Tribes; State, county, city, or other political subdivision of a State, including a special purpose unit of a state or local government engaged in economic or infrastructure development 
                    <PRTPAGE P="22232"/>
                    activities, or a consortium of political subdivisions; institution of higher education or a consortium of institutions of higher education; or public or private non-profit organization or association, acting in cooperation with officials of a political subdivision of a State. Additionally, training providers and participants in the regional workforce training systems will be affected.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     System Lead Entities: 32 recipients funded under the FY 2021 Good Jobs Challenge (GJC) Notice of Funding Opportunity (NOFO), responding semiannually, and 7-8 recipients funded under the FY 2024 Good Jobs Challenge NOFO, responding once at the end of the period of performance; Training Providers: 1,000 recipients under the FY 2021 GJC NOFO responding quarterly and 50 from the FY 2024 GJC NOFO, responding once at the end of the period of performance; and Participants: 15,000 respondents (5,000 per year for 3 years) from the FY 2021 GJC NOFO, responding quarterly. EDA requests the approved data collection instrument be extended until December 2028 to cover the remaining period of performance for recipients that received funding under the FY 2021 GJC NOFO, as well as extended to the additional recipients that received funding under the FY 2024 GJC NOFO.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     System Lead Entity: 1 hour; Training Providers: 30 minutes per provider; Participants: 5 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     2,728 hours.
                </P>
                <GPOTABLE COLS="6" OPTS="L2,tp0,i1" CDEF="s50,xs36,12,xs60,r40,12">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">
                            Type of respondent
                            <LI>(annual)</LI>
                        </CHED>
                        <CHED H="1"> </CHED>
                        <CHED H="1">
                            Number of
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Hours per
                            <LI>response</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses per year</LI>
                        </CHED>
                        <CHED H="1">
                            Total
                            <LI>estimated time</LI>
                            <LI>(hours)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">System Lead Entities</ENT>
                        <ENT>FY 2021</ENT>
                        <ENT>32</ENT>
                        <ENT>1 hour</ENT>
                        <ENT>2 (Semiannual)</ENT>
                        <ENT>64</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT>FY 2024</ENT>
                        <ENT>7-8</ENT>
                        <ENT>1 hour</ENT>
                        <ENT>1</ENT>
                        <ENT>8</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Training Providers</ENT>
                        <ENT>FY 2021</ENT>
                        <ENT>1,000</ENT>
                        <ENT>30 minutes</ENT>
                        <ENT>4 (Quarterly)</ENT>
                        <ENT>2,000</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT>FY 2024</ENT>
                        <ENT>50</ENT>
                        <ENT>30 minutes</ENT>
                        <ENT>1</ENT>
                        <ENT>25</ENT>
                    </ROW>
                    <ROW RUL="n,n,s">
                        <ENT I="01">Participants</ENT>
                        <ENT>FY 2021</ENT>
                        <ENT>* 5,000</ENT>
                        <ENT>5 minutes</ENT>
                        <ENT>1 (Once per participant)</ENT>
                        <ENT>1,667</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="22"> </ENT>
                        <ENT>FY 2024</ENT>
                        <ENT A="L03">None, FY 2024 GJC awards will be covered under a separate data collection process.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Total</ENT>
                        <ENT/>
                        <ENT>6,090</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT>3,764</ENT>
                    </ROW>
                    <TNOTE>* The number of responses should be considered estimates given the Good Jobs Challenge's intended impact. This estimate assumes an average rate of 5,000 participants per year over the course of three years, for a total of 15,000.</TNOTE>
                </GPOTABLE>
                <P>
                    <E T="03">Estimated Total Annual Cost to Public:</E>
                     $262,727 (cost assumes application of U.S. Bureau of Labor Statistics third quarter 2024 mean hourly employer costs for employee compensation for professional and related occupations of $69.80).
                </P>
                <P>
                    <E T="03">Respondents' Obligation:</E>
                     Mandatory. System Lead Entities and Training Providers.
                </P>
                <P>
                    <E T="03">Legal Authority:</E>
                     The Public Works and Economic Development Act of 1965 (42 U.S.C. 3121 et seq).
                </P>
                <HD SOURCE="HD1">IV. Request for Comments</HD>
                <P>We are soliciting public comments to permit the Department/Bureau to: (a) Evaluate whether the proposed information collection is necessary for the proper functions of the Department, including whether the information will have practical utility; (b) Evaluate the accuracy of our estimate of the time and cost burden for this proposed collection, including the validity of the methodology and assumptions used; (c) Evaluate ways to enhance the quality, utility, and clarity of the information to be collected; and (d) Minimize the reporting burden on those who are to respond, including the use of automated collection techniques or other forms of information technology.</P>
                <P>Comments that you submit in response to this notice are a matter of public record. We will include or summarize each comment in our request to OMB to approve this Information Collection Review (ICR). Before including your address, phone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you may ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so.</P>
                <SIG>
                    <NAME>Sheleen Dumas,</NAME>
                    <TITLE>Departmental PRA Compliance Officer, Office of the Under Secretary for Economic Affairs, Commerce Department.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09418 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-34-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[C-570-161, C-533-923]</DEPDOC>
                <SUBJECT>2,4-Dichlorophenoxyacetic Acid From the People's Republic of China and India: Countervailing Duty Orders</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Enforcement and Compliance, International Trade Administration, Department of Commerce.</P>
                </AGY>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Based on affirmative final determinations by the U.S. Department of Commerce (Commerce) and the U.S. International Trade Commission (ITC), Commerce is issuing countervailing duty (CVD) orders on 2,4-dichlorophenoxyacetic Acid (2,4-D) from the People's Republic of China (China) and India.  </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P> Applicable May 27, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P> Thomas Schauer (China) (Office I) or Harrison Tanchuck (India) (Office VI), AD/CVD Operations, Enforcement and Compliance, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230; telephone: (202) 482-0410 and (202) 482-7421, respectively.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On April 7, 2025, Commerce published its affirmative final determinations in the countervailing duty investigations of 2,4-D from China and India.
                    <SU>1</SU>
                    <FTREF/>
                     On May 16, 2025, the ITC notified Commerce of its final determinations, pursuant to section 705(d) of the Tariff Act of 1930, as amended (the Act), that an industry in the United States is materially injured within the meaning of section 
                    <PRTPAGE P="22233"/>
                    705(b)(1)(A)(i) of the Act by reason of imports of 2,4-D from China and India.
                    <SU>2</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See 2,4-Dichlorophenoxyacetic Acid from India: Final Affirmative Countervailing Duty Determination,</E>
                         90 FR 14961 (April 7, 2025); and 
                        <E T="03">2,4-Dichlorophenoxyacetic Acid from the People's Republic of China: Final Affirmative Countervailing Duty Determination,</E>
                         90 FR 14957 (April 7, 2025) (collectively, 
                        <E T="03">Final Determinations</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         ITC's Letter, “Investigation Nos. 701-TA-710-711 and 731-TA-1673-1674 (Final),” dated May 16, 2025 (ITC Notification Letter).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Countervailing Duty Orders</HD>
                <P>
                    Based on the final affirmative determinations by the ITC that an industry in the United States is materially injured by reason of subsidized imports of 2,4-D from China and India,
                    <SU>3</SU>
                    <FTREF/>
                     in accordance with section 705(c)(2) of the Act, Commerce is issuing these CVD orders. Because the ITC determined that imports of 2,4-D from China and India are materially injuring a U.S. industry, unliquidated entries of such merchandise entered, or withdrawn from warehouse, for consumption, are subject to the assessment of countervailing duties.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Therefore, in accordance with section 706(a) of the Act, Commerce will direct CBP to assess, upon further instructions by Commerce, countervailing duties on unliquidated entries of 2,4-D from China and India entered, or withdrawn from warehouse, for consumption on or after September 13, 2024, the date of publication of the 
                    <E T="03">Preliminary Determinations,</E>
                    <SU>4</SU>
                    <FTREF/>
                     but will not include entries occurring after the expiration of the provisional measures period and before the publication of the ITC's final injury determination under section 705(b) of the Act, as further described below.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See 2,4-Dichlorophenoxyacetic Acid from India: Preliminary Affirmative Countervailing Duty Determination and Alignment of Final Determination With Final Antidumping Duty Determination,</E>
                         89 FR 74906 (September 13, 2024), and accompanying Preliminary Decision Memorandum (PDM); and 
                        <E T="03">2,4-Dichlorophenoxyacetic Acid from the People's Republic of China: Preliminary Affirmative Countervailing Duty Determination and Alignment of Final Determination With Final Antidumping Duty Determination,</E>
                         89 FR 74906 (September 13, 2024), and accompanying PDM (collectively, 
                        <E T="03">Preliminary Determinations</E>
                        ).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Suspension of Liquidation and Cash Deposits</HD>
                <P>
                    In accordance with section 706 of the Act, Commerce intends to instruct CBP to reinstitute the suspension of liquidation of 2,4-D from China and India, effective on the date of publication of the ITC's final affirmative injury determination in the 
                    <E T="04">Federal Register</E>
                    , and to assess, upon further instruction by Commerce, pursuant to section 706(a)(1) of the Act, countervailing duties on each entry of subject merchandise in an amount based on the net countervailable subsidy rates below. These instructions suspending liquidation will remain in effect until further notice.
                </P>
                <P>
                    Commerce also intends, pursuant to section 706(a)(1) of the Act, to instruct CBP to require cash deposits equal to the amounts as indicated below. Accordingly, effective on the date of publication of the ITC's final affirmative injury determination in the 
                    <E T="04">Federal Register</E>
                    , CBP will require, at the same time as importers would normally deposit estimated customs duties on the subject merchandise, a cash deposit for each entry of subject merchandise equal to the subsidy rates listed below.
                    <SU>5</SU>
                    <FTREF/>
                     The all-others rates apply to all producers or exporters not specifically listed below, as appropriate.
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         section 706(a)(3) of the Act.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Scope of the Orders</HD>
                <P>
                    The product covered by these orders is 2,4-D from China and India. For a complete description of the scope of these orders, 
                    <E T="03">see</E>
                     the appendix to this notice.
                </P>
                <HD SOURCE="HD1">Estimated Countervailable Subsidy Rates</HD>
                <P>The estimated countervailable subsidy rates are as follows:</P>
                <HD SOURCE="HD2">
                    China
                    <FTREF/>
                </HD>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Commerce continues to find Tianyu to be cross-owned with the following companies: Thai Harvest Ltd., CAC Nantong Chemical Co., Ltd., and CAC Shanghai International Trading Co., Ltd.
                    </P>
                    <P>
                        <SU>7</SU>
                         Commerce continues to find Rainbow Agrosciences to be cross-owned with the following companies: Shandong Weifang Rainbow Chemical Co., Ltd., Ningxia Rainbow Chemical Co., Ltd., Shandong Rainbow Investment Co., Ltd., and Shandong Runnong Investment Co., Ltd.
                    </P>
                </FTNT>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s100,20">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Company</CHED>
                        <CHED H="1">
                            Subsidy rate
                            <LI>
                                (percent 
                                <E T="03">ad valorem</E>
                                )
                            </LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">
                            Jiangxi Tianyu Chemical Co., Ltd.
                            <SU>6</SU>
                        </ENT>
                        <ENT>26.50</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">
                            Shandong Rainbow Agrosciences Co., Ltd.
                            <SU>7</SU>
                        </ENT>
                        <ENT>* 169.63</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others</ENT>
                        <ENT>26.50</ENT>
                    </ROW>
                    <TNOTE>* Rate based on facts available with adverse inferences.</TNOTE>
                </GPOTABLE>
                <HD SOURCE="HD2">
                    India
                    <FTREF/>
                </HD>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         As discussed in the PDM, Commerce has found the following companies to be cross-owned with Meghmani Organics Limited: Epigral Limited; and Matangi Industries LLP.
                    </P>
                </FTNT>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s100,20">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Company</CHED>
                        <CHED H="1">
                            Subsidy rate
                            <LI>
                                (percent 
                                <E T="03">ad valorem</E>
                                )
                            </LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Atul Limited</ENT>
                        <ENT>5.29</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">
                            Meghmani Organics Limited 
                            <SU>8</SU>
                        </ENT>
                        <ENT>6.32</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others</ENT>
                        <ENT>5.88</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Provisional Measures</HD>
                <P>
                    Section 703(d) of the Act states that the suspension of liquidation pursuant to an affirmative preliminary determination may not remain in effect for more than four months. In the underlying investigations, Commerce published the 
                    <E T="03">Preliminary Determinations</E>
                     on September 13, 2024.
                    <SU>9</SU>
                    <FTREF/>
                     As such, the four-month period beginning on the date of the publication of the 
                    <E T="03">Preliminary Determinations</E>
                     ended on January 10, 2025. Therefore, entries of 2,4-D from China and India made on or after January 11, 2025, and prior to the date of publication of the ITC's final determinations in the 
                    <E T="04">Federal Register</E>
                    , are not subject to the assessment of countervailing duties due to Commerce's discontinuation of the suspension of liquidation.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See Preliminary Determinations.</E>
                    </P>
                </FTNT>
                <P>
                    In accordance with section 703(d) of the Act, Commerce instructed CBP to terminate the suspension of liquidation and to liquidate, without regard to countervailing duties, unliquidated entries of 2,4-D from China and India entered, or withdrawn from warehouse, for consumption, on or after January 11, 
                    <PRTPAGE P="22234"/>
                    2025, the date on which the provisional CVD measures expired, through the day preceding the date of publication of the ITC final injury determinations in the 
                    <E T="04">Federal Register</E>
                    . Suspension of liquidation and the collection of cash deposits will resume on the date of publication of the ITC final injury determinations in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">Establishment of the Annual Inquiry Service Lists</HD>
                <P>
                    On September 20, 2021, Commerce published the final rule titled “
                    <E T="03">Regulations to Improve Administration and Enforcement of Antidumping and Countervailing Duty Laws</E>
                    ” in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>10</SU>
                    <FTREF/>
                     On September 27, 2021, Commerce also published the notice titled “
                    <E T="03">Scope Ruling Application; Annual Inquiry Service List; and Informational Sessions</E>
                    ” in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>11</SU>
                    <FTREF/>
                     The 
                    <E T="03">Final Rule</E>
                     and 
                    <E T="03">Procedural Guidance</E>
                     provide that Commerce will maintain an annual inquiry service list for each order or suspended investigation, and any interested party submitting a scope ruling application or request for circumvention inquiry shall serve a copy of the application or request on the persons on the annual inquiry service list for that order, as well as any companion order covering the same merchandise from the same country of origin.
                    <SU>12</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See Regulations to Improve Administration and Enforcement of Antidumping and Countervailing Duty Laws,</E>
                         86 FR 52300 (September 20, 2021) (
                        <E T="03">Final Rule</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See Scope Ruling Application; Annual Inquiry Service List; and Informational Sessions,</E>
                         86 FR 53205 (September 27, 2021) (
                        <E T="03">Procedural Guidance</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    In accordance with the 
                    <E T="03">Procedural Guidance,</E>
                     for orders published in the 
                    <E T="04">Federal Register</E>
                     after November 4, 2021, Commerce will create an annual inquiry service list segment in Commerce's online e-filing and document management system, Antidumping and Countervailing Duty Electronic Service System (ACCESS), available at 
                    <E T="03">https://access.trade.gov,</E>
                     within five business days of publication of the notice of the order. Each annual inquiry service list will be saved in ACCESS, under each case number, and under a specific segment type called “AISL—Annual Inquiry Service List.” 
                    <SU>13</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         This segment will be combined with the ACCESS Segment Specific Information (SSI) field which will display the month in which the notice of the order or suspended investigation was published in the 
                        <E T="04">Federal Register</E>
                        , also known as the anniversary month. For example, for an order under case number A-000-000 that was published in the 
                        <E T="04">Federal Register</E>
                         in January, the relevant segment and SSI combination will appear in ACCESS as “AISL—January Anniversary.” Note that there will be only one annual inquiry service list segment per case number, and the anniversary month will be pre-populated in ACCESS.
                    </P>
                </FTNT>
                <P>
                    Interested parties who wish to be added to the annual inquiry service list for an order must submit an entry of appearance to the annual inquiry service list segment for the order in ACCESS within 30 days after the date of publication of the order. For ease of administration, Commerce requests that law firms with more than one attorney representing interested parties in an order designate a lead attorney to be included on the annual inquiry service list. Commerce will finalize the annual inquiry service list within five business days thereafter. As mentioned in the 
                    <E T="03">Procedural Guidance,</E>
                     the new annual inquiry service list will be in place until the following year, when the 
                    <E T="03">Opportunity Notice</E>
                     for the anniversary month of the order is published.
                </P>
                <P>
                    Commerce may update an annual inquiry service list at any time as needed based on interested parties' amendments to their entries of appearance to remove or otherwise modify their list of members and representatives, or to update contact information. Any changes or announcements pertaining to these procedures will be posted to the ACCESS website at 
                    <E T="03">https://access.trade.gov.</E>
                </P>
                <HD SOURCE="HD1">Special Instructions for Petitioners and Foreign Governments</HD>
                <P>
                    In the 
                    <E T="03">Final Rule,</E>
                     Commerce stated that, “after an initial request and placement on the annual inquiry service list, both petitioners and foreign governments will automatically be placed on the annual inquiry service list in the years that follow.” 
                    <SU>14</SU>
                    <FTREF/>
                     Accordingly, as stated above, the petitioners and foreign governments should submit their initial entry of appearance after publication of this notice in order to appear in the first annual inquiry service list for those orders for which they qualify as an interested party. Pursuant to 19 CFR 351.225(n)(3), the petitioners and foreign governments will not need to resubmit their entry of appearance each year to continue to be included on the annual inquiry service list. However, the petitioners and foreign governments are responsible for making amendments to their entries of appearance during the annual update to the annual inquiry service list in accordance with the procedures described above.
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See Final Rule,</E>
                         86 FR at 52335.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Notifications to Interested Parties</HD>
                <P>
                    This notice constitutes the CVD orders with respect to 2, 4-D from China and India pursuant to section 736(a) of the Act. Interested parties can find a list of CVD orders currently in effect at 
                    <E T="03">https://www.trade.gov/data-visualization/adcvd-proceedings.</E>
                </P>
                <P>These CVD orders are published in accordance with section 706(a) of the Act and 19 CFR 351.211(b).</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Christopher Abbott,</NAME>
                    <TITLE>Deputy Assistant Secretary for Policy and Negotiations, performing the non-exclusive functions and duties of the Assistant Secretary for Enforcement and Compliance.</TITLE>
                </SIG>
                <HD SOURCE="HD1">Appendix</HD>
                <EXTRACT>
                    <HD SOURCE="HD1">Scope of the Orders</HD>
                    <P>
                        The merchandise subject to these orders is 2,4-dichlorophenoxyacetic acid (2,4-D) and its derivative products, including salt and ester forms of 2,4-D. 2,4-D has the Chemical Abstracts Service (CAS) registry number of 94-75-7 and the chemical formula C
                        <E T="52">8</E>
                        H
                        <E T="52">6</E>
                        Cl
                        <E T="52">2</E>
                        O
                        <E T="52">3</E>
                        .
                    </P>
                    <P>Salt and ester forms of 2,4-D include 2,4-D sodium salt (CAS 2702-72-9), 2,4-D diethanolamine salt (CAS 5742-19-8), 2,4-D dimethyl amine salt (CAS 2008-39-1), 2,4-D isopropylamine salt (CAS 5742-17-6), 2,4-D tri-isopropanolamine salt (CAS 3234180-3), 2,4-D choline salt (CAS 1048373-72-3), 2,4-D butoxyethyl ester (CAS 1929-733), 2,4-D 2-ethylhexylester (CAS 1928-43-4), and 2,4-D isopropylester (CAS 94-11-1). All 2,4-D, as well as the salt and ester forms of 2,4-D, is covered by the scope irrespective of purity, particle size, or physical form.</P>
                    <P>The conversion of a 2,4-D salt or ester from 2,4-D acid, or the formulation of nonsubject merchandise with the subject 2,4-D, its salts, and its esters in the country of manufacture or in a third country does not remove the subject 2,4-D, its salts, or its esters from the scope. For any such formulations, only the 2,4-D, 2,4-D salt, and 2,4-D ester components of the mixture are covered by the scope of these orders. Formulations of 2,4-D are products that are registered for end-use applications with the Environmental Protection Agency and contain a dispersion agent.</P>
                    <P>The country of origin of any 2,4-D derivative salt or ester is determined by the country in which the underlying 2,4-D acid is produced. 2,4-D, its salts, and its esters are classified under Harmonized Tariff Schedule of the United States (HTSUS) subheading 2918.99.2010. Subject merchandise, including the abovementioned formulations, may also be classified under HTSUS subheadings 2922.12.0001, 2921.11.0000, 2921.19.6195, 2922.19.9690, 3808.93.0500, and 3808.93.1500. While the HTSUS subheadings and CAS registry numbers are provided for convenience and customs purposes, the written description of the scope of these orders is dispositive. </P>
                </EXTRACT>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09453 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DS-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="22235"/>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[C-580-920, C-583-877]</DEPDOC>
                <SUBJECT>Certain Epoxy Resins From Taiwan: Amended Final Countervailing Duty Determination; Certain Epoxy Resins From the Republic of Korea and Taiwan: Countervailing Duty Orders</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Enforcement and Compliance, International Trade Administration, Department of Commerce.</P>
                </AGY>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Based on affirmative final determinations by the U.S. Department of Commerce (Commerce) and the U.S. International Trade Commission (ITC), Commerce is issuing the countervailing duty (CVD) orders on certain epoxy resins (epoxy resins) from the Republic of Korea (Korea) and Taiwan. In addition, Commerce is amending its final determination with respect to epoxy resins from Taiwan to correct a ministerial error.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Applicable May 27, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Thomas Martin (Korea) at (202) 482-3936; and Ian Riggs (Taiwan) at (202) 482-3810; AD/CVD Operations, Offices IV and IX, respectively, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    In accordance with sections 705(d) and 777(i) of the Tariff Act of 1930, as amended (the Act), on April 3, 2025, Commerce published its affirmative final determinations that countervailable subsidies are being provided to producers and exporters of epoxy resins from Korea and Taiwan.
                    <SU>1</SU>
                    <FTREF/>
                     On April 9, 2025, the U.S. Epoxy Resin Producers 
                    <E T="03">Ad Hoc</E>
                     Coalition (the petitioner) timely alleged that Commerce made a ministerial error in the 
                    <E T="03">Taiwan Final Determination.</E>
                    <SU>2</SU>
                    <FTREF/>
                     Section 705(e) of the Act and 19 CFR 351.224(f) define ministerial errors as errors in addition, subtraction, or other arithmetic function, clerical errors resulting from inaccurate copying, duplication, or the like, and any other type of unintentional error which Commerce considers ministerial. We reviewed the allegation and determined that we made a ministerial error in the 
                    <E T="03">Taiwan Final Determination. See</E>
                     “Amendment to the 
                    <E T="03">Taiwan Final Determination</E>
                    ” section below for further discussion.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See Certain Epoxy Resins from the Republic of Korea: Final Affirmative Countervailing Duty Determination and Final Negative Critical Circumstances Determination,</E>
                         90 FR 14605 (April 3, 2025) (
                        <E T="03">Korea Final Determination</E>
                        ); 
                        <E T="03">see also Certain Epoxy Resins from Taiwan: Final Affirmative Countervailing Duty Determination,</E>
                         90 FR 14618 (April 3, 2025) (
                        <E T="03">Taiwan Final Determination</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         Petitioner's Letter, “Ministerial Error Comments,” dated April 9, 2025 (Petitioner's Ministerial Error Allegation).
                    </P>
                </FTNT>
                <P>
                    On May 19, 2025, pursuant to section 705(d) of the Act, the ITC notified Commerce of its final affirmative determinations that an industry in the United States is materially injured by reason of subsidized imports of epoxy resins from Korea and Taiwan, within the meaning of section 705(b)(1)(A)(i) of the Act.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         ITC's Letter, “Notification of ITC Final Determination,” dated May 19, 2025 (ITC Notification Letter).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Scope of the Orders</HD>
                <P>
                    The merchandise covered by these orders is epoxy resins from Korea and Taiwan. For a complete description of the scope of the orders, 
                    <E T="03">see</E>
                     the appendix to this notice.
                </P>
                <HD SOURCE="HD1">Amendment to the Taiwan Final Determination</HD>
                <P>
                    On April 9, 2025, the petitioner submitted a timely ministerial error allegation regarding the 
                    <E T="03">Taiwan Final Determination.</E>
                    <SU>4</SU>
                    <FTREF/>
                     Commerce reviewed the record and, on April 25, 2025, agreed that the petitioner's allegation constituted a ministerial error within the meaning of section 705(e) of the Act and 19 CFR 351.224(f).
                    <SU>5</SU>
                    <FTREF/>
                     Specifically, Commerce determined that it had erred in applying a below-
                    <E T="03">de minimis</E>
                     subsidy rate under 19 CFR 351.308(j)(3) as the adverse facts available rate for several unreported grants for Chang Chun Plastics Co. Ltd. (CCPC) discovered at verification.
                    <SU>6</SU>
                    <FTREF/>
                     Pursuant to 19 CFR 351.224(e), Commerce is amending the 
                    <E T="03">Taiwan Final Determination</E>
                     to correct this ministerial error as described in the Ministerial Error Memorandum. Correcting this error changes the 
                    <E T="03">ad valorem</E>
                     subsidy rate for CCPC, as well as the cash deposit rate for all other producers and exporters not individually examined. The revised rates are listed in the “Estimated Countervailing Duty Subsidy Rates” section, below.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Petitioner's Ministerial Error Allegation.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Memorandum, “Allegations of Ministerial Errors in the Final Determination,” dated April 25, 2025 (Ministerial Error Memorandum).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Orders</HD>
                <P>
                    As stated above, based on the ITC's affirmative final determinations that an industry in the United States is materially injured within the meaning of section 705(b)(1)(A)(i) of the Act by reason of subsidized imports of epoxy resins from Korea and Taiwan,
                    <SU>7</SU>
                    <FTREF/>
                     in accordance with section 705(c)(2) of the Act, Commerce is issuing these CVD orders. Moreover, because the ITC determined that imports of epoxy resins from Korea and Taiwan are materially injuring a U.S. industry, unliquidated entries of subject merchandise from Korea or Taiwan entered, or withdrawn from warehouse, for consumption, are subject to the assessment of countervailing duties.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         ITC Notification Letter.
                    </P>
                </FTNT>
                <P>
                    Therefore, in accordance with section 706(a) of the Act, Commerce is directing U.S. Customs Border and Protection (CBP) to continue suspending liquidation of all relevant entries of epoxy resins from Korea, which are entered, or withdrawn from warehouse, for consumption on or after April 3, 2025, the date of publication of the final determination. Additionally, in accordance with section 706(a) of the Act, Commerce intends to direct CBP to assess, upon further instructions by Commerce, countervailing duties on all relevant entries of epoxy resins from Taiwan, which are entered, or withdrawn from warehouse, for consumption on or after September 13, 2024, the date of publication of the 
                    <E T="03">Taiwan Preliminary Determination,</E>
                    <SU>8</SU>
                    <FTREF/>
                     but will not include entries occurring after the expiration of the provisional measures period and before the publication of the ITC's final injury determinations under section 705(b) of the Act, as further described in the “Provisional Measures” section of this notice.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See Certain Epoxy Resins from the Republic of Korea: Preliminary Negative Countervailing Duty Determination, Preliminary Negative Critical Circumstances Determination and Alignment of Final Determination With Final Antidumping Duty Determination,</E>
                         89 FR 74912 (September 13, 2024) (
                        <E T="03">Korea Preliminary Determination</E>
                        ); 
                        <E T="03">see also Certain Epoxy Resins from Taiwan: Preliminary Affirmative Countervailing Duty Determination, and Alignment of Final Determination With Final Antidumping Duty Determination,</E>
                         89 FR 74896 (September 13, 2024) (
                        <E T="03">Taiwan Preliminary Determination</E>
                        ).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Suspension of Liquidation and Cash Deposits</HD>
                <P>
                    In accordance with section 706 of the Act, Commerce intends to instruct CBP to continue suspending liquidation of epoxy resins from Korea, effective on the date of publication of the 
                    <E T="03">Korea Final Determination,</E>
                     to reinstitute the suspension of liquidation of epoxy resins from Taiwan, effective on the date of publication of the ITC's final affirmative injury determination in the 
                    <E T="04">Federal Register</E>
                    , and to assess, upon 
                    <PRTPAGE P="22236"/>
                    further instruction by Commerce, pursuant to section 706(a)(1) of the Act, countervailing duties on each entry of subject merchandise in an amount based on the net countervailable subsidy rates below. On or after the date of publication of the ITC's final injury determination in the 
                    <E T="04">Federal Register</E>
                    , CBP must require, at the same time as importers would normally deposit estimated customs duties on subject merchandise, a cash deposit equal to the rates listed in the table below. These instructions suspending liquidation will remain in effect until further notice. The all-others rate applies to all producers or exporters not specifically listed below, as appropriate.
                </P>
                <HD SOURCE="HD1">Estimated CVD Subsidy Rates</HD>
                <P>
                    The estimated CVD subsidy rates are as follows:
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         Commerce has found that Kukdo Chemical Co., Ltd is cross-owned with Kukdo Finechem Co., Ltd.
                    </P>
                    <P>
                        <SU>10</SU>
                         Commerce has found the following companies to be cross-owned with Kumho P&amp;B Chemicals Inc.: Kumho Petrochemical Co., Ltd. and Chemoil Corporation.
                    </P>
                </FTNT>
                <HD SOURCE="HD2">Korea</HD>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s50,12">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Company</CHED>
                        <CHED H="1">
                            Subsidy rate
                            <LI>(percent</LI>
                            <LI>
                                <E T="03">ad valorem</E>
                                )
                            </LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">
                            Kukdo Chemical Co., Ltd.
                            <SU>9</SU>
                        </ENT>
                        <ENT>1.01</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">
                            Kumho P&amp;B Chemicals Inc.
                            <SU>10</SU>
                        </ENT>
                        <ENT>1.84</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others</ENT>
                        <ENT>1.30</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD2">
                    Taiwan
                    <FTREF/>
                </HD>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         Commerce has found the following companies to be cross-owned with CCPC: Chang Chun Petrochemical Co., Ltd.; Dairen Chemical Corporation; Jinzhou Technology Co., Ltd.; and Taiwan Prosperity Chemical Corporation.
                    </P>
                    <P>
                        <SU>12</SU>
                         Commerce has found the following companies to be cross-owned with Nan Ya Plastics Corp.: Formosa Plastics Corporation; Formosa Chemicals &amp; Fibre Corporation; and Formosa Petrochemical Corporation.
                    </P>
                </FTNT>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s50,12">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Company</CHED>
                        <CHED H="1">
                            Subsidy rate
                            <LI>(percent</LI>
                            <LI>
                                <E T="03">ad valorem</E>
                                )
                            </LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">
                            Chang Chun Plastics Co. Ltd.
                            <SU>11</SU>
                        </ENT>
                        <ENT>62.36</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">
                            Nan Ya Plastics Corp.
                            <SU>12</SU>
                        </ENT>
                        <ENT>3.38</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others</ENT>
                        <ENT>33.24</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Provisional Measures—Taiwan</HD>
                <P>
                    Section 703(d) of the Act states that the suspension of liquidation pursuant to an affirmative preliminary determination may not remain in effect for more than four months. Commerce published the 
                    <E T="03">Taiwan Preliminary Determination</E>
                     on September 13, 2024.
                    <SU>13</SU>
                    <FTREF/>
                     As such, the four-month period beginning on the date of the publication of the 
                    <E T="03">Taiwan Preliminary Determination</E>
                     ended on January 10, 2025.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See Taiwan Preliminary Determination,</E>
                         89 FR at 74896.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         Because the 
                        <E T="03">Korea Preliminary Determination</E>
                         was negative and Commerce did not begin suspension of liquidation until the 
                        <E T="03">Korea Final Determination,</E>
                         provisional measures will not terminate for Korea before the date of publication of the ITC's final injury determination in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </FTNT>
                <P>
                    Therefore, in accordance with section 703(d) of the Act, we instructed CBP to terminate the suspension of liquidation and to liquidate, without regard to countervailing duties, unliquidated entries of epoxy resins from Taiwan or withdrawn from warehouse, for consumption, on or after January 11, 2025, the date on which the provisional measures expired, until and through the day preceding the date of publication of the ITC's final injury determination in the 
                    <E T="04">Federal Register</E>
                    . Suspension of liquidation and the collection of cash deposits will resume on the date of publication of the ITC's final determinations in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">Establishment of the Annual Inquiry Service Lists</HD>
                <P>
                    On September 20, 2021, Commerce published the 
                    <E T="03">Final Rule</E>
                     in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>15</SU>
                    <FTREF/>
                     On September 27, 2021, Commerce also published the 
                    <E T="03">Procedural Guidance</E>
                     in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>16</SU>
                    <FTREF/>
                     The 
                    <E T="03">Final Rule</E>
                     and 
                    <E T="03">Procedural Guidance</E>
                     provide that Commerce will maintain an annual inquiry service list for each order or suspended investigation, and any interested party submitting a scope ruling application or request for circumvention inquiry shall serve a copy of the application or request on the persons on the annual inquiry service list for that order, as well as any companion order covering the same merchandise from the same country of origin.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See Regulations to Improve Administration and Enforcement of Antidumping and Countervailing Duty Laws,</E>
                         86 FR 52300 (September 20, 2021) (
                        <E T="03">Final Rule</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">See Scope Ruling Application; Annual Inquiry Service List; and Informational Sessions,</E>
                         86 FR 53205 (September 27, 2021) (
                        <E T="03">Procedural Guidance</E>
                        ).
                    </P>
                </FTNT>
                <P>
                    In accordance with the 
                    <E T="03">Procedural Guidance,</E>
                     for orders published in the 
                    <E T="04">Federal Register</E>
                     after November 4, 2021, Commerce will create an annual inquiry service list segment in Commerce's online e-filing and document management system, Antidumping and Countervailing Duty Electronic Service System (ACCESS), available at 
                    <E T="03">https://access.trade.gov,</E>
                     within five business days of publication of the notice of the order. Each annual inquiry service list will be saved in ACCESS, under each case number, and under a specific segment type called “AISL-Annual Inquiry Service List.” 
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         This segment will be combined with the ACCESS Segment Specific Information (SSI) field which will display the month in which the notice of the order or suspended investigation was published in the 
                        <E T="04">Federal Register</E>
                        , also known as the anniversary month. For example, for an order under case number A-000-000 that was published in the 
                        <E T="04">Federal Register</E>
                         in January, the relevant segment and SSI combination will appear in ACCESS as “AISL-January Anniversary.” Note that there will be only one annual inquiry service list segment per case number, and the anniversary month will be pre-populated in ACCESS.
                    </P>
                </FTNT>
                <P>
                    Interested parties who wish to be added to the annual inquiry service list for an order must submit an entry of appearance to the annual inquiry service list segment for the order in ACCESS within 30 days after the date of publication of the order. For ease of administration, Commerce requests that law firms with more than one attorney representing interested parties in an order designate a lead attorney to be included on the annual inquiry service list. Commerce will finalize the annual inquiry service list within five business days thereafter. As mentioned in the 
                    <E T="03">Procedural Guidance,</E>
                    <SU>18</SU>
                    <FTREF/>
                     the new annual inquiry service list will be in place until the following year, when the 
                    <E T="03">Opportunity Notice</E>
                     for the anniversary month of the order is published.
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See Procedural Guidance,</E>
                         86 FR at 53206.
                    </P>
                </FTNT>
                <P>
                    Commerce may update an annual inquiry service list at any time as needed based on interested parties' amendments to their entries of appearance to remove or otherwise modify their list of members and representatives, or to update contact information. Any changes or announcements pertaining to these procedures will be posted to the ACCESS website at 
                    <E T="03">https://access.trade.gov.</E>
                </P>
                <HD SOURCE="HD1">Special Instructions for the Petitioner and Foreign Governments</HD>
                <P>
                    In the 
                    <E T="03">Final Rule,</E>
                     Commerce stated that, “after an initial request and placement on the annual inquiry service list, both petitioners and foreign governments will automatically be placed on the annual inquiry service list in the years that follow.” 
                    <SU>19</SU>
                    <FTREF/>
                     Accordingly, as stated above, the petitioner, the Government of Korea, and the Taiwan Authorities should submit their initial entries of appearance after publication of this notice in order to appear in the first annual inquiry service lists for these orders. Pursuant to 19 CFR 351.225(n)(3), the petitioner, the Government of Korea, and the Taiwan Authorities will not need to resubmit 
                    <PRTPAGE P="22237"/>
                    their entries of appearance each year to continue to be included on the annual inquiry service list. However, the petitioner, the Government of Korea, and the Taiwan Authorities are responsible for making amendments to their entries of appearance during the annual update to the annual inquiry service list in accordance with the procedures described above.
                </P>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See Final Rule,</E>
                         86 FR at 52335.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>
                    This notice constitutes the CVD orders with respect to epoxy resins from Korea and Taiwan, pursuant to section 706(a) of the Act. Interested parties can find a list of antidumping duty and CVD orders currently in effect at 
                    <E T="03">https://www.trade.gov/datavisualization/adcvd-proceedings.</E>
                </P>
                <P>The amended Taiwan final determination and these CVD orders are issued and published in accordance with sections 705(e) and 706(a) of the Act, and 19 CFR 351.224(e) and 19 CFR 351.211(b).</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Christopher Abbott,</NAME>
                    <TITLE>Deputy Assistant Secretary for Policy and Negotiations, performing the non-exclusive functions and duties of the Assistant Secretary for Enforcement and Compliance.</TITLE>
                </SIG>
                <APPENDIX>
                    <HD SOURCE="HED">Appendix</HD>
                    <HD SOURCE="HD1">Scope of the Orders</HD>
                    <P>
                        The merchandise subject to these orders is fully or partially uncured epoxy resins, also known as epoxide resins, polyepoxides, oxirane resins, ethoxyline resins, diglycidyl ether of bisphenol, (chloromethyl) oxirane, or aromatic diglycidyl, which are polymers or prepolymers containing epoxy groups (
                        <E T="03">i.e.,</E>
                         three-membered ring structures comprised of two carbon atoms and one oxygen atom). Epoxy resins range in physical form from low viscosity liquids to solids. All epoxy resins are covered by the scope of these orders irrespective of physical form, viscosity, grade, purity, molecular weight, or molecular structure, and packaging.
                    </P>
                    <P>Epoxy resins may contain modifiers or additives, such as hardeners, curatives, colorants, pigments, diluents, solvents, thickeners, fillers, plasticizers, softeners, flame retardants, toughening agents, catalysts, Bisphenol F, and ultraviolet light inhibitors, so long as the modifier or additive has not chemically reacted so as to cure the epoxy resin or convert it into a different product no longer containing epoxy groups. Such epoxy resins with modifiers or additives are included in the scope where the epoxy resin component comprises no less than 30 percent of the total weight of the product. The scope also includes blends of epoxy resins with different types of epoxy resins, with or without the inclusion of modifiers and additives, so long as the combined epoxy resin component comprises at least 30 percent of the total weight of the blend.</P>
                    <P>Epoxy resins that enter as part of a system or kit with separately packaged co-reactants, such as hardeners or curing agents, are within the scope. The scope does not include any separately packaged co-reactants that would not fall within the scope if entered on their own.</P>
                    <P>The scope includes merchandise matching the above description that has been processed in a third country, including by commingling, diluting, introducing, or removing modifiers or additives, or performing any other processing that would not otherwise remove the merchandise from the scope of the orders if performed in the subject country.</P>
                    <P>The scope also includes epoxy resin that is commingled or blended with epoxy resin from sources not subject to these orders. Only the subject component of such commingled products is covered by the scope of these orders. Excluded from the scope are phenoxy resins, which are polymers with a weight greater than 11,000 Daltons, a Melt Flow Index (MFI) at 200 °C (392 °F) no less than 4 grams and no greater than 70 grams per 10 min, Glass-Transition Temperatures (Tg) no less than 80 °C (176 °F) and no greater than 100 °C (212 °F), and which contain no epoxy groups other than at the terminal ends of the molecule.</P>
                    <P>Excluded from the scope are certain paint and coating products, which are blends, mixtures, or other formulations of epoxy resin, curing agent, and pigment, in any form, packaged in one or more containers, wherein (1) the pigment represents a minimum of 10 percent of the total weight of the product, (2) the epoxy resin represents a maximum of 80 percent of the total weight of the product, and (3) the curing agent represents 5 to 40 percent of the total weight of the product.</P>
                    <P>Excluded from the scope are preimpregnated fabrics or fibers, often referred to as “pre-pregs,” which are composite materials consisting of fabrics or fibers (typically carbon or glass) impregnated with epoxy resin.</P>
                    <P>
                        Also excluded from the scope is Tetramethyl Bisphenol F Diglycidyl Ether epoxy resin, also known as Tetramethyl Bisphenol F-DGE Polymer (TMBPF-DGE), that (1) has the chemical name: phenol, 4, 4′-methylenebis[2,6-dimethyl-, polymer with 2-(chloromethyl)oxirane, (2) falls under Chemical Abstract Services (CAS) Registry Number 113693-69-9, and (3) has an epoxy equivalent weight (EEW), also referred to as the weight per epoxide (WPE), of no less than 200 and no greater than 230 grams of epoxy resin per epoxy equivalent (g/eq or GEW).
                        <SU>20</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>20</SU>
                             The bracket in this sentence is part of the chemical formula and does not denote business proprietary information.
                        </P>
                    </FTNT>
                    <P>This merchandise is currently classifiable under Harmonized Tariff Schedule of the United States (HTSUS) subheading 3907.30.0000. Subject merchandise may also be entered under subheadings 3907.29.0000, 3824.99.9397, 3214.10.0020, 2910.90.9100, 2910.90.9000, 2910.90.2000, and 1518.00.4000. The HTSUS subheadings are provided for convenience and customs purposes only; the written description of the scope is dispositive.</P>
                </APPENDIX>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09455 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DS-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[A-580-919, A-583-876, A-549-850]</DEPDOC>
                <SUBJECT>Certain Epoxy Resins From Taiwan: Amended Final Antidumping Duty Determination; Certain Epoxy Resins From the Republic of Korea, Taiwan, and Thailand: Antidumping Duty Orders</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Enforcement and Compliance, International Trade Administration, Department of Commerce.</P>
                </AGY>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Based on affirmative final determinations by the U.S. Department of Commerce (Commerce) and the U.S. International Trade Commission (ITC), Commerce is issuing antidumping duty (AD) orders on certain epoxy resins (epoxy resins) from the Republic of Korea (Korea), Taiwan, and Thailand. In addition, Commerce is amending its final determination with respect to epoxy resins from Taiwan to correct a ministerial error.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Applicable May 27, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Laura Delgado (Korea) at (202) 482-1468; Eric Chen (Taiwan) at (202) 482-2860; and John Frye (Thailand) at (202) 482-3035, AD/CVD Operations, Offices III, IX, and V, respectively, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    In accordance with sections 735(d) and 777(i) of the Tariff Act of 1930, as amended (the Act), on April 3, 2025, Commerce published its affirmative final determinations in the less-than-fair-value (LTFV) investigations of epoxy resins from Korea, Taiwan, and Thailand.
                    <SU>1</SU>
                    <FTREF/>
                     The U.S. Epoxy Resin Producers 
                    <E T="03">Ad Hoc</E>
                     Coalition (the petitioner) and Nan Ya Plastics Corporation (Nan Ya) timely alleged that 
                    <PRTPAGE P="22238"/>
                    Commerce made ministerial errors in the 
                    <E T="03">Taiwan Final Determination</E>
                    .
                    <SU>2</SU>
                    <FTREF/>
                     Section 351.224(f) of Commerce's regulations define ministerial errors as errors in addition, subtraction, or other arithmetic function, clerical errors resulting from inaccurate copying, duplication, or the like, and any other type of unintentional error which Commerce considers ministerial. We reviewed the allegations and determined that we made a ministerial error in the 
                    <E T="03">Taiwan Final Determination. See</E>
                     “Amendment to the 
                    <E T="03">Taiwan Final Determination</E>
                    ” section below for further discussion.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See Certain Epoxy Resins from South Korea: Final Affirmative Determination of Sales at Less Than Fair Value and Final Negative Determination of Critical Circumstances,</E>
                         90 FR 14623 (April 3, 2025); 
                        <E T="03">see also Certain Epoxy Resins from Taiwan: Final Affirmative Determination of Sales at Less Than Fair Value,</E>
                         90 FR 14611 (April 3, 2025) (
                        <E T="03">Taiwan Final Determination</E>
                        ); and 
                        <E T="03">Certain Epoxy Resins from Thailand: Final Affirmative Determination of Sales at Less-Than-Fair Value and Final Negative Determination of Critical Circumstances,</E>
                         90 FR 14621 (April 3, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         Petitioner's Letter, “Petitioner's Submission of Ministerial Error Comments,” dated April 7, 2025 (Petitioner's Allegation); 
                        <E T="03">see also</E>
                         Nan Ya's Letter, “Final Determination Ministerial Error Comments,” dated April 7, 2025 (Nan Ya's Allegation).
                    </P>
                </FTNT>
                <P>
                    On May 19, 2025, pursuant to section 735(d) of the Act, the ITC notified Commerce of its final affirmative determinations that an industry in the United States is materially injured by reason of LTFV imports of epoxy resins from Korea, Taiwan, and Thailand within the meaning of section 735(b)(1)(A)(i) of the Act.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         ITC's Letter, “Investigation Nos. 701-TA-716-719 and 731-TA-1683-1687 (Final),” dated May 19, 2025 (ITC Notification Letter).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Scope of the Orders</HD>
                <P>
                    The merchandise covered by these orders is epoxy resins from Korea, Taiwan, and Thailand. For a complete description of the scope of the orders, 
                    <E T="03">see</E>
                     the appendix to this notice.
                </P>
                <HD SOURCE="HD1">Amendment to the Taiwan Final Determination</HD>
                <P>
                    On April 7, 2025, the petitioner and Nan Ya submitted timely ministerial error allegations in the 
                    <E T="03">Taiwan Final Determination</E>
                    .
                    <SU>4</SU>
                    <FTREF/>
                     Commerce reviewed the record and, on April 28, 2025, agreed that the petitioner's allegation constituted a ministerial error within the meaning of section 735(e) of the Act and 19 CFR 351.224(f).
                    <SU>5</SU>
                    <FTREF/>
                     Specifically, Commerce determined that it had erred in using an incorrect date format in the margin calculation program when correcting the payment date for a specific U.S. sale based on the findings at verification, as the petitioner alleged; however, Commerce also determined that, because Nan Ya's allegation regarding the implementation of partial adverse facts available for Nan Ya's U.S. packing costs pertained to a methodological decision, it was not a ministerial error.
                    <SU>6</SU>
                    <FTREF/>
                     Pursuant to 19 CFR 351.224(e), Commerce is amending the 
                    <E T="03">Taiwan Final Determination</E>
                     to reflect the correction of the ministerial error, as described in the Ministerial Error Memorandum. Correcting this error changes Nan Ya's final dumping margin, as well as the cash deposit rate for all other producers and exporters not individually examined. The amended estimated weighted-average dumping margins for Taiwan are listed in the “Estimated Weighted-Average Dumping Margins” section, below.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Petitioner's Allegation; 
                        <E T="03">see also</E>
                         Nan Ya's Allegation.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Memorandum, “Less-Than-Fair-Value Investigation of Certain Epoxy Resins from Taiwan: Analysis of Ministerial Error Allegations,” dated April 28, 2025 (Ministerial Error Memorandum).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Orders</HD>
                <P>
                    As stated above, based on the ITC's affirmative final determinations that an industry in the United States is materially injured within the meaning of section 735(b)(1)(A)(i) of the Act by reason of LTFV imports of epoxy resins from Korea, Taiwan, and Thailand,
                    <SU>7</SU>
                    <FTREF/>
                     in accordance with section 735(c)(2) of the Act, Commerce is issuing these AD orders. Moreover, because the ITC determined that imports of epoxy resins from Korea, Taiwan, and Thailand are materially injuring a U.S. industry, unliquidated entries of subject merchandise from Korea, Taiwan, or Thailand entered, or withdrawn from warehouse, for consumption, are subject to the assessment of antidumping duties.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         ITC Notification Letter.
                    </P>
                </FTNT>
                <P>
                    Therefore, in accordance with section 736(a)(1) of the Act, Commerce intends to direct U.S. Customs and Border Protection (CBP) to assess, upon further instructions by Commerce, antidumping duties equal to the amount by which the normal value of the merchandise exceeds the export price (or constructed export price) of the merchandise, on all relevant entries of epoxy resins from Korea, Taiwan, and Thailand, which are entered, or withdrawn from warehouse, for consumption, on or after November 13, 2024, the date of publication of the 
                    <E T="03">Preliminary Determinations,</E>
                    <SU>8</SU>
                    <FTREF/>
                     but will not include entries after the expiration of the provisional measures period and before publication of the ITC's final injury determinations under section 735(d) of the Act, as further described in the “Provisional Measures” section of this notice.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See Certain Epoxy Resins from the Republic of Korea: Preliminary Affirmative Determination of Sales at Less Than Fair Value, Preliminary Negative Critical Circumstances Determination, Postponement of Final Determination, and Extension of Provisional Measures,</E>
                         89 FR 89605 (November 13, 2024); 
                        <E T="03">Certain Epoxy Resins from Taiwan: Preliminary Affirmative Determination of Sales at Less Than Fair Value, Postponement of Final Determination, and Extension of Provisional Measures,</E>
                         89 FR 89591 (November 13, 2024); and 
                        <E T="03">Certain Epoxy Resins from Thailand: Preliminary Affirmative Determination of Sales at Less Than Fair Value, Preliminary Negative Determination of Critical Circumstances, Postponement of Final Determination, and Extension of Provisional Measures,</E>
                         89 FR 89608 (November 13, 2024) (collectively, 
                        <E T="03">Preliminary Determinations</E>
                        ).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Continuation of Suspension of Liquidation and Cash Deposits</HD>
                <P>Except as noted in the “Provisional Measures” section of this notice, in accordance with section 735(c)(1)(B) of the Act, Commerce intends to instruct CBP to continue to suspend liquidation on all relevant entries of epoxy resins from Korea, Taiwan, and Thailand. These instructions suspending liquidation will remain in effect until further notice.</P>
                <P>
                    Commerce will also instruct CBP to require cash deposits equal to the estimated weighted-average dumping margins indicated in the tables below. Effective on the date of publication in the 
                    <E T="04">Federal Register</E>
                     of the notice of the ITC's final affirmative injury determinations, CBP will require, at the same time as importers would normally deposit estimated customs duties on subject merchandise, a cash deposit equal to the rates listed in the table below. The all-others rate applies to all producers or exporters not specifically listed, as appropriate.
                </P>
                <HD SOURCE="HD1">Estimated Weighted-Average Dumping Margins</HD>
                <P>The estimated weighted-average dumping margins are as follows:</P>
                <HD SOURCE="HD2">Korea</HD>
                <GPOTABLE COLS="03" OPTS="L2,nj,tp0,i1" CDEF="s100,16,18">
                    <BOXHD>
                        <CHED H="1">Exporter/producer</CHED>
                        <CHED H="1">
                            Dumping margins 
                            <LI>(percent)</LI>
                        </CHED>
                        <CHED H="1">
                            Cash deposit rate 
                            <LI>(adjusted for </LI>
                            <LI>subsidy offsets) </LI>
                            <LI>(percent)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Kukdo Chemical Co., Ltd./Kukdo Finechem</ENT>
                        <ENT>5.68</ENT>
                        <ENT>5.62</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Kumho P&amp;B Chemicals Inc</ENT>
                        <ENT>7.60</ENT>
                        <ENT>7.59</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22239"/>
                        <ENT I="01">All Others</ENT>
                        <ENT>6.37</ENT>
                        <ENT>6.33</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD2">Taiwan</HD>
                <GPOTABLE COLS="02" OPTS="L2,nj,tp0,i1" CDEF="s100,16">
                    <BOXHD>
                        <CHED H="1">Exporter/producer</CHED>
                        <CHED H="1">
                            Dumping margins 
                            <LI>(percent)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Chang Chun Plastics Co., Ltd </ENT>
                        <ENT>10.93</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nan Ya Plastics Corporation </ENT>
                        <ENT>28.13</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others </ENT>
                        <ENT>19.21</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD2">Thailand</HD>
                <GPOTABLE COLS="02" OPTS="L2,nj,tp0,i1" CDEF="s100,16">
                    <BOXHD>
                        <CHED H="1">Exporter/producer</CHED>
                        <CHED H="1">
                            Dumping margins 
                            <LI>(percent)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Aditya Birla Chemicals (Thailand) Limited </ENT>
                        <ENT>5.25</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others </ENT>
                        <ENT>5.25</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Provisional Measures</HD>
                <P>Section 733(d) of the Act states that suspension of liquidation pursuant to an affirmative preliminary determination may not remain in effect for more than four months, except where exporters representing a significant proportion of exports of the subject merchandise request that Commerce extend the four-month period to no more than six months. At the request of exporters that account for a significant proportion of exports of epoxy resins from Korea, Taiwan, and Thailand, Commerce extended the four-month period to six months in each of these investigations.</P>
                <P>
                    The extended provisional measures period, beginning on the date of publication of the 
                    <E T="03">Preliminary Determinations</E>
                     on November 13, 2024,
                    <SU>9</SU>
                    <FTREF/>
                     ended on May 11, 2025. Therefore, in accordance with section 733(d) of the Act and our practice,
                    <SU>10</SU>
                    <FTREF/>
                     Commerce will instruct CBP to terminate the suspension of liquidation and to liquidate, without regard to antidumping duties, unliquidated entries of epoxy resins from Korea, Taiwan, and Thailand entered or withdrawn from warehouse, for consumption on or after May 12, 2025, the date on which the provisional measures expired, until and through the day preceding the date of publication of the ITC's final affirmative injury determinations in the 
                    <E T="04">Federal Register</E>
                    . Suspension of liquidation and the collection of cash deposits will resume on the date of publication of the ITC's final determinations in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                        .
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See, e.g., Certain Corrosion-Resistant Steel Products from India, India, the People's Republic of China, the Republic of Korea and Taiwan: Amended Final Affirmative Antidumping Determination for India and Taiwan, and Antidumping Duty Orders,</E>
                         81 FR 48390, 48392 (July 25, 2016).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Establishment of the Annual Inquiry Service Lists</HD>
                <P>
                    On September 20, 2021, Commerce published the 
                    <E T="03">Final Rule</E>
                     in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>11</SU>
                    <FTREF/>
                     On September 27, 2021, Commerce also published the 
                    <E T="03">Procedural Guidance</E>
                     in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>12</SU>
                    <FTREF/>
                     The 
                    <E T="03">Final Rule</E>
                     and 
                    <E T="03">Procedural Guidance</E>
                     provide that Commerce will maintain an annual inquiry service list for each order or suspended investigation, and any interested party submitting a scope ruling application or request for circumvention inquiry shall serve a copy of the application or request on the persons on the annual inquiry service list for that order, as well as any companion order covering the same merchandise from the same country of origin.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See Regulations to Improve Administration and Enforcement of Antidumping and Countervailing Duty Laws,</E>
                         86 FR 52300 (September 20, 2021) (
                        <E T="03">Final Rule</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See Scope Ruling Application; Annual Inquiry Service List; and Informational Sessions,</E>
                         86 FR 53205 (September 27, 2021) (
                        <E T="03">Procedural Guidance</E>
                        ).
                    </P>
                </FTNT>
                <P>
                    In accordance with the 
                    <E T="03">Procedural Guidance,</E>
                     for orders published in the 
                    <E T="04">Federal Register</E>
                     after November 4, 2021, Commerce will create an annual inquiry service list segment in Commerce's online e-filing and document management system, Antidumping and Countervailing Duty Electronic Service System (ACCESS), available 
                    <E T="03">at https://access.trade.gov,</E>
                     within five business days of publication of the notice of the order. Each annual inquiry service list will be saved in ACCESS, under each case number, and under a specific segment type called “AISL-Annual Inquiry Service List.” 
                    <SU>13</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         This segment will be combined with the ACCESS Segment Specific Information (SSI) field, which will display the month in which the notice of the order or suspended investigation was published in the 
                        <E T="04">Federal Register</E>
                        <E T="03">,</E>
                         also known as the anniversary month. For example, for an order under case number A-000-000 that published in the 
                        <E T="04">Federal Register</E>
                         in January, the relevant segment and SSI combination will appear in ACCESS as “AISL-January Anniversary.” Note that there will be only one annual inquiry service list segment per case number, and the anniversary month will be pre-populated in ACCESS.
                    </P>
                </FTNT>
                <P>
                    Interested parties who wish to be added to the annual inquiry service list for an order must submit an entry of appearance to the annual inquiry service list segment for the order in ACCESS within 30 days after the date of publication of the order. For ease of administration, Commerce requests that law firms with more than one attorney representing interested parties in an order designate a lead attorney to be included on the annual inquiry service list. Commerce will finalize the annual inquiry service list within five business days thereafter. As mentioned in the 
                    <E T="03">Procedural Guidance,</E>
                    <SU>14</SU>
                    <FTREF/>
                     the new annual inquiry service list will be in place until the following year, when the 
                    <E T="03">Opportunity Notice</E>
                     for the anniversary month of the order is published.
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See Procedural Guidance,</E>
                         86 FR at 53206.
                    </P>
                </FTNT>
                <P>
                    Commerce may update an annual inquiry service list at any time as 
                    <PRTPAGE P="22240"/>
                    needed based on interested parties' amendments to their entries of appearance to remove or otherwise modify their list of members and representatives, or to update contact information. Changes or announcements pertaining to these procedures will be posted to the ACCESS website at 
                    <E T="03">https://access.trade.gov</E>
                    .
                </P>
                <HD SOURCE="HD1">Special Instructions for the Petitioner and Foreign Governments</HD>
                <P>
                    In the 
                    <E T="03">Final Rule,</E>
                     Commerce stated that, “after an initial request and placement on the annual inquiry service list, both petitioners and foreign governments will automatically be placed on the annual inquiry service list in the years that follow.” 
                    <SU>15</SU>
                    <FTREF/>
                     Accordingly, as stated above, the petitioner and foreign governments should submit their initial entry of appearance after publication of this notice in order to appear in the first annual inquiry service lists for these orders. Pursuant to 19 CFR 351.225(n)(3), the petitioner and foreign governments will not need to resubmit their entries of appearance each year to continue to be included on the annual inquiry service list. However, the petitioners and foreign governments are responsible for making amendments to their entries of appearance during the annual update to the annual inquiry service list in accordance with the procedures described above.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See Final Rule,</E>
                         86 FR at 52335.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>
                    This notice constitutes the AD orders with respect to epoxy resins from Korea, Taiwan, and Thailand pursuant to section 736(a) of the Act. Interested parties can find a list of AD and countervailing duty orders currently in effect at 
                    <E T="03">https://www.trade.gov/data-visualization/adcvd-proceedings</E>
                    .
                </P>
                <P>The amended Taiwan final determination and these AD orders are published in accordance with sections 735(e) and 736(a) of the Act and 19 CFR 351.224(e) and 19 CFR 351.211(b).</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Christopher Abbott,</NAME>
                    <TITLE>Deputy Assistant Secretary for Policy and Negotiations, performing the non-exclusive functions and duties of the Assistant Secretary for Enforcement and Compliance.</TITLE>
                </SIG>
                <APPENDIX>
                    <HD SOURCE="HED">Appendix</HD>
                    <HD SOURCE="HD1">Scope of the Orders</HD>
                    <P>
                        The merchandise subject to these orders is fully or partially uncured epoxy resins, also known as epoxide resins, polyepoxides, oxirane resins, ethoxyline resins, diglycidyl ether of bisphenol, (chloromethyl) oxirane, or aromatic diglycidyl, which are polymers or prepolymers containing epoxy groups (
                        <E T="03">i.e.,</E>
                         three-membered ring structures comprised of two carbon atoms and one oxygen atom). Epoxy resins range in physical form from low viscosity liquids to solids. All epoxy resins are covered by the scope of these orders irrespective of physical form, viscosity, grade, purity, molecular weight, or molecular structure, and packaging.
                    </P>
                    <P>Epoxy resins may contain modifiers or additives, such as hardeners, curatives, colorants, pigments, diluents, solvents, thickeners, fillers, plasticizers, softeners, flame retardants, toughening agents, catalysts, Bisphenol F, and ultraviolet light inhibitors, so long as the modifier or additive has not chemically reacted so as to cure the epoxy resin or convert it into a different product no longer containing epoxy groups. Such epoxy resins with modifiers or additives are included in the scope where the epoxy resin component comprises no less than 30 percent of the total weight of the product. The scope also includes blends of epoxy resins with different types of epoxy resins, with or without the inclusion of modifiers and additives, so long as the combined epoxy resin component comprises at least 30 percent of the total weight of the blend.</P>
                    <P>Epoxy resins that enter as part of a system or kit with separately packaged co-reactants, such as hardeners or curing agents, are within the scope. The scope does not include any separately packaged co-reactants that would not fall within the scope if entered on their own.</P>
                    <P>The scope includes merchandise matching the above description that has been processed in a third country, including by commingling, diluting, introducing, or removing modifiers or additives, or performing any other processing that would not otherwise remove the merchandise from the scope of the orders if performed in the subject country.</P>
                    <P>The scope also includes epoxy resin that is commingled or blended with epoxy resin from sources not subject to these orders. Only the subject component of such commingled products is covered by the scope of these orders. Excluded from the scope are phenoxy resins, which are polymers with a weight greater than 11,000 Daltons, a Melt Flow Index (MFI) at 200 °C (392 °F) no less than 4 grams and no greater than 70 grams per 10 min, Glass-Transition Temperatures (Tg) no less than 80 °C (176 °F) and no greater than 100 °C (212 °F), and which contain no epoxy groups other than at the terminal ends of the molecule.</P>
                    <P>Excluded from the scope are certain paint and coating products, which are blends, mixtures, or other formulations of epoxy resin, curing agent, and pigment, in any form, packaged in one or more containers, wherein (1) the pigment represents a minimum of 10 percent of the total weight of the product, (2) the epoxy resin represents a maximum of 80 percent of the total weight of the product, and (3) the curing agent represents 5 to 40 percent of the total weight of the product.</P>
                    <P>Excluded from the scope are preimpregnated fabrics or fibers, often referred to as “pre-pregs,” which are composite materials consisting of fabrics or fibers (typically carbon or glass) impregnated with epoxy resin.</P>
                    <P>
                        Also excluded from the scope is Tetramethyl Bisphenol F Diglycidyl Ether epoxy resin, also known as Tetramethyl Bisphenol F -DGE Polymer (TMBPF-DGE), that (1) has the chemical name: phenol, 4, 4'-methylenebis[2,6-dimethyl-, polymer with 2-(chloromethyl)oxirane, (2) falls under Chemical Abstract Services (CAS) Registry Number 113693-69-9, and (3) has an epoxy equivalent weight (EEW), also referred to as the weight per epoxide (WPE), of no less than 200 and no greater than 230 grams of epoxy resin per epoxy equivalent (g/eq or GEW).
                        <SU>16</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>16</SU>
                             The bracket in this sentence is part of the chemical formula and does not denote business proprietary information.
                        </P>
                    </FTNT>
                    <P>This merchandise is currently classifiable under Harmonized Tariff Schedule of the United States (HTSUS) subheading 3907.30.0000. Subject merchandise may also be entered under subheadings 3907.29.0000, 3824.99.9397, 3214.10.0020, 2910.90.9100, 2910.90.9000, 2910.90.2000, and 1518.00.4000. The HTSUS subheadings are provided for convenience and customs purposes only; the written description of the scope is dispositive.</P>
                </APPENDIX>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09454 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DS-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[A-570-985]</DEPDOC>
                <SUBJECT>Xanthan Gum From the People's Republic of China: Final Results of Antidumping Duty Administrative Review and Final Determination of No Shipments; 2022-2023</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Enforcement and Compliance, International Trade Administration, Department of Commerce.</P>
                </AGY>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The U.S. Department of Commerce (Commerce) determines that Neimenggu Fufeng Biotechnologies Co., Ltd. (aka Inner Mongolia Fufeng Biotechnologies Co., Ltd.), Shandong Fufeng Fermentation Co., Ltd., and Xinjiang Fufeng Biotechnologies Co., Ltd. (collectively, Fufeng) and Deosen Biochemical (Ordos) Ltd. (Deosen) sold xanthan gum from the People's Republic of China (China) at less than normal value during the period of review (POR), July 1, 2022, through June 30, 2023. Additionally, we find that Jianlong Biotechnology Co., Ltd. (Jianlong) and CP Kelco (Shandong) Biological Company Limited (CP Kelco (Shandong)) are eligible for a separate rate. Commerce also determines that two companies under review, Shanghai Smart Chemicals Co. Ltd. (Shanghai Smart) and Deosen Biochemical Ltd., had no shipments during the POR.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Applicable May 27, 2025.</P>
                </DATES>
                <FURINF>
                    <PRTPAGE P="22241"/>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Reginald Anadio, AD/CVD Operations, Office IV, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230; telephone: (202) 482-3166.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On August 23, 2024, Commerce published the 
                    <E T="03">Preliminary Results</E>
                     and invited interested parties to comment.
                    <SU>1</SU>
                    <FTREF/>
                     Commerce extended the deadline for these final results by 60 days until February 19, 2025.
                    <SU>2</SU>
                    <FTREF/>
                     On December 9, 2024, Commerce tolled certain deadlines in this review by 90 days.
                    <SU>3</SU>
                    <FTREF/>
                     For details regarding the events that occurred subsequent to the 
                    <E T="03">Preliminary Results, see</E>
                     the Issues and Decision Memorandum.
                    <SU>4</SU>
                    <FTREF/>
                     Commerce conducted this administrative review in accordance with section 751(a) of the Tariff Act of 1930, as amended (the Act).
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See Xanthan Gum from the People's Republic of China: Preliminary Results of Antidumping Duty Administrative Review, Rescission, in Part, and Preliminary Determination of No Shipments; 2022-2023,</E>
                         89 FR 68136 (August 23, 2024) (
                        <E T="03">Preliminary Results</E>
                        ), and accompanying Preliminary Decision Memorandum (PDM).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         Memorandum, “Extension of Deadline for Final Results of Antidumping Duty Administrative Review,” dated December 2, 2024.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Memorandum, “Tolling of Deadlines for Antidumping and Countervailing Duty Proceedings,” dated December 9, 2024.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Memorandum, “Issues and Decision Memorandum for the Final Results of the Administrative Review of the Antidumping Duty Order on Xanthan Gum from the People's Republic of China; 2022-2023,” dated concurrently with, and hereby adopted by, this notice (Issues and Decision Memorandum).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">
                    Scope of the Order 
                    <E T="51">5</E>
                    <FTREF/>
                </HD>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See Xanthan Gum from the People's Republic of China: Amended Final Determination of Sales at Less Than Fair Value and Antidumping Duty Order,</E>
                         78 FR 43143 (July 19, 2013) (
                        <E T="03">Order</E>
                        ).
                    </P>
                </FTNT>
                <P>
                    The product covered by the 
                    <E T="03">Order</E>
                     includes dry xanthan gum, whether or not coated or blended with other products. For a full description of the scope of the 
                    <E T="03">Order, see</E>
                     the Issues and Decision Memorandum.
                </P>
                <HD SOURCE="HD1">Analysis of Comments Received</HD>
                <P>
                    All issues raised in the case and rebuttal briefs are addressed in the Issues and Decision Memorandum. A list of the issues parties raised and to which we responded in the Issues and Decision Memorandum is provided in Appendix I to this notice. The Issues and Decision Memorandum is a public document and is on file electronically via Enforcement and Compliance's Antidumping and Countervailing Duty Centralized Electronic Service System (ACCESS). ACCESS is available to registered users at 
                    <E T="03">https://access.trade.gov.</E>
                     In addition, a complete version of the Issues and Decision Memorandum can be accessed directly at 
                    <E T="03">https://access.trade.gov/public/FRNoticesListLayout.aspx.</E>
                </P>
                <HD SOURCE="HD1">Final Determination of No Shipments</HD>
                <P>
                    In the 
                    <E T="03">Preliminary Results,</E>
                     Commerce determined that Shanghai Smart and Deosen Biochemical Ltd. did not have shipments of subject merchandise during the POR.
                    <SU>6</SU>
                    <FTREF/>
                     As we received no information to contradict our preliminary determination with respect to Deosen Biochemical Ltd. and Shanghai Smart, we continue to find that they made no shipments of subject merchandise to the United States during the POR.
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See Preliminary Results,</E>
                         89 FR at 68136.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Changes Since the Preliminary Results</HD>
                <P>
                    Based on a review of the record, findings at verification, and comments received from interested parties regarding our 
                    <E T="03">Preliminary Results,</E>
                     we made certain changes to the preliminary weighted-average dumping margin calculation for Deosen. For further discussion of these changes, 
                    <E T="03">see</E>
                     the Issues and Decision Memorandum.
                </P>
                <HD SOURCE="HD1">Separate Rates</HD>
                <P>No parties commented on our preliminary separate rate determinations. Therefore, we have continued to grant separate rate status to Fufeng, Deosen, and two other companies/company groups, Jianlong and CP Kelco (Shandong).</P>
                <HD SOURCE="HD1">Rate for Non-Examined Separate Rate Respondents</HD>
                <P>
                    The statue and Commerce's regulations do not address what rate to apply to respondents not selected for individual examination when Commerce limits its examination in an administrative review pursuant to section 777A(c)(2) of the Act. Generally, Commerce looks to section 735(c)(5) of the Act, which provides instructions for calculating the all-others rate in an investigation, for guidance when calculating the rate for non-selected respondents that are not examined individually in an administrative review. Section 735(c)(5)(A) of the Act states that the all-others rate should be calculated by averaging the weighted-average dumping margins calculated for individually-examined respondents, excluding dumping margins that are zero, 
                    <E T="03">de minimis,</E>
                     or based entirely on facts available. When the rates for individually examined companies are all zero, 
                    <E T="03">de minimis,</E>
                     or based entirely on facts available, section 735(c)(5)(B) of the Act provides that Commerce may use “any reasonable method” to establish the all-others rate. In this review, Commerce preliminarily found a zero rate for Fufeng. Therefore, the only rate that is not zero, 
                    <E T="03">de minimis</E>
                     or based entirely on facts otherwise available is the rate calculated for Deosen. Consequently, we have assigned the separate rate respondents a rate equal to the calculated weighted-average dumping margin for the mandatory respondent whose rate was not zero, 
                    <E T="03">de minimis,</E>
                     or based entirely on facts available (
                    <E T="03">i.e.,</E>
                     the weighted-average dumping margin for Deosen). This approach is consistent with the intent of, and our use of, section 735(c)(5)(A) of the Act.
                    <SU>7</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See, e.g., Certain Frozen Warmwater Shrimp from the Socialist Republic of Vietnam: Final Results and Final Partial Rescission of Antidumping Duty Administrative Review,</E>
                         76 FR 56158, 56160 (September 12, 2011).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">China-Wide Entity</HD>
                <P>
                    Under Commerce's policy regarding the conditional review of the China-wide entity,
                    <SU>8</SU>
                    <FTREF/>
                     the China-wide entity will not be under review unless a party specifically requests, or Commerce self-initiates, a review of the entity. Because no party requested a review of the China-wide entity in this review, the entity is not under review, and the entity's rate (
                    <E T="03">i.e.,</E>
                     154.07 percent) is not subject to change.
                    <SU>9</SU>
                    <FTREF/>
                     Consistent with the 
                    <E T="03">Preliminary Results,</E>
                     we have continued to deny separate rate status to the companies identified in Appendix II.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See Antidumping Proceedings: Announcement of Change in Department Practice for Respondent Selection in Antidumping Duty Proceedings and Conditional Review of the Nonmarket Economy Entity in NME Antidumping Duty Proceedings,</E>
                         78 FR 65963 (November 4, 2013).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See Order,</E>
                         78 FR at 43144.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         Appendix II; 
                        <E T="03">see also Preliminary Results</E>
                         PDM at 11.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Final Results of Review</HD>
                <P>
                    We determine that the following estimated dumping margins exist for the period July 1, 2022, through June 30, 2023:
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         Commerce continues to find that Neimenggu Fufeng Biotechnologies Co., Ltd. (aka Inner Mongolia Fufeng Biotechnologies Co., Ltd.), Shandong Fufeng Fermentation Co., Ltd., and Xinjiang Fufeng Biotechnologies Co., Ltd. are a single entity. 
                        <E T="03">See Xanthan Gum from the People's Republic of China: Preliminary Results of Antidumping Duty Administrative Review and Preliminary Determination of No Shipments; 2013-2014,</E>
                         80 FR 47464 (August 7, 2015), and accompanying PDM at 6, unchanged in 
                        <E T="03">Xanthan Gum from the People's Republic of China: Final Results of Antidumping Duty Administrative Review; 2013-2014,</E>
                         82 FR 11428 (February 23, 2017).
                    </P>
                    <P>
                        <SU>12</SU>
                         We have previously referenced Jianlong Biotechnology Co., Ltd. as formerly Inner Mongolia 
                        <PRTPAGE/>
                        Jianlong Biochemical Co., Ltd. Although we initiated on both company names in this administrative review, Inner Mongolia Jianlong Biotechnology Co., Ltd. did not file a separate rate application or certification. Therefore, we determine Inner Mongolia Jianlong Biotechnology Co., Ltd. is not eligible for a separate rate for purposes of this review.
                    </P>
                </FTNT>
                <PRTPAGE P="22242"/>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s150,16">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exporter</CHED>
                        <CHED H="1">
                            Weighted-average 
                            <LI>dumping margin</LI>
                            <LI>(percent)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Deosen Biochemical (Ordos) Ltd</ENT>
                        <ENT>6.46</ENT>
                    </ROW>
                    <ROW RUL="s">
                        <ENT I="01">
                            Neimenggu Fufeng Biotechnologies Co., Ltd. (aka Inner Mongolia Fufeng Biotechnologies Co., Ltd.)/Shandong Fufeng Fermentation Co., Ltd./Xinjiang Fufeng Biotechnologies Co., Ltd.
                            <SU>11</SU>
                        </ENT>
                        <ENT>0.00</ENT>
                    </ROW>
                    <ROW EXPSTB="01" RUL="s">
                        <ENT I="21">
                            <E T="02">Non-Individually Examined Companies Receiving a Separate Rate</E>
                        </ENT>
                    </ROW>
                    <ROW EXPSTB="00">
                        <ENT I="01">
                            Jianlong Biotechnology Co., Ltd.
                            <SU>12</SU>
                        </ENT>
                        <ENT>6.46</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">CP Kelco (Shandong) Biological Company Limited</ENT>
                        <ENT>6.46</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Disclosure</HD>
                <P>
                    Pursuant to 19 CFR 351.224(b), we will disclose the calculations we performed for these final results to the parties to this proceeding within five days of the publication of this notice in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">Assessment Rates</HD>
                <P>
                    Pursuant to section 751(a)(2)(C) of the Act and 19 CFR 351.212(b)(1), Commerce will determine, and U.S. Customs and Border Protection (CBP) shall assess, antidumping duties on all appropriate entries of subject merchandise covered by the final results of this review. Commerce intends to issue assessment instructions to CBP no earlier than 35 days after the publication date of these final results in the 
                    <E T="04">Federal Register</E>
                    . If a timely summons is filed at the U.S. Court of International Trade, the assessment instructions will direct CBP not to liquidate relevant entries until the time for parties to file a request for a statutory injunction has expired (
                    <E T="03">i.e.,</E>
                     within 90 days of publication).
                </P>
                <P>
                    For Deosen, Commerce will calculate importer-specific assessment rates for antidumping duties, in accordance with 19 CFR 351.212(b)(1). Where the respondent reported reliable entered values, Commerce intends to calculate importer-specific 
                    <E T="03">ad valorem</E>
                     assessment rates by aggregating the amount of dumping calculated for all U.S. sales to the importer and dividing this amount by the total entered value of the merchandise sold to the importer.
                    <SU>13</SU>
                    <FTREF/>
                     Where the respondent did not report entered values, Commerce will calculate importer-specific assessment rates by dividing the amount of dumping for reviewed sales to the importer by the total quantity of those sales. Commerce will calculate an estimated 
                    <E T="03">ad valorem</E>
                     importer-specific assessment rate to determine whether the per-unit assessment rate is 
                    <E T="03">de minimis</E>
                     (
                    <E T="03">i.e.,</E>
                     0.50 percent or below); however, Commerce will use the per-unit assessment rate where entered values were not reported.
                    <SU>14</SU>
                    <FTREF/>
                     Where an importer-specific 
                    <E T="03">ad valorem</E>
                     assessment rate is not zero or 
                    <E T="03">de minimis,</E>
                     Commerce will instruct CBP to collect the appropriate duties at the time of liquidation. Where an importer-specific 
                    <E T="03">ad valorem</E>
                     assessment rate is zero or 
                    <E T="03">de minimis,</E>
                     Commerce will instruct CBP to liquidate appropriate entries without regard to antidumping duties.
                    <SU>15</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See</E>
                         19 CFR 351.212(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         19 CFR 351.106(c)(2).
                    </P>
                </FTNT>
                <P>
                    For Fufeng, because its final weighted-average dumping margin is zero, Commerce will instruct CBP to liquidate the appropriate entries without regard to antidumping duties.
                    <SU>16</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    For entries submitted by an exporter individually examined during this review that were not reported in the U.S. sales database, but that entered under the case number of that exporter (
                    <E T="03">i.e.,</E>
                     at the individually-examined exporter's cash deposit rate), Commerce will instruct CBP to liquidate such entries at the China-wide entity rate (
                    <E T="03">i.e.,</E>
                     154.07 percent).
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See Order,</E>
                         78 FR at 43144.
                    </P>
                </FTNT>
                <P>
                    For respondents not individually examined in this administrative review that qualified for a separate rate (
                    <E T="03">i.e.,</E>
                     CP Kelco (Shandong) and Jianlong), the assessment rate will be equal to the weighted-average dumping margin assigned to the respondent (
                    <E T="03">i.e.,</E>
                     Deosen) in the final results of this review.
                    <SU>18</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See Drawn Stainless Steel Sinks from the People's Republic of China: Preliminary Results of the Antidumping Duty Administrative Review and Preliminary Determination of No Shipments: 2014-2015,</E>
                         81 FR 29528 (May 12, 2016), and accompanying PDM at 10-11, unchanged in 
                        <E T="03">Drawn Stainless Steel Sinks from the People's Republic of China: Final Results of Antidumping Duty Administrative Review; Final Determination of No Shipments; 2014-2015,</E>
                         81 FR 54042 (August 15, 2016).
                    </P>
                </FTNT>
                <P>
                    For the respondents not eligible for a separate rate, as listed in Appendix II, that are part of the China-wide entity, we intend to instruct CBP to apply an 
                    <E T="03">ad valorem</E>
                     assessment rate of 154.07 percent (
                    <E T="03">i.e.,</E>
                     the China-wide entity rate) to all entries of subject merchandise exported by these companies during the POR.
                </P>
                <P>Additionally, for the above companies for which we made final no shipment determinations, any suspended entries that entered under that exporter's case number will be liquidated at the China-wide entity rate.</P>
                <HD SOURCE="HD1">Cash Deposit Requirements</HD>
                <P>Pursuant to section 751(a)(2)(C) of the Act, the cash deposit requirements effective for shipments of the subject merchandise entered, or withdrawn from warehouse, for consumption on or after the publication date of the final results of review will be as follows: (1) for the exporters listed in the table above, the cash deposit rate will be the rate indicated; (2) for previously investigated or reviewed exporters of subject merchandise not listed in the table above that have separate rates, the cash deposit rate will continue to be the most recently published exporter-specific rate; (3) for all China exporters of subject merchandise that have not been found to be entitled to a separate rate, the cash deposit rate will be the rate previously established for the China-wide entity (154.07 percent); and (4) for all non-China exporters of subject merchandise which have not received their own rate, the cash deposit rate will be the rate applicable to the China exporter that supplied that non-China exporter. The cash deposit requirements, when imposed, shall remain in effect until further notice.</P>
                <HD SOURCE="HD1">Notification of Importers</HD>
                <P>
                    This notice serves as a final reminder to importers of their responsibility under 19 CFR 351.402(f)(2) to file a certificate regarding the reimbursement of antidumping duties prior to liquidation of the relevant entries during the POR. Failure to comply with this requirement could result in Commerce's presumption that 
                    <PRTPAGE P="22243"/>
                    reimbursement of antidumping duties occurred and the subsequent assessment of double antidumping duties.
                </P>
                <HD SOURCE="HD1">Administrative Protective Order (APO)</HD>
                <P>This notice also serves as a final reminder to parties subject to an APO of their responsibility to return or destroy proprietary information disclosed under an APO in accordance with 19 CFR 351.305(a)(3). Timely written notification of the return or destruction of APO materials or conversion to judicial protective order is hereby requested. Failure to comply with the regulations and terms of an APO is a violation subject to sanction.</P>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>Commerce is issuing and publishing the final results of this review in accordance with sections 751(a)(1) and 777(i)(1) of the Act, and 19 CFR 351.221(b)(5).</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Abdelali Elouaradia,</NAME>
                    <TITLE>Deputy Assistant Secretary for Enforcement and Compliance.</TITLE>
                </SIG>
                <HD SOURCE="HD1">Appendix I</HD>
                <EXTRACT>
                    <HD SOURCE="HD1">List of Topics Discussed in the Issues and Decision Memorandum</HD>
                    <FP SOURCE="FP-2">I. Summary</FP>
                    <FP SOURCE="FP-2">II. Background</FP>
                    <FP SOURCE="FP-2">
                        III. Scope of the 
                        <E T="03">Order</E>
                    </FP>
                    <FP SOURCE="FP-2">IV. Use of Facts Otherwise Available and Application of Adverse Inferences</FP>
                    <FP SOURCE="FP-2">
                        V. Changes to the 
                        <E T="03">Preliminary Results</E>
                    </FP>
                    <FP SOURCE="FP-2">VI. Discussion of the Issues</FP>
                    <FP SOURCE="FP1-2">Comment 1: Whether Deosen USA's Entered Value Should be Used in the Inventory Carrying Cost Calculation</FP>
                    <FP SOURCE="FP1-2">Comment 2: Whether Deosen Used the Correct Product Name in its U.S. Sales Database</FP>
                    <FP SOURCE="FP1-2">Comment 3: Whether Deosen Reported Correct Ownership Information for the POR</FP>
                    <FP SOURCE="FP1-2">Comment 4: Whether Deosen Submitted a Correct Sales Reconciliation for Deosen USA</FP>
                    <FP SOURCE="FP1-2">Comment 5: Whether Deosen Properly Excluded a U.S. Sale from the U.S. Sales Database</FP>
                    <FP SOURCE="FP1-2">Comment 6: Whether Deosen Reported the Correct Date of Shipment for its U.S. Sales</FP>
                    <FP SOURCE="FP1-2">Comment 7: Whether Deosen Properly Reported Deosen USA's U.S. Inland Freight from Toll Processor for Agglomeration to the Warehouse</FP>
                    <FP SOURCE="FP1-2">Comment 8: Whether Deosen Properly Reported its Accounting System and Branch Office</FP>
                    <FP SOURCE="FP1-2">Comment 9: Whether Deosen Properly Reported its Packing Inputs</FP>
                    <FP SOURCE="FP1-2">Comment 10: Whether Deosen Properly Reported Caustic Soda in the Production Process</FP>
                    <FP SOURCE="FP1-2">Comment 11: Whether Commerce Should Adjust the Surrogate Value for Coal</FP>
                    <FP SOURCE="FP1-2">Comment 12: Whether Commerce Should Adjust the Surrogate Value for Water</FP>
                    <FP SOURCE="FP1-2">Comment 13: Whether Commerce Should Adjust the Surrogate Value for Labor</FP>
                    <FP SOURCE="FP1-2">Comment 14: Whether Commerce Should Accept Deosen's Supplier Distances as Reported</FP>
                    <FP SOURCE="FP1-2">Comment 15: Whether Commerce Should Reject Ajinomoto's Financial Statement</FP>
                    <FP SOURCE="FP1-2">
                        Comment 16: Whether Commerce Properly Applied the 
                        <E T="03">Cohen's d</E>
                         Test to Fufeng's U.S. Sales Database
                    </FP>
                    <FP SOURCE="FP1-2">Comment 17: Whether Commerce Should Deduct Certain Expenses from Fufeng's U.S. Price</FP>
                    <FP SOURCE="FP1-2">Comment 18: Whether Commerce Should Deduct 301 Duties from Fufeng's U.S. Price</FP>
                    <FP SOURCE="FP-2">VII. Recommendation</FP>
                </EXTRACT>
                <HD SOURCE="HD1">Appendix II</HD>
                <EXTRACT>
                    <HD SOURCE="HD1">Companies Determined To Be Part of the China-Wide Entity</HD>
                    <FP SOURCE="FP-2">(1) A.H.A International Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(2) East Chemsources Ltd.;</FP>
                    <FP SOURCE="FP-2">(3) Far East International Forwarding Company;</FP>
                    <FP SOURCE="FP-2">(4) Foodchem Biotech Pte. Ltd.;</FP>
                    <FP SOURCE="FP-2">(5) Greenhealth International Co., Ltd. (Hong Kong);</FP>
                    <FP SOURCE="FP-2">(6) Guangzhou Zio Chemical Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(7) Hangzhou Yuanjia Chemical Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(8) Hebei Xinhe Biochemical Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(9) Nanotech Solutions SDN BHD.;</FP>
                    <FP SOURCE="FP-2">(10) Pingxiang Omni Trading Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(11) Shaanxi Rainwood Biotech Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(12) Shanghai Tianjia Biochemical Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(13) Shanxi Reliance Chemicals Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(14) The TNN Development Limited;</FP>
                    <FP SOURCE="FP-2">(15) Tianjin Okay International Trading Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(16) Unibest Industrial Co., Ltd.; Unionchem Corp. Ltd.;</FP>
                    <FP SOURCE="FP-2">(17) Wanping Bio Chem Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(18) Weifang Hongyuan Chemical Co., Ltd.;</FP>
                    <FP SOURCE="FP-2">(19) Zhejiang Joston Machinery Company</FP>
                </EXTRACT>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09451 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DS-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[A-533-922, A-570-160]</DEPDOC>
                <SUBJECT>2,4-Dichlorophenoxyacetic Acid From India and the People's Republic of China: Antidumping Duty Orders</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Enforcement and Compliance, International Trade Administration, Department of Commerce.</P>
                </AGY>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Based on affirmative final determinations by the U.S. Department of Commerce (Commerce) and the U.S. International Trade Commission (ITC), Commerce is issuing antidumping duty (AD) orders on 2,4-dichlorophenoxyacetic acid (2,4-D) from India and the People's Republic of China (China).</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Applicable May 27, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Grant Fuller (India), Office IX; telephone: (202) 482-6228; and Matthew Palmer (China), Office III; telephone: (202) 482-1678; AD/CVD Operations, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    In accordance with sections 735(d) and 777(i) of the Tariff Act of 1930, as amended (the Act), on April 7, 2025, Commerce published its affirmative final determinations in the less-than-fair-value (LTFV) investigations of 2,4-D from India and China.
                    <SU>1</SU>
                    <FTREF/>
                     On May 16, 2025, pursuant to section 735(d) of the Act, the ITC notified Commerce of its final affirmative determinations that an industry in the United States is materially injured by reason of dumped imports of 2,4-D from India and China, within the meaning of section 735(b)(1)(A)(i) of the Act.
                    <SU>2</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See 2,4-Dichlorophenoxyacetic Acid from India: Final Affirmative Determination of Sales at Less Than Fair Value,</E>
                         90 FR 14969 (April 7, 2025); and 
                        <E T="03">2,4-Dichlorophenoxyacetic Acid from the People's Republic of China: Final Affirmative Determination of Sales at Less Than Fair Value,</E>
                         90 FR 14964 (April 7, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         ITC's Letter, “Notification of ITC Final Determination,” dated May 16, 2025 (ITC Notification Letter).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Scope of the Orders</HD>
                <P>
                    The product covered by these orders is 2,4-D from India and China. For a complete description of the scope of the orders, 
                    <E T="03">see</E>
                     the appendix to this notice.
                </P>
                <HD SOURCE="HD1">Antidumping Duty Orders</HD>
                <P>Based on the above-referenced affirmative final determinations by the ITC that an industry in the United States is materially injured by reason of imports of 2,4-D from India and China sold at LTFV, and, in accordance with sections 735(c)(2) and 736 of the Act, Commerce is issuing these AD orders. Because the ITC determined that imports of 2,4-D from India and China are materially injuring a U.S. industry, unliquidated entries of such merchandise from India and China, entered or withdrawn from warehouse for consumption, are subject to the assessment of antidumping duties.</P>
                <P>
                    Therefore, in accordance with section 736(a)(1) of the Act, Commerce will direct U.S. Customs and Border Protection (CBP) to assess, upon further instruction by Commerce, antidumping duties equal to the amount by which the normal value of the merchandise exceeds the export price (or constructed export price) of the merchandise on all relevant entries of 2,4-D from India and 
                    <PRTPAGE P="22244"/>
                    China. Antidumping duties will be assessed on unliquidated entries of 2,4-D entered, or withdrawn from warehouse, for consumption on or after November 14, 2024, the date of publication of the 
                    <E T="03">LTFV Preliminary Determinations,</E>
                    <SU>3</SU>
                    <FTREF/>
                     but will not include entries occurring after the expiration of the provisional measures period and before publication of the ITC's final injury determination, as further described below.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See 2,4-Dichlorophenoxyacetic Acid from India: Preliminary Affirmative Determination of Sales at Less Than Fair Value, Postponement of Final Determination, and Extension of Provisional Measures,</E>
                         89 FR 89949 (November 14, 2024); and 
                        <E T="03">2,4-Dichlorophenoxyacetic Acid from the People's Republic of China: Preliminary Affirmative Determination of Sales at Less Than Fair Value, Postponement of Final Determination, and Extension of Provisional Measures,</E>
                         89 FR 89963 (November 14, 2024) (collectively, 
                        <E T="03">LTFV Preliminary Determinations</E>
                        ).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Continuation of Suspension of Liquidation and Cash Deposits</HD>
                <P>Except as noted in the “Provisional Measures” section of this notice, Commerce intends to instruct CBP to continue to suspend liquidation on all relevant entries of 2,4-D from India and China, in accordance with section 736 of the Act. These instructions suspending liquidations will remain in effect until further notice.</P>
                <P>
                    Commerce also intends to instruct CBP to require cash deposits equal to the estimated weighted-average dumping margins indicated in the tables below, adjusted by the relevant export subsidy offsets. Accordingly, effective on the date of publication in the 
                    <E T="04">Federal Register</E>
                     of the notice of the ITC's final affirmative injury determination, CBP must require, at the same time as importers would normally deposit estimated customs duties on subject merchandise, a cash deposit equal to the rates listed in the tables below. The all-others rate applies to all producers or exporters not specifically listed, as appropriate.
                </P>
                <HD SOURCE="HD1">Estimated Weighted-Average Dumping Margins</HD>
                <P>The estimated weighted-average dumping margins are as follows:</P>
                <HD SOURCE="HD2">India</HD>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="s100,16,18">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Producer/exporter</CHED>
                        <CHED H="1">
                            Weighted-average
                            <LI>dumping margin</LI>
                            <LI>(percent)</LI>
                        </CHED>
                        <CHED H="1">
                            Cash deposit rate
                            <LI>(adjusted for</LI>
                            <LI>subsidy offsets)</LI>
                            <LI>(percent)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Atul Limited</ENT>
                        <ENT>25.85</ENT>
                        <ENT>20.62</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Meghmani Organics Limited</ENT>
                        <ENT>6.10</ENT>
                        <ENT>3.18</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Others</ENT>
                        <ENT>15.98</ENT>
                        <ENT>11.90</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD2">China</HD>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="s100,16C,18C">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Producer/exporter</CHED>
                        <CHED H="1">
                            Weighted-average
                            <LI>dumping margin</LI>
                            <LI>(percent)</LI>
                        </CHED>
                        <CHED H="1">
                            Cash deposit rate
                            <LI>(adjusted for</LI>
                            <LI>subsidy offsets)</LI>
                            <LI>(percent)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">China-Wide Entity</ENT>
                        <ENT>* 127.21</ENT>
                        <ENT>126.58</ENT>
                    </ROW>
                    <TNOTE>* Rate based on facts available with adverse inferences.</TNOTE>
                </GPOTABLE>
                <HD SOURCE="HD1">Provisional Measures</HD>
                <P>
                    Section 733(d) of the Act states that suspension of liquidation pursuant to an affirmative preliminary determination may not remain in effect for more than four months, except where exporters representing a significant proportion of exports of the subject merchandise request that Commerce extend the four-month period to no more than six months. At the request of exporters that accounted for a significant proportion of exports of 2,4-D from India and China, Commerce extended the four-month period to no more than six months.
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See LTFV Preliminary Determinations.</E>
                    </P>
                </FTNT>
                <P>
                    Commerce published the 
                    <E T="03">LTFV Preliminary Determinations</E>
                     on November 14, 2024; therefore, the six-month provisional measures period beginning on the date of the publication of the 
                    <E T="03">LTFV Preliminary Determinations</E>
                     ended on May 12, 2025. Therefore, in accordance with section 736(a)(1) of the Act and our practice,
                    <SU>5</SU>
                    <FTREF/>
                     Commerce will instruct CBP to terminate the suspension of liquidation and to liquidate, without regard to antidumping duties, unliquidated entries of 2,4-D from India and China entered, or withdrawn from warehouse, for consumption on or after May 13, 2025, the first day provisional measures were no longer in effect, until and through the day preceding the date of publication of the ITC's final injury determination in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See, e.g., Certain Corrosion-Resistant Steel Products from India, India, the People's Republic of China, the Republic of Korea and Taiwan: Amended Final Affirmative Antidumping Determination for India and Taiwan, and Antidumping Duty Orders,</E>
                         81 FR 48390, 48392 (July 25, 2016).
                    </P>
                </FTNT>
                <P>
                    Suspension of liquidation and the collection of cash deposits will resume on the date of publication of the ITC's final determination in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">Establishment of the Annual Inquiry Service Lists</HD>
                <P>
                    On September 20, 2021, Commerce published the 
                    <E T="03">Final Rule</E>
                     in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>6</SU>
                    <FTREF/>
                     On September 27, 2021, Commerce also published the 
                    <E T="03">Procedural Guidance</E>
                     in the 
                    <E T="04">Federal Register</E>
                    .
                    <SU>7</SU>
                    <FTREF/>
                     The 
                    <E T="03">Final Rule</E>
                     and 
                    <E T="03">Procedural Guidance</E>
                     provide that Commerce will maintain an annual inquiry service list for each order or suspended investigation, and any interested party submitting a scope ruling application or request for circumvention inquiry shall serve a copy of the application or request on the persons on the annual inquiry service list for that order, as well as any companion order covering the same merchandise from the same country of origin.
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See Regulations to Improve Administration and Enforcement of Antidumping and Countervailing Duty Laws,</E>
                         86 FR 52300 (September 20, 2021) (
                        <E T="03">Final Rule</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See Scope Ruling Application; Annual Inquiry Service List; and Informational Sessions,</E>
                         86 FR 53205 (September 27, 2021) (
                        <E T="03">Procedural Guidance</E>
                        ).
                    </P>
                </FTNT>
                <PRTPAGE P="22245"/>
                <P>
                    In accordance with the 
                    <E T="03">Procedural Guidance,</E>
                     for orders published in the 
                    <E T="04">Federal Register</E>
                     after November 4, 2021, Commerce will create an annual inquiry service list segment in Commerce's online e-filing and document management system, Antidumping and Countervailing Duty Electronic Service System (ACCESS), available at 
                    <E T="03">https://access.trade.gov,</E>
                     within five business days of publication of the notice of the order. Each annual inquiry service list will be saved in ACCESS, under each case number, and under a specific segment type called “AISL-Annual Inquiry Service List.” 
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         This segment will be combined with the ACCESS Segment Specific Information (SSI) field which will display the month in which the notice of the order or suspended investigation was published in the 
                        <E T="04">Federal Register</E>
                        <E T="03">,</E>
                         also known as the anniversary month. For example, for an order under case number A-000-000 that was published in the 
                        <E T="04">Federal Register</E>
                         in January, the relevant segment and SSI combination will appear in ACCESS as “AISL-January Anniversary.” Note that there will be only one annual inquiry service list segment per case number, and the anniversary month will be pre-populated in ACCESS.
                    </P>
                </FTNT>
                <P>
                    Interested parties who wish to be added to the annual inquiry service list for an order must submit an entry of appearance to the annual inquiry service list segment for the order in ACCESS within 30 days after the date of publication of the order. For ease of administration, Commerce requests that law firms with more than one attorney representing interested parties in an order designate a lead attorney to be included on the annual inquiry service list. Commerce will finalize the annual inquiry service list within five business days thereafter. As mentioned in the 
                    <E T="03">Procedural Guidance,</E>
                    <SU>9</SU>
                    <FTREF/>
                     the new annual inquiry service list will be in place until the following year, when the 
                    <E T="03">Opportunity Notice</E>
                     for the anniversary month of the order is published.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See Procedural Guidance,</E>
                         86 FR at 53206.
                    </P>
                </FTNT>
                <P>Commerce may update an annual inquiry service list at any time as needed based on interested parties' amendments to their entries of appearance to remove or otherwise modify their list of members and representatives, or to update contact information. Any changes or</P>
                <P>
                    announcements pertaining to these procedures will be posted to the ACCESS website at 
                    <E T="03">https://access.trade.gov.</E>
                </P>
                <HD SOURCE="HD1">Special Instructions for the Petitioner and Foreign Governments</HD>
                <P>
                    In the 
                    <E T="03">Final Rule,</E>
                     Commerce stated that, “after an initial request and placement on the annual inquiry service list, both petitioners and foreign governments will automatically be placed on the annual inquiry service list in the years that follow.” 
                    <SU>10</SU>
                    <FTREF/>
                     Accordingly, as stated above, the petitioner and the Governments of India and China should submit their initial entries of appearance after publication of this notice in order to appear in the first annual inquiry service lists for these orders. Pursuant to 19 CFR 351.225(n)(3), the petitioner and the Governments of India and China will not need to resubmit their entries of appearance each year to continue to be included on the annual inquiry service list. However, the petitioner and the Governments of India and China are responsible for making amendments to their entries of appearance during the annual update to the annual inquiry service list in accordance with the procedures described above.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See Final Rule,</E>
                         86 FR at 52335.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>
                    This notice constitutes the AD orders with respect to 2,4-D from India and China, pursuant to section 736(a) of the Act. Interested parties can find a list of AD and CVD orders currently in effect at 
                    <E T="03">https://www.trade.gov/datavisualization/adcvd-proceedings.</E>
                </P>
                <P>These orders are issued and published in accordance with section 736(a) of the Act and 19 CFR 351.211(b).</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Christopher Abbott,</NAME>
                    <TITLE>Deputy Assistant Secretary for Policy and Negotiations, performing the non-exclusive functions and duties of the Assistant Secretary for Enforcement and Compliance.</TITLE>
                </SIG>
                <APPENDIX>
                    <HD SOURCE="HED">Appendix</HD>
                    <HD SOURCE="HD1">Scope of the Orders</HD>
                    <P>
                        The merchandise covered by these orders is 2,4-dichlorophenoxyacetic acid (2,4-D) and its derivative products, including salt and ester forms of 2,4-D. 2,4-D has the Chemical Abstracts Service (CAS) registry number of 94-75-7 and the chemical formula C
                        <E T="52">8</E>
                        H
                        <E T="52">6</E>
                        Cl
                        <E T="52">2</E>
                        O
                        <E T="52">3</E>
                        .
                    </P>
                    <P>Salt and ester forms of 2,4-D include 2,4-D sodium salt (CAS 2702-72-9), 2,4-D diethanolamine salt (CAS 5742-19-8), 2,4-D dimethyl amine salt (CAS 2008-39-1), 2,4-D isopropylamine salt (CAS 5742-17-6), 2,4-D tri-isopropanolamine salt (CAS 3234180-3), 2,4-D choline salt (CAS 1048373-72-3), 2,4-D butoxyethyl ester (CAS 1929-733), 2,4-D 2-ethylhexylester (CAS 1928-43-4), and 2,4-D isopropylester (CAS 94-11-1). All 2,4-D, as well as the salt and ester forms of 2,4-D, is covered by the scope irrespective of purity, particle size, or physical form.</P>
                    <P>The conversion of a 2,4-D salt or ester from 2,4-D acid, or the formulation of nonsubject merchandise with the subject 2,4-D, its salts, and its esters in the country of manufacture or in a third country does not remove the subject 2,4-D, its salts, or its esters from the scope. For any such formulations, only the 2,4-D, 2,4-D salt, and 2,4-D ester components of the mixture is covered by the scope of the order. Formulations of 2,4-D are products that are registered for end-use applications with the Environmental Protection Agency and contain a dispersion agent.</P>
                    <P>The country of origin of any 2,4-D derivative salt or ester is determined by the country in which the underlying 2,4-D acid is produced. 2,4-D, its salts, and its esters are classified under Harmonized Tariff Schedule of the United States (HTSUS) subheading 2918.99.2010. Subject merchandise, including the abovementioned formulations, may also be classified under HTSUS subheadings 2922.12.0001, 2921.11.0000, 2921.19.6195, 2922.19.9690, 3808.93.0500, and 3808.93.1500. The HTSUS subheadings and CAS registry numbers are provided for convenience and customs purposes. The written description of the scope of the orders is dispositive.  </P>
                </APPENDIX>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09452 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DS-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[A-533-857]</DEPDOC>
                <SUBJECT>Oil Country Tubular Goods From India: Final Results of Antidumping Duty Administrative Review, 2022-2023; Correction</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Enforcement and Compliance, International Trade Administration, Department of Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice; correction.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The U.S. Department of Commerce (Commerce) published notice in the 
                        <E T="04">Federal Register</E>
                         of May 13, 2025, in which Commerce published the final results of the antidumping duty (AD) administrative review for oil country tubular goods from India. In this notice, Commerce did not list the correct cash deposit rate for all other producers and/or exporters.
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Brian Warnes, AD/CVD Operations, Office VII, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230; telephone: (202) 482-0028.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On May 13, 2025, Commerce published in the 
                    <E T="04">Federal Register</E>
                     the 
                    <E T="03">Final Results</E>
                     of the 2022-2023 AD administrative review of oil country tubular goods from India.
                    <SU>1</SU>
                    <FTREF/>
                     In the “Cash 
                    <PRTPAGE P="22246"/>
                    Deposit Requirements” section of that notice, Commerce inadvertently listed an incorrect cash deposit rate of zero percent for all other producers and/or exporters (all-others).
                    <SU>2</SU>
                    <FTREF/>
                     The correct cash deposit rate for all-others is 0.60 percent.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">
                            See Oil Country Tubular Goods from India: Final Results of Antidumping Duty Administrative 
                            <PRTPAGE/>
                            Review; 2022-2023,
                        </E>
                         90 FR 20281 (May 13, 2025) (
                        <E T="03">Final Results</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">Id.,</E>
                         90 FR at 20281.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See Certain Oil Country Tubular Goods from India: Notice of Correction to the Amended Final Determination and Amendment of the Antidumping Duty Order,</E>
                         83 FR 59360 (November 23, 2018), identifying the amended cash deposit rate for all-others as 0.60 percent. Commerce also listed the incorrect all-others cash deposit rate in the notice of the preliminary results of the 2022-2023 AD administrative review on oil country tubular goods from India. 
                        <E T="03">See Oil Country Tubular Goods from India: Preliminary Results of Antidumping Duty Administrative Review; 2022- 2023,</E>
                         89 FR 82223 (October 10, 2024). However, we are not making a correction to that notice as the information was superseded by the 
                        <E T="03">Final Results</E>
                        .
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Correction</HD>
                <P>
                    In the 
                    <E T="04">Federal Register</E>
                     of May 13, 2025, in FR Doc 2025-08406, on page 20281, in the second and third column, correct the first sentence of the “Cash Deposit Requirements” section to read as follows:
                </P>
                <EXTRACT>
                    <P>
                        The following cash deposit requirements will be effective for all shipments of the subject merchandise entered, or withdrawn from warehouse, for consumption on or after the publication date of the final results of this administrative review, as provided by section 751(a)(2)(C) of the Act: (1) the cash deposit rate for Surya Roshni, Limited will be zero, the rate established in the final results of this review; (2) for previously reviewed or investigated companies not covered in this review, the cash deposit rate will continue to be the company-specific rate published for the most recent period; (3) if the exporter is not a firm covered in this or any previous review or in the original less-than-fair-value (LTFV) investigation but the manufacturer is, the cash deposit rate will be the rate established for the most recent period for the manufacturer of the merchandise; and (4) if neither the exporter nor the manufacturer is a firm covered in this or any previous review or the LTFV investigation, the cash deposit rate will continue to be the all-others rate of 0.60 percent, which is the all-others rate established by Commerce in the LTFV investigation.
                        <SU>4</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>4</SU>
                             
                            <E T="03">See Certain Oil Country Tubular Goods from India: Notice of Correction to the Amended Final Determination and Amendment of the Antidumping Duty Order,</E>
                             83 FR 59360, 59361 (November 23, 2018).
                        </P>
                    </FTNT>
                </EXTRACT>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>This notice is issued and published in accordance with sections 751(c)(5)(A) of the Tariff Act of 1930, as amended, and 19 CFR 351.213(h).</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Christopher Abbott,</NAME>
                    <TITLE>Deputy Assistant Secretary for Policy and Negotiations, performing the non-exclusive functions and duties of the Assistant Secretary for Enforcement and Compliance.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09442 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DS-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>National Oceanic and Atmospheric Administration</SUBAGY>
                <DEPDOC>[RTID 0648-XE903]</DEPDOC>
                <SUBJECT>Marine Mammals; File No. 28919</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice; receipt of application.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Notice is hereby given that Matthieu Haentjens, Friends of San Juan Island, 707 Boyce Road, Friday Harbor, WA 98250, has applied in due form for a permit to conduct commercial and educational photography on marine mammals.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Written comments must be received on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        These documents are available upon written request via email to 
                        <E T="03">NMFS.Pr1Comments@noaa.gov.</E>
                    </P>
                    <P>
                        Written comments on this application should be submitted via email to 
                        <E T="03">NMFS.Pr1Comments@noaa.gov.</E>
                         Please include File No. 28919 in the subject line of the email comment.
                    </P>
                    <P>
                        Those individuals requesting a public hearing should submit a written request via email to 
                        <E T="03">NMFS.Pr1Comments@noaa.gov.</E>
                         The request should set forth the specific reasons why a hearing on this application would be appropriate.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Shasta McClenahan, Ph.D., or Sara Young, (301) 427-8401.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The subject permit is requested under the authority of the Marine Mammal Protection Act of 1972, as amended (MMPA; 16 U.S.C. 1361 
                    <E T="03">et seq.</E>
                    ) and the regulations governing the taking and importing of marine mammals (50 CFR part 216).
                </P>
                <P>
                    The applicant requests a 2-year permit to create a documentary film focused on Steller sea lions (
                    <E T="03">Eumetopias jubatus</E>
                    ) from the non-listed Eastern distinct population segment and their natural environment in the Pacific Northwest. Up to 30 Steller sea lions may be filmed by underwater and vessel-based platforms in Washington State. Up to 5 each non-target harbor seals (
                    <E T="03">Phoca vitulina</E>
                    ), harbor porpoises (
                    <E T="03">Phocoena phocoena</E>
                    ), and Dall's porpoises (
                    <E T="03">Phocoenoides dalli</E>
                    ) may be unintentionally harassed and opportunistically filmed.
                </P>
                <P>
                    In compliance with the National Environmental Policy Act of 1969 (42 U.S.C. 4321 
                    <E T="03">et seq.</E>
                    ), an initial determination has been made that the activity proposed is categorically excluded from the requirement to prepare an environmental assessment or environmental impact statement.
                </P>
                <P>
                    Concurrent with the publication of this notice in the 
                    <E T="04">Federal Register</E>
                    , NMFS is forwarding copies of the application to the Marine Mammal Commission and its Committee of Scientific Advisors.
                </P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Kimberly Damon-Randall,</NAME>
                    <TITLE>Director, Office of Protected Resources, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09440 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>National Oceanic and Atmospheric Administration</SUBAGY>
                <DEPDOC>[RTID 0648-XE899]</DEPDOC>
                <SUBJECT>Marine Mammals; File No. 28894</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice; issuance of permit.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Notice is hereby given that a permit has been issued to Charted Marine Consulting, 536 Fairfax Ave., Norfolk, VA 23507 (Responsible Party: Kristi Fazioli) to conduct research on bottlenose dolphins (
                        <E T="03">Tursiops truncatus</E>
                        ).
                    </P>
                </SUM>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The permit and related documents are available for review upon written request via email to 
                        <E T="03">NMFS.Pr1Comments@noaa.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Amy Hapeman, (301) 427-8401.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    On March 28, 2025, notice was published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 14121) that a request for a permit to conduct research on the species identified above had been submitted by the above-named applicant. The requested permit has been issued under the authority of the Marine Mammal Protection Act of 1972, as amended (16 U.S.C. 1361 
                    <E T="03">et seq.</E>
                    ), the regulations governing the taking and importing of marine mammals (50 CFR part 216).
                    <PRTPAGE P="22247"/>
                </P>
                <P>The permit authorizes the holder to conduct research on bottlenose dolphins in the bays, sounds, estuaries, and near-shore coastal waters of Texas in the northwestern Gulf of America. The purpose of the research is to: (1) develop and maintain photo-identification catalogs; (2) characterize fine-scale population structure and dynamics; (3) establish baseline patterns of distribution, habitat use, health, and survival; (4) evaluate dolphin behavior in relation to anthropogenic activities; and (5) identify potential risks to the population. Researchers may take up to 8,670 dolphins annually during vessel surveys for counts, photo-identification, behavioral observation, and passive acoustic recordings. A subset of animals may be biopsy sampled or observed for photogrammetry and blow sampling via an unmanned aircraft system. Up to 50 non-target cetaceans may be unintentionally harassed during surveys and/or approached annually for counts and behavioral observation. The permit is valid for 10 years from the date of issuance.</P>
                <P>
                    In compliance with the National Environmental Policy Act of 1969 (42 U.S.C. 4321 
                    <E T="03">et seq.</E>
                    ), a final determination has been made that the activity proposed is categorically excluded from the requirement to prepare an environmental assessment or environmental impact statement.
                </P>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>Shannon Bettridge,</NAME>
                    <TITLE>Chief, Marine Mammal and Sea Turtle Conservation Division, Office of Protected Resources, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09508 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>National Oceanic and Atmospheric Administration</SUBAGY>
                <DEPDOC>[RTID 0648-XE932]</DEPDOC>
                <SUBJECT>Pacific Fishery Management Council; Public Meeting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of public meeting.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Pacific Fishery Management Council's (Pacific Council) Ad Hoc Sacramento River Fall Chinook (SRFC) Workgroup will hold a two-day online meeting.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The two-day online meeting will be held on Monday, June 30, 2025, from 10 a.m. until 3 p.m. Pacific Time or until business for the day concludes and Tuesday, July 1, 2025, from 9 a.m. until 3 p.m. Pacific Time or until business for the day concludes. This meeting is open to the public.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        This meeting will be held online. Specific meeting information, including directions on how to join the meeting and system requirements, will be provided in the meeting announcement on the Pacific Council's website (see 
                        <E T="03">https://www.pcouncil.org</E>
                        ). You may send an email to Mr. Kris Kleinschmidt (
                        <E T="03">kris.kleinschmidt@pcouncil.org</E>
                        ) or contact him at (503) 820-2412 for technical assistance.
                    </P>
                    <P>
                        <E T="03">Council address:</E>
                         Pacific Fishery Management Council, 7700 NE Ambassador Place, Suite 101, Portland, OR 97220-1384.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Angela Forristall, Staff Officer, Pacific Council; telephone: (503) 820-2419.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>The primary purpose of the meeting is to address guidance received from the Pacific Council at their November 2024 meeting and work on their next report. The Workgroup may discuss and continue to develop new or updated tools for SRFC management for Pacific Council consideration. Additional discussions may include, but are not limited to, future meetings, workload planning, and 2025 Salmon Methodology Review topics.</P>
                <P>Although non-emergency issues not contained in the meeting agenda may be discussed, those issues may not be the subject of formal action during this meeting. Action will be restricted to those issues specifically listed in this document and any issues arising after publication of this document that require emergency action under section 305(c) of the Magnuson-Stevens Fishery Conservation and Management Act, provided the public has been notified of the intent to take final action to address the emergency.</P>
                <HD SOURCE="HD1">Special Accommodations</HD>
                <P>
                    Requests for sign language interpretation or other auxiliary aids should be directed to Mr. Kris Kleinschmidt (
                    <E T="03">kris.kleinschmidt@pcouncil.org;</E>
                     (503) 820-2412) at least 10 days prior to the meeting date.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     16 U.S.C. 1801 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Rey Israel Marquez,</NAME>
                    <TITLE>Acting Deputy Director, Office of Sustainable Fisheries, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09362 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>National Oceanic and Atmospheric Administration</SUBAGY>
                <DEPDOC>[RTID 0648-XE911]</DEPDOC>
                <SUBJECT>New England Fishery Management Council; Public Meeting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of public meeting.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The New England Fishery Management Council (Council) is scheduling a public meeting of its Scallop Advisory Panel via webinar to consider actions affecting New England fisheries in the exclusive economic zone (EEZ). Recommendations from this group will be brought to the full Council for formal consideration and action, if appropriate.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This meeting will be held on Monday, June 9, 2025 at 9 a.m. </P>
                    <P>
                        <E T="03">Webinar registration URL information: https://nefmc-org.zoom.us/meeting/register/VY5VSW4aS_WiKamE4YdGDw</E>
                        .
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        <E T="03">Council address:</E>
                         New England Fishery Management Council, 50 Water Street, Mill 2, Newburyport, MA 01950.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Cate O'Keefe, Executive Director, New England Fishery Management Council; telephone: (978) 465-0492.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Agenda</HD>
                <P>The Scallop Advisory Panel will meet to review the outcomes of the Scallop Research Track Assessment and discuss implications for setting FY2026 scallop fishery specifications. They also plan to discuss the development of the Long-Term Scallop Strategic Plan. Other business will be discussed, if necessary.</P>
                <P>
                    Although non-emergency issues not contained on the agenda may come before this Council for discussion, those issues may not be the subject of formal action during this meeting. Council action will be restricted to those issues specifically listed in this notice and any issues arising after publication of this notice that require emergency action under section 305(c) of the Magnuson-Stevens Act, provided the public has been notified of the Council's intent to take final action to address the emergency. The public also should be aware that the meeting will be recorded. Consistent with 16 U.S.C. 1852, a copy of the recording is available upon request.
                    <PRTPAGE P="22248"/>
                </P>
                <HD SOURCE="HD1">Special Accommodations</HD>
                <P>This meeting is physically accessible to people with disabilities. Requests for sign language interpretation or other auxiliary aids should be directed to Cate O'Keefe, Executive Director, at (978) 465-0492, at least 5 days prior to the meeting date.</P>
                <P>
                    <E T="03">Authority:</E>
                     16 U.S.C. 1801 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>Rey Israel Marquez,</NAME>
                    <TITLE>Acting Deputy Director, Office of Sustainable Fisheries, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09446 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>National Oceanic and Atmospheric Administration</SUBAGY>
                <DEPDOC>[RTID 0648-XE940]</DEPDOC>
                <SUBJECT>Pacific Fishery Management Council; Public Meetings</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Marine Fisheries Service (NMFS), National Oceanic and Atmospheric Administration (NOAA), Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of public meetings.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Pacific Fishery Management Council (Pacific Council) and its advisory bodies will meet June 11-16, 2025 in Rohnert Park, California and via webinar. The Pacific Council meeting will be live streamed with the opportunity to provide public comment remotely. The following groups will meet in person in Rohnert Park: Budget Committee, Enforcement Consultants, Groundfish Advisory Subpanel, Groundfish Management Team, Highly Migratory Species Advisory Subpanel, Highly Migratory Species Management Team, Legislative Committee, and the Scientific and Statistical Committee.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The Pacific Council meeting will begin on Friday, June 13, 2025, at 9 a.m. Pacific Time (PT), reconvening at 8 a.m. on Saturday, June 14 through Monday, June 16, 2025. All meetings are open to the public, except for a Closed Session held from 8 a.m. to 9 a.m., Friday, June 13, to address litigation and personnel matters. The Pacific Council will meet as late as necessary each day to complete its scheduled business. Advisory Body meetings begin on Wednesday, June 11, 2025 as outlined in the schedule of ancillary meetings below.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Meetings of the Pacific Council and its advisory entities will be held at the DoubleTree by Hilton Sonoma—Wine Country, One Doubletree Drive, Rohnert Park, CA, Telephone: 707-584-5466. Specific meeting information, including directions on joining the meeting, connecting to the live stream broadcast, and system requirements will be provided in the meeting announcement on the Pacific Council's website (see 
                        <E T="03">www.pcouncil.org</E>
                        ). You may send an email to Mr. Kris Kleinschmidt (
                        <E T="03">kris.kleinschmidt@pcouncil.org</E>
                        ) or contact him at (503) 820-2412 for technical assistance.
                    </P>
                    <P>
                        <E T="03">Council address:</E>
                         Pacific Fishery Management Council, 7700 NE Ambassador Place, Suite 101, Portland, OR 97220-1384.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Mr. Merrick Burden, Executive Director, Pacific Council; telephone: (503) 820-2418 or (866) 806-7204 toll-free, or access the Pacific Council website, 
                        <E T="03">www.pcouncil.org,</E>
                         for the proposed agenda and meeting briefing materials.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The June 11-16, 2025 meeting of the Pacific Council will be streamed live on the internet. The broadcasts begin initially at 9 a.m. PT Friday, June 13, and 8 a.m. Saturday, June 14 through Monday, June 16, 2025. Broadcasts end when business for the day is complete. Only the audio portion and presentations displayed on the screen at the Pacific Council meeting will be broadcast. The audio portion for the public is listen-only except that an opportunity for oral public comment will be provided prior to Council Action on each agenda item. Additional information and instructions on joining or listening to the meeting can be found on the Pacific Council's website (see 
                    <E T="03">www.pcouncil.org</E>
                    ).
                </P>
                <P>
                    The following items are on the Pacific Council agenda, but not necessarily in this order. Agenda items noted as “Final Action” refer to actions requiring the Pacific Council to transmit a proposed fishery management plan, proposed plan amendment, or proposed regulations to the U.S. Secretary of Commerce, under Sections 304 or 305 of the Magnuson-Stevens Fishery Conservation and Management Act. Additional detail on agenda items, Council action, and advisory entity meeting times, are described in Agenda Item A.3, Proposed Council Meeting Agenda, and will be in the advance June 2025 briefing materials and posted on the Pacific Council website at 
                    <E T="03">www.pcouncil.org</E>
                     no later than Friday, May 23, 2025.
                </P>
                <FP SOURCE="FP-2">
                    <E T="03">A. Call to Order</E>
                </FP>
                <FP SOURCE="FP1-2">1. Opening Remarks</FP>
                <FP SOURCE="FP1-2">2. Roll Call</FP>
                <FP SOURCE="FP1-2">3. Agenda</FP>
                <FP SOURCE="FP1-2">4. Executive Director's Report</FP>
                <FP SOURCE="FP-2">
                    <E T="03">B. Open Comment Period</E>
                </FP>
                <FP SOURCE="FP1-2">1. Comments on Non-Agenda Items</FP>
                <FP SOURCE="FP-2">
                    <E T="03">C. Administrative</E>
                </FP>
                <FP SOURCE="FP1-2">1. Council Coordination Committee Meeting Update</FP>
                <FP SOURCE="FP1-2">2. Legislative Matters</FP>
                <FP SOURCE="FP1-2">3. Fiscal Matters</FP>
                <FP SOURCE="FP1-2">4. Approve Council Meeting Records</FP>
                <FP SOURCE="FP1-2">5. Membership Appointments and Council Operating Procedures</FP>
                <FP SOURCE="FP1-2">6. Future Council Meeting Agenda and Workload Planning</FP>
                <FP SOURCE="FP-2">
                    <E T="03">D. Cross Fishery Management Plan</E>
                </FP>
                <FP SOURCE="FP1-2">1. Presidential Executive Orders and Administration Updates</FP>
                <FP SOURCE="FP1-2">2. Council Response to Executive Orders and Administration Updates</FP>
                <FP SOURCE="FP1-2">3. Research and Data Needs—Final Action</FP>
                <FP SOURCE="FP-2">
                    <E T="03">E. Groundfish</E>
                </FP>
                <FP SOURCE="FP1-2">1. National Marine Fisheries Service Report</FP>
                <FP SOURCE="FP1-2">2. Limited Entry Fixed Gear Actions: Gear Endorsements, Cost Recovery, and Other Administrative Changes—Final Action</FP>
                <FP SOURCE="FP1-2">3. Inseason Management—Final Action</FP>
                <FP SOURCE="FP1-2">4. Adopt Stock Assessments</FP>
                <FP SOURCE="FP1-2">5. Intersector Allocation Review—Final Action</FP>
                <FP SOURCE="FP1-2">6. Phase 2 Stock Definitions—Final Action</FP>
                <FP SOURCE="FP1-2">7. Harvest Specifications Flexibility—Scoping</FP>
                <FP SOURCE="FP1-2">8. 2027-28 Harvest Specifications and Management Measures Planning</FP>
                <FP SOURCE="FP-2">
                    <E T="03">F. Highly Migratory Species</E>
                </FP>
                <FP SOURCE="FP1-2">1. National Marine Fisheries Service Report</FP>
                <FP SOURCE="FP1-2">2. International Management Activities</FP>
                <FP SOURCE="FP1-2">3. Exempted Fishing Permits—Final Action</FP>
                <FP SOURCE="FP1-2">4. Highly Migratory Species Roadmap Development</FP>
                <FP SOURCE="FP-2">
                    <E T="03">G. Habitat Issues</E>
                </FP>
                <FP SOURCE="FP1-2">1. Current Habitat Issues</FP>
                <HD SOURCE="HD1">Advisory Body Agendas</HD>
                <P>
                    Advisory body agendas will include discussions of relevant issues that are on the Pacific Council agenda for this meeting and may also include issues that may be relevant to future Pacific Council meetings. Proposed advisory body agendas for this meeting will be available on the Pacific Council website, 
                    <E T="03">www.pcouncil.org,</E>
                     no later than the end of the day Friday, May 23, 2025.
                </P>
                <HD SOURCE="HD1">Schedule of Ancillary Meetings</HD>
                <HD SOURCE="HD2">Day 1—Wednesday, June 11, 2025</HD>
                <FP SOURCE="FP-1">Groundfish Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Groundfish Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Scientific and Statistical Committee Groundfish Subcommittee—10 a.m.</FP>
                <HD SOURCE="HD2">Day 2—Thursday, June 12, 2025</HD>
                <FP SOURCE="FP-1">
                    Scientific and Statistical Committee—8 a.m.
                    <PRTPAGE P="22249"/>
                </FP>
                <FP SOURCE="FP-1">Groundfish Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Groundfish Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Highly Migratory Species Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Highly Migratory Species Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Legislative Committee—10 a.m.</FP>
                <FP SOURCE="FP-1">Budget Committee—1 p.m.</FP>
                <FP SOURCE="FP-1">Enforcement Consultants—2 p.m.</FP>
                <HD SOURCE="HD2">Day 3—Friday, June 13, 2025</HD>
                <FP SOURCE="FP-1">Scientific and Statistical Committee—8 a.m.</FP>
                <FP SOURCE="FP-1">Groundfish Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Groundfish Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Highly Migratory Species Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Highly Migratory Species Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Enforcement Consultants—8 a.m.</FP>
                <HD SOURCE="HD2">Day 4—Saturday, June 14, 2025</HD>
                <FP SOURCE="FP-1">Groundfish Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Groundfish Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Enforcement Consultants—As Necessary</FP>
                <HD SOURCE="HD2">Day 5—Sunday, June 15, 2025</HD>
                <FP SOURCE="FP-1">Groundfish Advisory Subpanel—8 a.m.</FP>
                <FP SOURCE="FP-1">Groundfish Management Team—8 a.m.</FP>
                <FP SOURCE="FP-1">Enforcement Consultants—Online</FP>
                <P>Although non-emergency issues not contained in the meeting agenda may be discussed, those issues may not be the subject of formal action during this meeting. Action will be restricted to those issues specifically listed in this document and any issues arising after publication of this document that require emergency action under section 305(c) of the Magnuson-Stevens Fishery Conservation and Management Act, provided the public has been notified of the intent to take final action to address the emergency.</P>
                <HD SOURCE="HD1">Special Accommodations</HD>
                <P>
                    Requests for sign language interpretation or other auxiliary aids should be directed to Mr. Kris Kleinschmidt (
                    <E T="03">kris.kleinschmidt@pcouncil.org;</E>
                     (503) 820-2412) at least 10 business days prior to the meeting date.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     16 U.S.C. 1801 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Rey Israel Marquez,</NAME>
                    <TITLE>Acting Deputy Director, Office of Sustainable Fisheries, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09360 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF DEFENSE</AGENCY>
                <SUBAGY>Office of the Secretary</SUBAGY>
                <DEPDOC>[Transmittal No. 24-0B]</DEPDOC>
                <SUBJECT>Arms Sales Notification</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Defense Security Cooperation Agency, Department of Defense (DoD).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Arms sales notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The DoD is publishing the unclassified text of an arms sales notification.</P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Pamela Young at (703) 953-6092, 
                        <E T="03">pamela.a.young14.civ@mail.mil,</E>
                         or 
                        <E T="03">dsca.ncr.rsrcmgmt.list.cns-mbx@mail.mil.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>This 36(b)(5)(C) arms sales notification is published to fulfill the requirements of section 155 of Public Law 104-164 dated July 21, 1996. The following is a copy of a letter to the Speaker of the House of Representatives with attached Transmittal 24-0B.</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Stephanie J. Bost,</NAME>
                    <TITLE>Alternate OSD Federal Register Liaison Officer, Department of Defense.</TITLE>
                </SIG>
                <BILCOD>BILLING CODE 6001-FR-P</BILCOD>
                <GPH SPAN="3" DEEP="368">
                    <PRTPAGE P="22250"/>
                    <GID>EN27MY25.000</GID>
                </GPH>
                <GPH SPAN="3" DEEP="368">
                    <PRTPAGE P="22251"/>
                    <GID>EN27MY25.001</GID>
                </GPH>
                <GPH SPAN="3" DEEP="453">
                    <PRTPAGE P="22252"/>
                    <GID>EN27MY25.002</GID>
                </GPH>
                <BILCOD>BILLING CODE 6001-FR-C</BILCOD>
                <HD SOURCE="HD3">Transmittal No. 24-0B</HD>
                <HD SOURCE="HD2">REPORT OF ENHANCEMENT OR UPGRADE OF SENSITIVITY OF TECHNOLOGY OR CAPABILITY (SEC. 36(B)(5)(C), AECA)</HD>
                <P>
                    (i) 
                    <E T="03">Purchaser:</E>
                     Government of the United Kingdom
                </P>
                <P>
                    (ii) 
                    <E T="03">Sec. 36(b)(1), AECA Transmittal No.:</E>
                     18-40
                </P>
                <P>Date: October 19, 2018</P>
                <P>Implementing Agency: Army</P>
                <P>
                    (iii) 
                    <E T="03">Description:</E>
                     On October 19, 2018, Congress was notified by Congressional certification transmittal number 18-40 of the possible sale, under Section 36(b)(1) of the Arms Export Control Act, of sixteen (16) H-47 Chinook (Extended Range) helicopters; thirty-six (36) T-55-GA-714A engines (32 installed, 4 spares); forty-eight (48) embedded GPS inertial navigation units (32 installed, 16 spares); twenty (20) common missile warning systems (16 installed, 4 spares); twenty-two (22) radio-frequency countermeasures (16 installed, 6 spares); nineteen (19) multi-mode radars (16 installed, 3 spares); nineteen (19) electro-optical sensor systems (16 installed, 3 spares); forty (40) M-134D-T miniguns, plus mounts and tools (32 installed, 8 spares); and forty (40) M240H machine guns, plus mounts and tools (32 installed, 8 spares). Also included was communications equipment; navigation equipment; aircraft survivability equipment; initial training equipment and services; synthetic training equipment; support package including spares and repair parts; special tools and test equipment; aviation ground support equipment; safety and air worthiness certification; technical support; maintenance support; technical and aircrew publications; mission planning system equipment and support; project management and governance; United States (U.S.) Government and contractor engineering and logistics support services; and other related elements of logistics and program support. The total estimated program cost was $3.5 billion. Major Defense Equipment (MDE) constituted $1.655 billion of this total.
                </P>
                <P>This transmittal notifies the addition of the following MDE items:</P>
                <FP SOURCE="FP-1">—Seventeen (17) Common Infrared Countermeasure (CIRCM) Systems</FP>
                <FP SOURCE="FP-1">
                    —Seventeen (17) Limited Missile Warning Receiver Systems (LIMWS)
                    <PRTPAGE P="22253"/>
                </FP>
                <FP SOURCE="FP-1">—Seventeen (17) Degraded Visual Environment Pilotage Systems (DVEPS)</FP>
                <P>Also included are Man-Portable Night Vision Devices. The estimated total value of these new items is $162 million, but their addition will not cause an increase in the total case value. The estimated total case value will remain at $3.5 billion. Major Defense Equipment (MDE) will remain at $1.655 billion of this total.</P>
                <P>
                    (iv) 
                    <E T="03">Significance:</E>
                     The proposed sale will enhance the United Kingdom's capabilities to provide national defense and contribute to NATO and coalition operations.
                </P>
                <P>
                    (v) 
                    <E T="03">Justification:</E>
                     This proposed sale will support the foreign policy goals and national security objectives of the U.S. by improving the security of a NATO Ally that is a force for political stability and economic progress in Europe.
                </P>
                <P>
                    (vi) 
                    <E T="03">Sensitivity of Technology:</E>
                     CIRCM is the next-generation lightweight, laser-based, infrared countermeasure system for rotary-wing, tiltrotor, and small fixed-wing aircraft across the DoD. CIRCM provides near-spherical coverage of the host platform to defeat infrared (IR)-seeking threat missiles. CIRCM receives an angular bearing hand-off from the Missile Warning System (Common Missile Warning System (CMWS) or LIMWS) and employs a pointing and tracking system that acquires and tracks the incoming missile. CIRCM jams the missile by using modulated laser energy, thus degrading the tracking capability of the missile and causing it to miss the aircraft.
                </P>
                <P>LIMWS will protect aircraft from missiles by deploying flares and by cueing laser-based countermeasure systems such as the CIRCM. The LIMWS A-kit is backwards compatible with CMWS. LIMWS maintains overmatch of quickly emerging threat technology and tactics by providing increased detection range, improved detection in clutter, and more agile algorithms to rapidly respond to emerging Man-Portable Air Defense Systems (MANPADS) threats. LIMWS utilizes IR-based sensors to detect incoming missiles and unguided hostile fire, fiber optic cables for high-speed data transmission from the sensors to the system processor and implements machine learning algorithms.</P>
                <P>DVEPS provides overmatch by providing increased situational awareness to the aircrew in Degraded Visual Environment (DVE) conditions such as brownout, allowing Special Operations Aviation assets to execute missions in almost any environmental condition. DVEPS utilizes using three-dimensional (3D) imaging technology. DVEPS produces imagery, 3D conformal symbology, and system alerts to aid pilots in maintaining spatial awareness during and after transition from visual meteorological conditions (VMC) to DVE conditions. DVEPS includes a synthetic vision avionics backbone (SVAB), light detection and ranging (LiDAR), removable storage device, infrared camera, power distribution unit, and inertial measurement unit.</P>
                <P>The highest level of classification of defense articles, components, and services included in this potential sale is SECRET.</P>
                <P>
                    (vii) 
                    <E T="03">Date Report Delivered to Congress:</E>
                     March 12, 2024
                </P>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09363 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6001-FR-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DENALI COMMISSION</AGENCY>
                <SUBJECT>Withdrawal of Denali Commission Fiscal Year 2026 Draft Work Plan</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Denali Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice; withdrawal.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        On May 7, 2025, the Denali Commission published a 
                        <E T="04">Federal Register</E>
                         notice to allow public comment on the Denali Commission Fiscal Year 2026 Draft Work Plan. The notice is hereby withdrawn.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The document published at 90 FR 19284 on May 7, 2025, is withdrawn as of May 15, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Elinda Hetemi, Denali Commission, 550 W 7th Avenue, Suite 1230, Anchorage, AK 99501. Telephone: 907-271-3415. Email: 
                        <E T="03">ehetemi@denali.gov</E>
                        .
                    </P>
                    <P>
                        <E T="03">Authority:</E>
                         Pub. L. 105-277, sec. 304(b)(1).
                    </P>
                    <SIG>
                        <NAME>John Whittington,</NAME>
                        <TITLE>General Counsel.</TITLE>
                    </SIG>
                </FURINF>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09365 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3300-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF EDUCATION</AGENCY>
                <SUBJECT>Personnel Development To Improve Services and Results for Children With Disabilities—Interdisciplinary Preparation of Early Intervention, Special Education, and Related Services Personnel Serving Children With Disabilities Who Have High-Intensity Needs</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Special Education and Rehabilitative Services, Department of Education.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Education (Department) is issuing a notice inviting applications for new awards for fiscal year (FY) 2025 for Personnel Development to Improve Services and Results for Children with Disabilities—Interdisciplinary Preparation of Early Intervention, Special Education, and Related Services Personnel Serving Children with Disabilities who have High-Intensity Needs.  </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Applications Available:</E>
                         May 27, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Transmittal of Applications:</E>
                         June 26, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Intergovernmental Review:</E>
                         August 25, 2025.
                    </P>
                    <P>
                        <E T="03">Pre-Application Webinar Information:</E>
                         No later than June 2, 2025, the Office of Special Education and Rehabilitative Services will post details on pre-recorded informational webinars designed to provide technical assistance to interested applicants. Links to the webinars may be found at 
                        <E T="03">www.ed.gov/about/ed-offices/osers/osep/new-osep-grant-competitions.</E>
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        For the addresses for obtaining and submitting an application, please refer to our Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                        <E T="04">Federal Register</E>
                         on December 23, 2024 (89 FR 104528) and available at 
                        <E T="03">www.federalregister.gov/documents/2024/12/23/2024-30488/common-instructions-for-applicants-to-department-of-education-discretionary-grant-programs.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Sunyoung Ahn, U.S. Department of Education, 400 Maryland Avenue SW, Room 4A10, Potomac Center Plaza, Washington, DC 20202. Telephone: 202-987-0141. Email: 
                        <E T="03">Sunyoung.Ahn@ed.gov.</E>
                    </P>
                    <P>If you are deaf, hard of hearing, or have a speech disability and wish to access telecommunications relay services, please dial 7-1-1.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Applications funded under this notice will be funded in lieu of applications received under the notice that published in the 
                    <E T="04">Federal Register</E>
                     on October 8, 2024 (89 FR 81493).
                </P>
                <HD SOURCE="HD1">Full Text of Announcement</HD>
                <HD SOURCE="HD1">I. Funding Opportunity Description</HD>
                <P>
                    <E T="03">Purpose of Program:</E>
                     The purposes of this program are to (1) help address State-identified needs for personnel preparation in early intervention, special education, related services, and regular education to work with children, including infants, toddlers, and youth with disabilities; and (2) ensure that 
                    <PRTPAGE P="22254"/>
                    those personnel have the necessary skills and knowledge, derived from practices that have been determined through scientifically based research, to be successful in serving those children.
                </P>
                <P>
                    <E T="03">Assistance Listing Number (ALN):</E>
                     84.325K.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1820-0028.
                </P>
                <P>
                    <E T="03">Priorities:</E>
                     This competition includes one absolute priority and one competitive preference priority. In accordance with 34 CFR 75.105(b)(2)(v), the absolute priority is from allowable activities specified in the statute (see sections 662 and 681 of the Individuals with Disabilities Education Act (IDEA) (20 U.S.C. 1462 and 1481)). The competitive preference priority is from 34 CFR 75.225.
                </P>
                <P>
                    <E T="03">Absolute Priority:</E>
                     For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, this priority is an absolute priority. Under 34 CFR 75.105(c)(3), we consider only applications that meet this priority.
                </P>
                <P>This priority is:</P>
                <P>
                    <E T="03">Interdisciplinary Preparation of Early Intervention, Special Education, and Related Services for Personnel Serving Children with Disabilities who have High-Intensity Needs.</E>
                </P>
                <P>
                    <E T="03">Background:</E>
                </P>
                <P>It is this Administration's priority that children, including infants, toddlers, and youth with disabilities (children with disabilities) who have high-intensity needs receive instruction and support from educators and related services personnel who are fully credentialed. Under this absolute priority, the Department will fund high-quality interdisciplinary projects that prepare personnel in early intervention, special education, and related services at the master's degree, educational specialist, or clinical doctorate degree levels for professional practice in a variety of education settings, including natural environments (the home and community settings in which infants and toddlers with and without disabilities participate), early childhood programs, classrooms, schools, and distance learning environments.</P>
                <P>
                    <E T="03">Absolute Priority:</E>
                </P>
                <P>
                    The purpose of this priority is to increase the number and improve the quality of early intervention, special education, and related services 
                    <SU>1</SU>
                    <FTREF/>
                     personnel who are fully credentialed to serve children who have high-intensity needs.
                    <SU>2</SU>
                    <FTREF/>
                     The priority will fund high-quality interdisciplinary 
                    <SU>3</SU>
                    <FTREF/>
                     projects that use evidence-based 
                    <SU>4</SU>
                    <FTREF/>
                     strategies to prepare scholars 
                    <SU>5</SU>
                    <FTREF/>
                     at the master's, educational specialist, or clinical doctoral degree levels for professional practice in natural environments, early childhood programs, classrooms, school settings, and in distance learning environments serving children with disabilities who have high-intensity needs.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         For the purposes of this priority, “related services” includes the following: speech-language pathology and audiology services; assistive technology services; interpreting services; intervener services; psychological services; applied behavior analysis; physical therapy and occupational therapy services; recreation, including therapeutic recreation services; social work services; counseling services, including rehabilitation counseling; and orientation and mobility services.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         For the purposes of this priority, “high-intensity needs” refers to a complex array of disabilities (
                        <E T="03">e.g.,</E>
                         multiple disabilities, significant cognitive disabilities, significant physical disabilities, significant sensory disabilities, significant autism, significant emotional disabilities, or significant learning disabilities, including dyslexia) or the needs of children with these disabilities requiring intensive, individualized intervention(s) (
                        <E T="03">i.e.,</E>
                         that are specifically designed to address persistent learning or behavior difficulties, implemented with greater frequency and for an extended duration than is commonly available in a typical classroom or early intervention setting, or which require personnel to have knowledge and skills in identifying and implementing multiple evidence-based interventions).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         For the purposes of this priority, “interdisciplinary” refers to preparing scholars from two or more graduate degree programs in special education or early intervention and one or more related services through shared coursework, group assignments, and extensive and coordinated field or clinical experiences. Different graduate degree programs across more than one institution of higher education may partner to develop an interdisciplinary project.
                    </P>
                    <P>For the purpose of this priority, “interdisciplinary” does not include: (a) individual scholars who receive two or more graduate degrees; (b) one graduate degree program that prepares scholars with different areas of focus; (c) one graduate degree program that offers interdisciplinary content but does not prepare scholars from two or more degree programs together; or (d) one graduate degree program in special education, early intervention, and related services partnering with a graduate degree program other than special education, early intervention, or related services. Programs in which scholars receive only a certificate or endorsement without a graduate degree are not eligible.</P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         For the purposes of this priority, “evidence-based” means, at a minimum, evidence that demonstrates a rationale (as defined in 34 CFR 77.1), where a key project component (as defined in 34 CFR 77.1) included in the project's logic model (as defined in 34 CFR 77.1) is informed by research or evaluation findings that suggest the project component is likely to improve relevant outcomes (as defined in 34 CFR 77.1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         For the purposes of this priority, “scholar” means an individual who: (a) is pursuing a bachelor's, certification, master's, or educational specialist degree in early intervention or special education; (b) receives scholarship assistance as authorized under section 662 of IDEA (34 CFR 304.3(g)); (c) will be eligible for a license, endorsement, or certification from a State or national credentialing authority following completion of the degree program identified in the application; and (d) will be able to be employed in a position that serves children with disabilities for a minimum of 51 percent of their time or case load. Individuals pursuing degrees in general education or early childhood education do not qualify as “scholars” eligible for scholarship assistance.
                    </P>
                </FTNT>
                <P>
                    Specifically, an applicant must propose an interdisciplinary project supporting scholars from two or more graduate degree programs in special education or early intervention and one or more related services. An interdisciplinary project is a project that delivers core content through shared coursework, group assignments, and extensive and coordinated field and clinical experiences as part of two or more master's degree, educational specialist degree, or clinical doctoral degree programs for scholars. Not all requirements (
                    <E T="03">e.g.,</E>
                     courses and field or clinical experiences) of each participating graduate degree program must be shared across all degree programs participating in the interdisciplinary project, but the interdisciplinary project must: (a) identify the competencies needed to promote high expectations and address the individualized needs of children with disabilities who have high-intensity needs using an interdisciplinary approach to service delivery; (b) outline how the project will build capacity in those areas through shared coursework, group assignments, and extensive and coordinated field or clinical experiences for scholars supported by the proposed project; and (c) identify the aspects of each graduate degree program that are shared across all participating degree programs and those that remain unique to each.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Projects may include individuals who are not funded as scholars (see footnote 5), but are in degree programs (
                    <E T="03">e.g.,</E>
                     general education, early childhood education, administration) that are cooperating with the grantee's project. These individuals may participate in the coursework, assignments, field or clinical experiences, and other opportunities required of scholars' program of study (
                    <E T="03">e.g.,</E>
                     speaker series, monthly seminars) if doing so does not diminish the benefit for project-funded scholars (
                    <E T="03">e.g.,</E>
                     by reducing funds available for scholar support or limiting opportunities for scholars to participate in project activities).
                </P>
                <P>
                    <E T="03">Note:</E>
                     Degree programs across more than one institution of higher education (IHE) may partner together within a project. Personnel preparation degree programs that prepare all scholars to be dually certified, including dually certified in special education and a related service, can qualify under this priority.
                </P>
                <P>
                    Personnel preparation programs that prepare individuals to be educational interpreters for the deaf at the bachelor's 
                    <PRTPAGE P="22255"/>
                    degree level can qualify under this priority and are exempted from (a) the interdisciplinary requirement and (b) the requirement for two or more graduate degree programs. All other priority requirements specified for graduate programs will apply to the bachelor's program. While interdisciplinary projects are not required for educational interpreters, they are encouraged.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Applicants under this priority may not submit the same proposal under Personnel Preparation of Special Education, Early Intervention, and Related Services Personnel at Historically Black Colleges and Universities, Tribally Controlled Colleges and Universities, and Other Minority Serving Institutions, ALN 84.325M. Applicants may submit substantively different proposals under ALN 84.325K and ALN 84.325M. The Office of Special Education Programs (OSEP) will not fund similar personnel preparation projects within the same IHE across the ALN 84.325K and 84.325M competitions.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Eligible applicants may submit only one application under the 84.325K competition.
                </P>
                <P>
                    <E T="03">Focus Areas:</E>
                </P>
                <P>Within this absolute priority, the Secretary intends to support interdisciplinary projects under the following two focus areas: (A) Preparing Personnel to Serve Infants, Toddlers, and Preschool-Age Children with Disabilities who have High-Intensity Needs; and (B) Preparing Personnel to Serve School-Age Children with Disabilities who have High-Intensity Needs.</P>
                <P>In this competition, Focus Areas (A) and (B) each constitute a separate funding category. The Secretary intends to award grants under each of these funding categories, provided that applications submitted are of sufficient quality.</P>
                <P>
                    Applicants must identify the specific focus area (
                    <E T="03">i.e.,</E>
                     A or B) under which they are applying as part of the competition title on the application cover sheet (SF 424, line 12).
                </P>
                <P>
                    <E T="03">Focus Area A: Preparing Personnel to Serve Infants, Toddlers, and Preschool-Age Children with Disabilities who have High-Intensity Needs.</E>
                     This focus area is for interdisciplinary projects that deliver core content through shared coursework, group assignments, and extensive and coordinated field or clinical experiences for scholars across two or more graduate degree programs in early intervention or early childhood special education and one or more related services for infants, toddlers, and preschool-age children with disabilities or developmental delays who have high-intensity needs.
                </P>
                <P>Early intervention personnel are those who are prepared to provide services to infants and toddlers with disabilities ages birth to three, and early childhood personnel are those who are prepared to provide services to children with disabilities ages three through five (and in States where the age range is other than ages three through five, we defer to the State's certification for early childhood special education). In States where certification in early intervention is combined with certification in early childhood special education, applicants may propose a combined early intervention and early childhood special education personnel preparation project under this focus area.</P>
                <P>
                    <E T="03">Focus Area B: Preparing Personnel to Serve School-Age Children with Disabilities who have High-Intensity Needs.</E>
                     This focus area is for interdisciplinary projects that deliver core content through shared coursework, group assignments, and extensive and coordinated field or clinical experiences to scholars across two or more graduate degree programs in special education and one or more related services for school-age children with disabilities who have high-intensity needs.
                </P>
                <P>
                    <E T="03">Focus Areas A and B:</E>
                </P>
                <P>Prior to enrolling scholars, applicants may, but are not required to, use up to $100,000 of grant funds in the first budget period and up to the first 12 months of the performance period for project planning, including enhancing an existing program. If an applicant chooses to use up to the first 12 months for project planning, then the applicant must provide a comprehensive justification for the need for project planning and include the goals, objectives, and intended outcomes of the planning; a description of the proposed activities; and a timeline for the work. The plan may include activities such as—</P>
                <P>(1) Developing new and updating current coursework, assignments, or extensive and coordinated field or clinical experiences needed to support interdisciplinary preparation for personnel in early intervention, special education, or related services serving children with disabilities who have high-intensity needs;</P>
                <P>
                    (2) Building capacity (
                    <E T="03">e.g.,</E>
                     hiring a field supervisor, providing professional development for faculty and field supervisors) of the personnel to prepare scholars to serve children with disabilities with high-intensity needs and their families;
                </P>
                <P>
                    (3) Purchasing needed resources (
                    <E T="03">e.g.,</E>
                     additional teaching supplies or specialized equipment to enhance instruction); and
                </P>
                <P>
                    (4) Establishing relationships with early intervention and early childhood programs or schools to serve as sites for field or clinical experiences needed to support the project. These sites may include high-need local educational agencies (LEAs),
                    <SU>6</SU>
                    <FTREF/>
                     high-poverty schools,
                    <SU>7</SU>
                    <FTREF/>
                     schools identified for comprehensive support and improvement,
                    <SU>8</SU>
                    <FTREF/>
                     and schools implementing a targeted support and improvement plan 
                    <SU>9</SU>
                    <FTREF/>
                     for children with disabilities; early childhood and early intervention programs located within the geographic boundaries of a high-need LEA; and early childhood and early intervention programs located within the geographical boundaries of an LEA serving the highest percentage of schools identified for comprehensive support and improvement or implementing targeted support and improvement plans in the State.
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         For the purposes of this priority, “high-need LEA” means an LEA (a) that serves not fewer than 10,000 children from families with incomes below the poverty line; or (b) for which not less than 20 percent of the children are from families with incomes below the poverty line.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         For the purposes of this priority, “high-poverty school” means a school in which at least 50 percent of students are from low-income families as determined using one of the measures of poverty specified in section 1113(a)(5) of the Elementary and Secondary Education Act of 1965, as amended (ESEA). For middle and high schools, eligibility may be calculated on the basis of comparable data from feeder schools. Eligibility as a high-poverty school under this definition is determined on the basis of the most currently available data.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         For the purposes of this priority, “school implementing a comprehensive support and improvement plan” means a school identified for comprehensive support and improvement by a State under section 1111(c)(4)(D) of the ESEA that includes (a) not less than the lowest performing 5 percent of all schools in the State receiving funds under title I, part A of the ESEA; (b) all public high schools in the State failing to graduate one third or more of their students; and (c) public schools in the State described in section 1111(d)(3)(A)(i)(II) of the ESEA.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         For the purposes of this priority, “school implementing a targeted support and improvement plan” means a school identified for targeted support and improvement by a State that has developed and is implementing a school-level targeted support and improvement plan to improve student outcomes based on the indicators in the statewide accountability system defined in section 1111(d)(2) of the ESEA.
                    </P>
                </FTNT>
                <P>
                    In addition to requesting up to $100,000 for planning, additional Federal funds may also be used for scholar support and other grant activities occurring in year one of the project, provided that the total request for year one does not exceed the maximum award available for one budget period of 12 months (
                    <E T="03">i.e.,</E>
                     $350,000). Applicants proposing projects to develop, expand, or add a 
                    <PRTPAGE P="22256"/>
                    new area of emphasis to early intervention, special education, or related services programs must provide, in their applications, information on how these new areas will be sustained once Federal funding ends.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Under 34 CFR 75.250, project periods under this priority may be up to 60 months. Projects should be designed to ensure that all proposed scholars successfully complete the program within 60 months from the project start date. The Secretary may reduce continuation awards for any project in which scholar recruitment is not on track or scholars are not on track to complete the program within the project period. The Department intends to closely monitor unobligated balances and substantial progress under this program and may reduce or discontinue funding accordingly consistent with its authority in 34 CFR 75.253.
                </P>
                <P>To be considered for funding under this absolute priority, all program applicants must meet the requirements contained in this priority.</P>
                <P>To meet the application requirements of this priority an applicant must—</P>
                <P>(a) Demonstrate, in the narrative section of the application under “Significance,” how—</P>
                <P>(1) The proposed project will address the need in the proposed preparation area to prepare personnel who are fully qualified to serve children with disabilities who have high-intensity needs;</P>
                <P>(2) The proposed project will increase the number of personnel in the proposed preparation area who demonstrate the competencies needed to—</P>
                <P>(i) Promote high expectations and improve outcomes, including literacy and math outcomes, for children with disabilities who have high-intensity needs;</P>
                <P>(ii) Differentiate curriculum and instruction;</P>
                <P>
                    (iii) Provide intensive, evidence-based individualized instruction and interventions in person and through distance learning technologies in a variety of early intervention, early childhood, and school settings (
                    <E T="03">e.g.,</E>
                     natural environments; public schools, including charter schools; private schools; and other nonpublic education settings, including home education);
                </P>
                <P>(iv) Collaborate with families and other providers using an interdisciplinary team approach to address the individualized developmental, learning, and academic needs of children with disabilities who have high-intensity needs, and support their successful transitions from early childhood to elementary, elementary to secondary, or transition to postsecondary education and the workforce; and</P>
                <P>(vi) Exercise leadership to improve professional practice and services and education for children with disabilities who have high-intensity needs; and</P>
                <P>(3) The applicant has successfully graduated students in their program, including data on the number of students who have graduated in the last five years.</P>
                <P>(b) Demonstrate, in the narrative section of the application under “Quality of the project design,” how—</P>
                <P>(1) The project will conduct its planning activities, if the applicant will use any of the allowable first 12 months of the project period for planning;</P>
                <P>(2) The project will recruit and retain scholars. To meet this requirement, the applicant must describe—</P>
                <P>(i) The selection criteria the project will use to identify applicants for admission in the program;</P>
                <P>(ii) The specific recruitment strategies the project will use to attract applicants including applicants with disabilities; and</P>
                <P>
                    <E T="03">Note:</E>
                     The recruitment strategies and selection criteria the applicant intends to use must ensure equal access and treatment of all applicants seeking admission to the program and must be consistent with applicable law, including Federal civil rights law.
                </P>
                <P>(iii) The approach that will be used to mentor and support all scholars for retention and completion of the program within 60 months of the project start date and preparing them for careers in early intervention or special education; and</P>
                <P>(3) The project will be designed to promote the acquisition of the competencies needed by early intervention, special education, or related services personnel to support improved outcomes for children with disabilities with high-intensity needs. To address this requirement, the applicant must—</P>
                <P>(i) Describe how the proposed components, such as coursework, field or clinical experiences in early intervention, special education, or related services, work-based experiences, or other opportunities provided to scholars, and sequence of the project components will enable the scholars to acquire the competencies needed by personnel working with children with disabilities with high-intensity needs;</P>
                <P>(ii) Describe how the proposed project will reflect current evidence-based practices, including in personnel preparation, to prepare scholars to provide effective evidence-based instruction, interventions, and services that improve outcomes for children with disabilities with high-intensity needs, in a variety of educational or early childhood and early intervention settings, including in-person and remote settings; and</P>
                <P>(iii) Describe how the proposed project will engage parents, including parents with disabilities; public or private partnering agencies, schools, or programs; and youth with disabilities, to inform and support project components.</P>
                <P>(c) Demonstrate, in the narrative section of the application under “Quality of the management plan,” how—</P>
                <P>(1) The project director and other key project personnel are qualified to prepare scholars in the project's preparation area;</P>
                <P>(2) The project director and other key project personnel will manage the components of the project; and</P>
                <P>(3) The time commitments of the project director and other key project personnel are adequate to meet the objectives of the proposed project.</P>
                <P>(d) Demonstrate, in the narrative section of the application under “Adequacy of resources,” how—</P>
                <P>(1) Accommodations and resources provided to support scholars will be individualized to support them in completing the program; and</P>
                <P>(2) The budget is adequate for meeting the project objectives and mitigating financial burden to scholars in completing the program of study.</P>
                <P>(3) Scholar support will be distributed to support scholars in completing their degrees. In distributing scholar support, the applicant must consider that—</P>
                <P>(i) Scholar support does not need to be uniform for all scholars and should be customized for individual scholars based on scholars' financial needs, including consideration of all costs associated with the cost of attendance;</P>
                <P>
                    (ii) Scholar support can include support for cost of attendance (
                    <E T="03">e.g.,</E>
                     tuition and fees; university student health insurance; an allowance for books, materials, and supplies; an allowance for miscellaneous personal expenses; an allowance for dependent care, such as child care; an allowance for transportation; and/or an allowance for room and board), travel in conjunction with training assignments including conference registration, and stipends to support scholars' completion of the program and professional development;
                </P>
                <P>
                    (iii) Projections for scholar support should consider tuition increases and cost of living increases over the project period; and
                    <PRTPAGE P="22257"/>
                </P>
                <P>
                    (iv) Projects that prepare personnel at the bachelor's degree level cannot provide scholar support during the first two years (
                    <E T="03">e.g.,</E>
                     freshman and sophomore years) of the degree program to ensure that scholar support can lead to service obligation fulfillment.
                </P>
                <P>(e) Describe, in the narrative section of the application under “Quality of the project evaluation or other evidence-building,” how the applicant will—</P>
                <P>(1) Evaluate how well the goals or objectives of the proposed project have been met. To meet this requirement, the applicant must describe—</P>
                <P>(i) The outcomes to be measured for both the project and the scholars, particularly the acquisition of scholars' competencies; and</P>
                <P>(ii) The evaluation methodologies, data collection methods, and data analyses that will be used; and</P>
                <P>(2) Collect, analyze, and use data on scholars supported by the project to inform the project on an ongoing basis.</P>
                <P>(f) Demonstrate, in the appendices or narrative under “Required project assurances” as directed, that the following requirements are met. The applicant must—</P>
                <P>(1) Include in Appendix A of the application—</P>
                <P>(i) Charts, tables, figures, graphs, and visuals that provide information directly relating to the application requirements for the narrative; and</P>
                <P>(ii) A letter of support from a public or private partnering agency, school, or program, that states it will provide scholars with a field or clinical experience in a high-need LEA, a high-poverty school, a school implementing a comprehensive support and improvement plan, a school implementing a targeted support and improvement plan for children with disabilities, a State educational agency, an early childhood and early intervention program located within the geographical boundaries of a high-need LEA, or an early childhood and early intervention program located within the geographical boundaries of an LEA serving the highest percentage of schools identified for comprehensive support and improvement or implementing targeted support and improvement plans in the State;</P>
                <P>(2) Include in Appendix B of the application—</P>
                <P>(i) A table that lists the project's required coursework and includes the course title, brief description, learning goals, and relevant State or national professional organization personnel standards for each course; and</P>
                <P>(ii) Four exemplar course syllabi required by the degree program that reflect evidence-based practices across the areas of assessment; inclusive practices; instructional strategies; and literacy and math, as appropriate;</P>
                <P>(3) Include in the application budget attendance by the project director at a two-day project directors' meeting in Washington, DC, during each year of the project; and</P>
                <P>(4) Provide an assurance that—</P>
                <P>(i) The project will meet the requirements in 34 CFR 304.23, particularly those related to (A) informing all scholarship recipients of their service obligation commitment; and (B) disbursing scholarships. Failure by a grantee to properly meet these requirements is a violation of the grant award that may result in the grantee being liable for returning any misused funds to the Department;</P>
                <P>(ii) The project will meet the statutory requirements in section 662(e) through (h) of IDEA;</P>
                <P>(iii) The project will be operated in a manner consistent with nondiscrimination requirements contained in Federal civil rights laws;</P>
                <P>(iv) All the syllabi for the project's required coursework will be provided if requested by OSEP;</P>
                <P>
                    (v) At least 65 percent of the total award over the project period (
                    <E T="03">i.e.,</E>
                     up to 5 years) will be used for scholar support;
                </P>
                <P>
                    (vi) Scholar support provided by the project is not based on the condition that the scholar work for the grantee while enrolled in the program (
                    <E T="03">e.g.,</E>
                     personnel at the IHE);
                </P>
                <P>
                    (vii) The project director, key personnel, and scholars will actively participate in learning opportunities (
                    <E T="03">e.g.,</E>
                     webinars, briefings) supported by OSEP and intended to promote opportunities for participants to understand reporting requirements, share resources, and generate new knowledge by addressing topics of common interest to participants across projects, including Department priorities and needs in the field;
                </P>
                <P>(viii) The project website, if applicable, will be of high quality, with an easy-to-navigate design that meets government or industry-recognized standards for accessibility;</P>
                <P>
                    (ix) Scholar accomplishments (
                    <E T="03">e.g.,</E>
                     public service, awards, publications, conference presentations) will be reported in annual and final performance reports; and
                </P>
                <P>
                    (x) Annual data will be submitted on each scholar who receives grant support (OMB Control Number 1820-0686). The primary purposes of the data collection are to track the service obligation fulfillment of scholars who receive funds from OSEP grants and to collect data for program performance measure reporting under 34 CFR 75.110. Data collection includes the submission of a signed, completed pre-scholarship agreement and exit certification for each scholar funded under an OSEP grant (see paragraph (f)(4)(i) of this priority). Applicants are encouraged to visit the Personnel Development Program Data Collection System website at 
                    <E T="03">https://pdp.ed.gov/osep</E>
                     for further information about this data collection requirement.
                </P>
                <P>
                    <E T="03">Competitive Preference Priority:</E>
                     For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, this priority is a competitive preference priority. Under 34 CFR 75.105(c)(2)(i), we award an additional 5 points to an application that meets the competitive preference priority. Applicants should indicate in the abstract if they are addressing the competitive preference priority.
                </P>
                <P>The competitive preference priority is:</P>
                <P>
                    <E T="03">Applications from New Potential Grantees (0 or 5 points).</E>
                </P>
                <P>
                    (a) Under this priority, an applicant must demonstrate that the applicant (
                    <E T="03">e.g.,</E>
                     the IHE) has not had an active discretionary grant under the ALN 84.325K, 84.325M, or 84.325R, including through membership in a group application submitted in accordance with 24 CFR 75.127 through 75.129 in the last five years before the deadline date for submission of applications under this program (ALN 84.325K).
                </P>
                <P>(b) For the purpose of this priority, a grant is active until the end of the grant's project or funding period, including any extensions of those periods that extend the grantee's authority to obligate funds.</P>
                <P>
                    <E T="03">Waiver of Proposed Rulemaking:</E>
                     Under the Administrative Procedure Act (APA) (5 U.S.C. 553) the Department generally offers interested parties the opportunity to comment on proposed priorities. Section 681(d) of IDEA (20 U.S.C. 1481(d)), however, makes the public comment requirements of the APA inapplicable to the absolute priority in this notice.
                </P>
                <P>
                    <E T="03">Program Authority:</E>
                     20 U.S.C. 1462 and 1481.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Projects will be awarded and must be operated in a manner consistent with the nondiscrimination requirements contained in Federal civil rights laws.
                </P>
                <P>
                    <E T="03">Applicable Regulations:</E>
                     (a) The Education Department General Administrative Regulations in 34 CFR parts 75, 77, 79, 81, 82, 84, 86, 97, 98, and 99. (b) The Office of Management and Budget (OMB) Guidelines to Agencies on Governmentwide 
                    <PRTPAGE P="22258"/>
                    Debarment and Suspension (Nonprocurement) in 2 CFR part 180, as adopted and amended as regulations of the Department in 2 CFR part 3485. (c) The Guidance for Federal Financial Assistance in 2 CFR part 200, as adopted and amended as regulations of the Department in 2 CFR part 3474. (d) The regulations for this program in 34 CFR part 304.
                </P>
                <P>
                    <E T="03">Note:</E>
                     The regulations in 34 CFR part 86 apply to IHEs only.
                </P>
                <HD SOURCE="HD1">II. Award Information</HD>
                <P>
                    <E T="03">Type of Award:</E>
                     Discretionary grants.
                </P>
                <P>
                    <E T="03">Estimated Available Funds:</E>
                     $6,000,000.
                </P>
                <P>Contingent upon the availability of funds and the quality of applications, we may make additional awards in FY 2026 from the list of unfunded applications from this competition.</P>
                <P>
                    <E T="03">Estimated Range of Awards:</E>
                     $150,000-$350,000 per year.
                </P>
                <P>
                    <E T="03">Estimated Average Size of Awards:</E>
                     $250,000 per year.
                </P>
                <P>
                    <E T="03">Maximum Award:</E>
                     We will not make an award exceeding $1,250,000 per project for a project period of 60 months or an award that exceeds $350,000 for a single budget period of 12 months.
                </P>
                <P>
                    <E T="03">Estimated Number of Awards:</E>
                     24.
                </P>
                <P>
                    <E T="03">Note:</E>
                     The Department is not bound by any estimates in this notice.
                </P>
                <P>
                    <E T="03">Project Period:</E>
                     Up to 60 months.
                </P>
                <HD SOURCE="HD1">III. Eligibility Information</HD>
                <P>
                    1. 
                    <E T="03">Eligible Applicants:</E>
                     Eligible applicants are IHEs and private nonprofit organizations that have legal authority to enter into grants and cooperative agreements with the Federal government on behalf of an IHE.
                </P>
                <P>
                    <E T="03">Note:</E>
                     If you are a nonprofit organization, under 34 CFR 75.51, you may demonstrate your nonprofit status by providing: (1) proof that the Internal Revenue Service currently recognizes the applicant as an organization to which contributions are tax deductible under section 501(c)(3) of the Internal Revenue Code; (2) a statement from a State taxing body or the State attorney general certifying that the organization is a nonprofit organization operating within the State and that no part of its net earnings may lawfully benefit any private shareholder or individual; (3) a certified copy of the applicant's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or (4) any item described above if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate.
                </P>
                <P>
                    2. a. 
                    <E T="03">Cost Sharing or Matching:</E>
                     Cost sharing or matching is not required for this competition.
                </P>
                <P>
                    b. 
                    <E T="03">Indirect Cost Rate Information:</E>
                     This program uses a training indirect cost rate. This limits indirect cost reimbursement to an entity's actual indirect costs, as determined in its negotiated indirect cost rate agreement, or eight percent of a modified total direct cost base, whichever amount is less. For more information regarding training indirect cost rates, see 34 CFR 75.562. For more information regarding indirect costs, or to obtain a negotiated indirect cost rate, please see 
                    <E T="03">www.ed.gov/about/ed-offices/ofo#Indirect-Cost-Division.</E>
                </P>
                <P>
                    c. 
                    <E T="03">Administrative Cost Limitation:</E>
                     This program does not include any program-specific limitation on administrative expenses. All administrative expenses must be reasonable and necessary and conform to Cost Principles described in 2 CFR part 200 subpart E of the Guidance for Federal Financial Assistance.
                </P>
                <P>
                    3. 
                    <E T="03">Subgrantees:</E>
                     Under 34 CFR 75.708(b) and (c), a grantee under this competition may award subgrants—to directly carry out project activities described in its application—to the following types of entities: IHEs, nonprofit organizations suitable to carry out the activities proposed in the application, and public agencies. The grantee may award subgrants to entities it has identified in an approved application or that it selects through a competition under procedures established by the grantee, consistent with 34 CFR 75.708(b)(2).
                </P>
                <P>
                    4. 
                    <E T="03">Other General Requirements:</E>
                </P>
                <P>a. Recipients of funding under this competition must make positive efforts to employ and advance in employment qualified individuals with disabilities (see section 606 of IDEA).</P>
                <P>b. Applicants for, and recipients of, funding must, with respect to the aspects of their proposed project relating to the absolute priority, involve individuals with disabilities, or parents of individuals with disabilities ages birth through 26, in planning, implementing, and evaluating the project (see section 682(a)(1)(A) of IDEA).</P>
                <HD SOURCE="HD1">IV. Application and Submission Information</HD>
                <P>
                    1. 
                    <E T="03">Application Submission Instructions:</E>
                     Applicants are required to follow the Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                    <E T="04">Federal Register</E>
                     on December 23, 2024 (89 FR 104528) and available at 
                    <E T="03">https://www.federalregister.gov/d/2024-30488,</E>
                     which contain requirements and information on how to submit an application.
                </P>
                <P>
                    2. 
                    <E T="03">Intergovernmental Review:</E>
                     This competition is subject to Executive Order 12372 and the regulations in 34 CFR part 79. Information about Intergovernmental Review of Federal Programs under Executive Order 12372 is in the application package for this competition.
                </P>
                <P>
                    3. 
                    <E T="03">Funding Restrictions:</E>
                     We reference regulations outlining funding restrictions in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    4. 
                    <E T="03">Recommended Page Limit:</E>
                     The application narrative is where you, the applicant, address the selection criteria that reviewers use to evaluate your application. We recommend that you (1) limit the application narrative to no more than 40 pages; (2) limit the whole application to no more than 100 pages; and (3) use the following standards:
                </P>
                <P>• A “page” is 8.5″ x 11″, on one side only, with 1″ margins at the top, bottom, and both sides.</P>
                <P>• Double-space (no more than three lines per vertical inch) all text in the application narrative, including titles, headings, footnotes, quotations, reference citations, and captions, as well as all text in charts, tables, figures, graphs, and screen shots.</P>
                <P>• Use a font that is 12 point or larger.</P>
                <P>• Use one of the following fonts: Times New Roman, Courier, Courier New, or Arial.</P>
                <P>The recommended page limit does not apply to the cover sheet; the budget section, including the narrative budget justification; the assurances and certifications; or the abstract (follow the guidance provided in the application package for completing the abstract), the table of contents, the list of priority requirements, the resumes, the reference list, the letters of support, or the appendices. However, the recommended page limit does apply to all of the application narrative, including all text in charts, tables, figures, graphs, and screen shots.</P>
                <HD SOURCE="HD1">V. Application Review Information</HD>
                <P>
                    1. 
                    <E T="03">Selection Criteria:</E>
                     The selection criteria for this competition are from 34 CFR 75.210 and are as follows:
                </P>
                <P>
                    (a) 
                    <E T="03">Significance (10 points).</E>
                </P>
                <P>
                    The Secretary considers the significance of the proposed project. In determining the significance of the proposed project, the Secretary considers the importance or magnitude of the results or outcomes likely to be attained by the proposed project, especially contributions toward improving teaching practice and student learning and achievement.
                    <PRTPAGE P="22259"/>
                </P>
                <P>
                    (b) 
                    <E T="03">Quality of the project design (35 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the design of the proposed project.</P>
                <P>(2) In determining the quality of the design of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the services to be provided by the proposed project reflect up-to-date knowledge and an evidence-based project component;</P>
                <P>(ii) The extent to which the training or professional development services to be provided by the proposed project are of sufficient quality, intensity, and duration to build recipient and project capacity in ways that lead to improvements in practice among the recipients of those services; and</P>
                <P>(iii) The extent to which the proposed project represents an exceptional approach to meeting program purposes and requirements and serving the target population.</P>
                <P>
                    (c) 
                    <E T="03">Quality of the management plan (20 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the management plan.</P>
                <P>(2) In determining the quality of the management plan for the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the key personnel in the project, when hired, have the qualifications required for the proposed project, including formal training or work experience in fields related to the objectives of the project, and represent or have lived experiences of the target population;</P>
                <P>(ii) The feasibility of the management plan to achieve project objectives and goals on time and within budget, including clearly defined responsibilities, timelines, and milestones for accomplishing project tasks; and</P>
                <P>(iii) The extent to which the time commitments of the project director and principal investigator and other key project personnel are appropriate and adequate to meet the objectives of the proposed project.</P>
                <P>
                    (d) 
                    <E T="03">Adequacy of resources (20 points).</E>
                </P>
                <P>(1) The Secretary considers the adequacy of resources of the proposed project.</P>
                <P>(2) In determining the adequacy of resources of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The adequacy of support for the project, including facilities, equipment, supplies, and other resources, from the applicant or the lead applicant organization; and</P>
                <P>(ii) The extent to which the budget is adequate to support the proposed project and the costs are reasonable in relation to the objectives, design, and potential significance of the proposed project.</P>
                <P>
                    (e) 
                    <E T="03">Quality of the project evaluation or other evidence-building (15 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the evaluation or other evidence-building to be conducted of the proposed project.</P>
                <P>(2) In determining the quality of the evaluation or other evidence-building, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the methods of evaluation or other evidence-building are thorough, feasible, relevant, and appropriate to the goals, objectives, and outcomes of the proposed project; and</P>
                <P>(ii) The extent to which the methods of evaluation or other evidence-building will provide performance feedback and provide formative, diagnostic, or interim data that is a periodic assessment of progress toward achieving intended outcomes.</P>
                <P>
                    2. 
                    <E T="03">Review and Selection Process:</E>
                     We remind potential applicants that in reviewing applications in any discretionary grant competition, the Secretary may consider, under 34 CFR 75.217(d)(3), the past performance of the applicant in carrying out a previous award, such as the applicant's use of funds, achievement of project objectives, and compliance with grant conditions. The Secretary may also consider whether the applicant failed to submit a timely performance report or submitted a report of unacceptable quality.
                </P>
                <P>In addition, in making a competitive grant award, the Secretary requires various assurances, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23).</P>
                <P>
                    In the event there are two or more applications with the same final score, and there are insufficient funds to fully support each of these applications, the scores under selection criterion (b) 
                    <E T="03">Quality of the project design</E>
                     will be used as a tiebreaker. If the scores remain tied, then the scores under selection criterion (d) 
                    <E T="03">Adequacy of resources</E>
                     will be used to break the tie.
                </P>
                <P>
                    3. 
                    <E T="03">Additional Review and Selection Process Factors:</E>
                     In the past, the Department has had difficulty finding peer reviewers for certain competitions because so many individuals who are eligible to serve as peer reviewers have conflicts of interest. The standing panel requirements under section 682(b) of IDEA also have placed additional constraints on the availability of reviewers. Therefore, the Department has determined that for some discretionary grant competitions, applications may be separated into two or more groups and ranked and selected for funding within specific groups. This procedure will make it easier for the Department to find peer reviewers by ensuring that greater numbers of individuals who are eligible to serve as reviewers for any particular group of applicants will not have conflicts of interest. It also will increase the quality, independence, and fairness of the review process, while permitting panel members to review applications under discretionary grant competitions for which they also have submitted applications.
                </P>
                <P>
                    4. 
                    <E T="03">Risk Assessment and Specific Conditions:</E>
                     Consistent with 2 CFR 200.206, before awarding grants under this competition, the Department conducts a review of the risks posed by applicants. Under 2 CFR 200.208, the Secretary may impose specific conditions, and under 2 CFR 3474.10, in appropriate circumstances, high-risk conditions on a grant if the applicant or grantee is not financially stable; has a history of unsatisfactory performance; has a financial or other management system that does not meet the standards in 2 CFR part 200, subpart D; has not fulfilled the conditions of a prior grant; or is otherwise not responsible.
                </P>
                <P>
                    5. 
                    <E T="03">Integrity and Performance System:</E>
                </P>
                <P>If you are selected under this competition to receive an award that over the course of the project period may exceed the simplified acquisition threshold (currently $250,000), we must make a judgment about your integrity, business ethics, and record of performance under Federal awards—that is, the risk posed by you as an applicant—before we make an award. In doing so, we must consider any information about you that is in the System for Award Management's (SAM) Responsibility/Qualification reports (formerly referred to as the Federal Awardee Performance and Integrity Information System (FAPIIS)). You may review and comment on any information about yourself that a Federal agency previously entered and that is currently in the Responsibility/Qualification reports in SAM.</P>
                <P>
                    If the total value of your currently active grants, cooperative agreements, and procurement contracts from the Federal Government exceeds $10,000,000, the reporting requirements in 2 CFR part 200, Appendix XII, require you to report certain integrity information to SAM semiannually. Please review these requirements if this 
                    <PRTPAGE P="22260"/>
                    grant plus all the other Federal funds you receive exceed $10,000,000.
                </P>
                <P>
                    6. 
                    <E T="03">In General:</E>
                     In accordance with the Office of Management and Budget's guidance located at 2 CFR part 200, all applicable Federal laws, and relevant Executive guidance, the Department will review and consider applications for funding pursuant to this notice inviting applications in accordance with—
                </P>
                <P>(a) Selecting recipients most likely to be successful in delivering results based on the program objectives through an objective process of evaluating Federal award applications (2 CFR 200.205);</P>
                <P>(b) Prohibiting the purchase of certain telecommunication and video surveillance services or equipment in alignment with section 889 of the National Defense Authorization Act of 2019 (Pub. L. 115-232) (2 CFR 200.216);</P>
                <P>(c) Providing a preference, to the extent permitted by law, to maximize use of goods, products, and materials produced in the United States (2 CFR 200.322); and</P>
                <P>(d) Terminating agreements in whole or in part to the greatest extent authorized by law if an award no longer effectuates the program goals or agency priorities (2 CFR 200.340).</P>
                <HD SOURCE="HD1">VI. Award Administration Information</HD>
                <P>
                    1. 
                    <E T="03">Award Notices:</E>
                     If your application is successful, we notify your U.S. Representative and U.S. Senators and send you a Grant Award Notification (GAN), or we may send you an email containing a link to access an electronic version of your GAN. We also may notify you informally.
                </P>
                <P>If your application is not evaluated or not selected for funding, we notify you.</P>
                <P>
                    2. 
                    <E T="03">Administrative and National Policy Requirements:</E>
                     We identify administrative and national policy requirements in the application package and reference these and other requirements in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    We reference the regulations outlining the terms and conditions of an award in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice and include these and other specific conditions in the GAN. The GAN also incorporates your approved application as part of your binding commitments under the grant.
                </P>
                <P>
                    3. 
                    <E T="03">Open Licensing Requirements:</E>
                     Unless an exception applies, if you are awarded a grant under this competition, you will be required to openly license to the public grant deliverables created in whole, or in part, with Department grant funds. When the deliverable consists of modifications to pre-existing works, the license extends only to those modifications that can be separately identified and only to the extent that open licensing is permitted under the terms of any licenses or other legal restrictions on the use of pre-existing works. Additionally, a grantee that is awarded competitive grant funds must have a plan to disseminate these public grant deliverables. This dissemination plan can be developed and submitted after your application has been reviewed and selected for funding. For additional information on the open licensing requirements please refer to 2 CFR 3474.20.
                </P>
                <P>
                    4. 
                    <E T="03">Reporting:</E>
                     (a) If you apply for a grant under this competition, you must ensure that you have in place the necessary processes and systems to comply with the reporting requirements in 2 CFR part 170 should you receive funding under the competition. This does not apply if you have an exception under 2 CFR 170.110(b).
                </P>
                <P>
                    (b) At the end of your project period, you must submit a final performance report, including financial information, as directed by the Secretary. If you receive a multiyear award, you must submit an annual performance report that provides the most current performance and financial expenditure information as directed by the Secretary under 34 CFR 75.118. The Secretary may also require more frequent performance reports under 34 CFR 75.720(c). For specific requirements on reporting, please go to 
                    <E T="03">www.ed.gov/fund/grant/apply/appforms/appforms.html.</E>
                </P>
                <P>(c) Under 34 CFR 75.250(b), the Secretary may provide a grantee with additional funding for data collection analysis and reporting. In this case the Secretary establishes a data collection period.</P>
                <P>
                    5. 
                    <E T="03">Performance Measures:</E>
                     For the purposes of Department reporting under 34 CFR 75.110, the Department has established a set of performance measures, including long-term measures, that are designed to yield information on various aspects of the effectiveness and quality of the Personnel Development to Improve Services and Results for Children with Disabilities program. These measures include (1) the percentage of preparation programs that incorporate scientifically based practices or evidence-based practices into their curricula; (2) the percentage of scholars completing the preparation program who are knowledgeable and skilled in evidence-based practices that improve outcomes for children with disabilities, including literacy and math outcomes; (3) the percentage of scholars who exit the preparation program prior to completion due to poor academic performance; (4) the percentage of scholars completing the preparation program who are working in the area(s) in which they were prepared upon program completion; (5) the Federal cost per scholar who completed the preparation program; (6) the percentage of scholars who completed the preparation program and are employed in high-need districts; and (7) the percentage of scholars who completed the preparation program and who are rated effective by their employers.
                </P>
                <P>In addition, the Department will gather information on the following outcome measures: the number and percentage of scholars proposed by the grantee in their application that were enrolled and making satisfactory academic progress in the current academic year; the number and percentage of enrolled scholars who are on track to complete the training program by the end of the project's original grant period; and the percentage of scholars who completed the preparation program and are employed in the field of special education for at least two years.</P>
                <P>
                    6. 
                    <E T="03">Continuation Awards:</E>
                     In making a continuation award under 34 CFR 75.253, the Secretary considers, among other things: whether a grantee has made substantial progress in achieving the goals and objectives of the project; whether the grantee has expended funds in a manner that is consistent with its approved application and budget; if the Secretary has established performance measurement requirements, whether the grantee has made substantial progress in achieving the performance targets in the grantee's approved application; and whether the continuation of the project is in the best interest of the Federal Government.
                </P>
                <P>In making a continuation award, the Secretary also considers whether the grantee is operating in compliance with the assurances in its approved application, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23).</P>
                <HD SOURCE="HD1">VII. Other Information</HD>
                <P>
                    <E T="03">Accessible Format:</E>
                     On request to the program contact person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    , individuals with disabilities can obtain this document and a copy of the application package in an accessible format. The Department will provide the requestor with an accessible format that may include Rich Text Format (RTF) or text format (txt), a thumb drive, an MP3 
                    <PRTPAGE P="22261"/>
                    file, braille, large print, audiotape, compact disc, or other accessible format.
                </P>
                <P>
                    <E T="03">Electronic Access to This Document:</E>
                     The official version of this document is the document published in the 
                    <E T="04">Federal Register</E>
                    . You may access the official edition of the 
                    <E T="04">Federal Register</E>
                     and the Code of Federal Regulations at 
                    <E T="03">www.govinfo.gov.</E>
                     At this site you can view this document, as well as all other Department documents published in the 
                    <E T="04">Federal Register</E>
                    , in text or Portable Document Format (PDF). To use PDF you must have Adobe Acrobat Reader, which is available free at the site.
                </P>
                <P>
                    You may also access Department documents published in the 
                    <E T="04">Federal Register</E>
                     by using the article search feature at 
                    <E T="03">www.federalregister.gov.</E>
                     Specifically, through the advanced search feature at this site, you can limit your search to documents published by the Department.
                </P>
                <SIG>
                    <NAME>Diana Diaz,</NAME>
                    <TITLE>Deputy Assistant Secretary and Acting Assistant Secretary for Special Education and Rehabilitative Services.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09431 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4000-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF EDUCATION</AGENCY>
                <SUBJECT>Applications for New Awards; Parent Information and Training Program</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Special Education and Rehabilitative Services, Department of Education.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Education (Department) is issuing a notice inviting applications for new awards for fiscal year (FY) 2025 for the Parent Information and Training Program.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Applications Available:</E>
                         May 29, 2025.
                    </P>
                    <P>
                        <E T="03">Application Deadline:</E>
                         July 18, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Intergovernmental Review:</E>
                         September 16, 2025.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        For the addresses for obtaining and submitting an application, please refer to our Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                        <E T="04">Federal Register</E>
                         on December 23, 2024 (89 FR 104528) and available at 
                        <E T="03">https://www.federalregister.gov/d/2024-30488.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Tara Jordan, U.S. Department of Education, 400 Maryland Avenue SW, Washington, DC 20202. Telephone: (202) 987-0143. Email: 
                        <E T="03">Tara.Jordan@ed.gov.</E>
                    </P>
                    <P>If you are deaf, hard of hearing, or have a speech disability and wish to access telecommunications relay services, please dial 7-1-1.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Full Text of Announcement</HD>
                <HD SOURCE="HD1">Funding Opportunity Description</HD>
                <P>
                    <E T="03">Purpose of Program:</E>
                     The purpose of the Parent Information and Training (PTI) centers is to meet the information and training needs of individuals with disabilities and their families, so that individuals with disabilities can achieve their employment and independent living goals. The Department intends to fund eight Regional Parent Information and Training Centers (PTIs) (Assistance Listing Number (ALN) 84.235F) and one National PTI Technical Assistance (TA) Center (ALN 84.235G) as part of this program administered by the Rehabilitation Services Administration (RSA).
                </P>
                <P>
                    <E T="03">Assistance Listing Number (ALN):</E>
                </P>
                <P>ALN 84.235F—Regional PTI Centers.</P>
                <P>ALN 84.235G—National PTI TA Center.</P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1820-0018.
                </P>
                <P>
                    <E T="03">Eligible Applicants:</E>
                     Private nonprofit organizations that meet the requirements in section 303(c)(4) of the Rehabilitation Act of 1973, as amended (Rehabilitation Act). An applicant must—
                </P>
                <P>(a) Include information demonstrating the capacity and expertise of the organization to—</P>
                <P>(i) Coordinate training and information activities with Centers for Independent Living;</P>
                <P>(ii) Coordinate and work closely with PTIs established pursuant to section 671 of IDEA, the Community Parent Resource Centers pursuant to section 672 of IDEA, and the eligible entities receiving awards under section 673 of IDEA; and</P>
                <P>(iii) Effectively conduct the training and information activities authorized in section 303(c) of the Rehabilitation Act;</P>
                <P>(b) Be governed by a board of directors that—</P>
                <P>(i) Includes professionals in the vocational rehabilitation (VR) field; and on which a majority of the members are individuals with disabilities or the parents, family members, guardians, advocates, or authorized representatives of the individuals (hereafter collectively referred to as “individuals with disabilities and their families”); or</P>
                <P>(ii) Has a membership that represents the interests of individuals with disabilities; and establishes a special governing committee to operate a training and information program that includes professionals in the VR field and on which a majority of the members are individuals with disabilities and their families; and may include representatives from special education and other public and private agencies on the board, as appropriate; and</P>
                <P>(c) Serve, and demonstrate the capacity for serving, individuals with a full range of disabilities, and the parents, family members, guardians, advocates, or authorized representatives of the individuals.</P>
                <P>
                    <E T="03">Type of Award:</E>
                     Discretionary grants.
                </P>
                <P>
                    <E T="03">Estimated Available Funds:</E>
                </P>
                <P>ALN 84.235F: $2,400,000.</P>
                <P>ALN 84.235G: $300,000.</P>
                <P>
                    <E T="03">Maximum Award:</E>
                </P>
                <P>ALN 84.235F: $300,000.</P>
                <P>ALN 84.235G: $300,000.</P>
                <P>We will not make an award exceeding the maximum award amount for a single budget period of 12 months.</P>
                <P>
                    <E T="03">Estimated Number of Awards:</E>
                     9.
                </P>
                <P>ALN 84.235F: 8.</P>
                <P>ALN 84.235G: 1.</P>
                <P>Based on the quality of applications received for projects under ALN 84.235F, the Department intends to fund one PTI in each of the eight regions listed below consistent with section 303(c)(3)(A) of the Rehabilitation Act. Note that the Office of Special Education Programs also funds Parent Training and Information Centers under the ALN 84.328M program. Previous cohorts funded under ALN 84.235 have been located at the same site as a ALN 84.328M center. Similar co-location of projects can occur with FY 2025 grants; such coordination and collaboration are encouraged, but not required. Based on the quality of applications received for projects under ALN 84.235G, the Department intends to fund one national PTI.</P>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s30,r200">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Region</CHED>
                        <CHED H="1">States within region</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">A-1</ENT>
                        <ENT>Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-2</ENT>
                        <ENT>Delaware, Maryland, New Jersey, New York, Pennsylvania, District of Columbia, Puerto Rico, U.S. Virgin Islands.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">B-1</ENT>
                        <ENT>Florida, Georgia, North Carolina, South Carolina, Tennessee, Virginia.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">B-2</ENT>
                        <ENT>Alabama, Arkansas, Louisiana, Mississippi, Oklahoma, Texas.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-1</ENT>
                        <ENT>Illinois, Indiana, Kentucky, Michigan, Minnesota, Ohio, West Virginia, Wisconsin.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-2</ENT>
                        <ENT>Iowa, Kansas, Missouri, Montana, Nebraska, North Dakota, South Dakota, Wyoming.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22262"/>
                        <ENT I="01">D-1</ENT>
                        <ENT>Alaska, Hawaii, Oregon, Washington, American Samoa, the Commonwealth of the Northern Mariana Islands, Guam.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">D-2</ENT>
                        <ENT>Arizona, California, Colorado, Idaho, Nevada, New Mexico, Utah.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">National</ENT>
                        <ENT>All.</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Note:</E>
                     The Department is not bound by any estimates in this notice.
                </P>
                <P>
                    <E T="03">Project Period:</E>
                     Up to 60 months.
                </P>
                <P>
                    <E T="03">Background:</E>
                </P>
                <P>Based on program data from RSA's administration of the PTI program, individuals with disabilities and their families, particularly those from underserved populations, commonly experience difficulty acquiring accurate information from—and navigating—a complex VR system. The PTI centers can help improve understanding of the varied VR services and eligibility requirements for programs serving adults and youth with disabilities by coordinating and establishing partnerships with professionals to provide information to effectively access services. PTI centers also provide technical assistance (TA) for transition employment programs so that individuals with disabilities experience a smooth transition from secondary school to employment and other pre-employment and post-school activities.</P>
                <P>Family engagement is also vital for successful post-school transitions. PTI centers assist families to engage more frequently and effectively in support of the education, employment, and independent living goals of individuals with disabilities.</P>
                <P>In addition to family engagement, community involvement and collaboration has the potential to help enhance the impact of services for individuals with disabilities and their families. For example, parents can identify family volunteering opportunities that lead to service learning or work-based learning experiences critical for job training; this may also support ongoing civic engagement, integration into the community, and contributions as a member of society. PTI centers also create or expand partnerships with community-based organizations to enhance supports and services available to individuals with disabilities and their families.</P>
                <P>
                    <E T="03">Absolute Priorities:</E>
                     For FY 2025, there are two absolute priorities, one for regional PTIs (ALN 84.235F) and one for the national PTI (ALN 84.235G). The absolute priorities are from the allowable activities in the statute (see section 303(c)(2) of the Rehabilitation Act, 29 U.S.C. 773(c)(2)). We will only consider applications that meet one of these priorities.
                </P>
                <P>Each application should address only one priority. Applicants may apply for a regional PTI (ALN 84.235F) and the national PTI (ALN 84.235G) but must submit two separate applications (one for each ALN). For example, an applicant submitting for region C-1 and the National PTI must submit separate applications for each.</P>
                <P>
                    <E T="03">Priorities:</E>
                </P>
                <P>
                    <E T="03">Absolute Priority 1, Regional PTI Centers:</E>
                     Under this priority, we provide grants to establish or continue regional Parent Information and Training Centers (Regional PTI Centers) that provide information and training to assist individuals with disabilities, and the parents, family members, guardians, advocates, or other authorized representatives of those individuals, to participate more effectively with professionals in meeting the vocational, independent living, and rehabilitation needs of individuals with disabilities.
                </P>
                <P>
                    <E T="03">Absolute Priority 2, National PTI Center:</E>
                     Under this priority, we provide a grant to establish or continue a National Parent Training and Information center (National PTI Center) that provides TA to the Regional PTI Centers and to coordinate the information and training provided by these Regional PTI Centers.
                </P>
                <HD SOURCE="HD2">Program Requirements</HD>
                <P>Under section 303(c)(2) of the Rehabilitation Act, a grantee must use the grant funds awarded to assist individuals with disabilities and their families to achieve the following outcomes:</P>
                <P>(a) Better understand VR and independent living programs and services.</P>
                <P>(b) Provide follow-up support for transition and employment programs.</P>
                <P>(c) Communicate more effectively with transition and rehabilitation personnel and other relevant professionals.</P>
                <P>(d) Provide support in the development of the individualized plan for employment.</P>
                <P>(e) Provide support and expertise in obtaining information about rehabilitation and independent living programs, services, and resources that are appropriate.</P>
                <P>(f) Provide support and guidance in helping individuals with significant disabilities, including students with disabilities, transition to competitive integrated employment.</P>
                <P>(g) Understand the provisions of the Rehabilitation Act, particularly provisions relating to employment, supported employment, and independent living.</P>
                <P>
                    <E T="03">Note:</E>
                     In responding to the priorities and selection criteria, applicants for Regional PTI center grants should address how the proposed project will meet these program requirements; and applicants for the National PTI center should address how they will provide TA to regional centers to help them meet these program requirements.
                </P>
                <P>
                    <E T="03">Selection Criteria:</E>
                     The selection criteria for this competition are from 34 CFR 75.210 and are as follows:
                </P>
                <P>
                    (a) 
                    <E T="03">Significance.</E>
                     (20 points).
                </P>
                <P>(1) The Secretary considers the significance of the proposed project.</P>
                <P>(2) In determining the significance of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The importance or magnitude of the results or outcomes likely to be attained by the proposed project, especially improvements in employment, independent living services, or both, as appropriate.</P>
                <P>(ii) The extent to which the proposed project will provide support, resources, or services; or otherwise address the needs of the target population, including addressing the needs of underserved populations most affected by the issue, challenge, or opportunity, to be addressed by the proposed project and close gaps in educational opportunity.</P>
                <P>(iii) The likely utility of the resources (such as materials, processes, techniques, or data infrastructure) that will result from the proposed project, including the potential for effective use in a variety of conditions, populations, or settings.</P>
                <P>(iv) The extent to which the resources, tools, and implementation lessons of the proposed project will be disseminated in ways to the target population and local community that will enable them and others (including practitioners, researchers, education leaders, and partners) to implement similar strategies.</P>
                <P>
                    (b) 
                    <E T="03">Quality of the project design.</E>
                     (25 points)
                </P>
                <P>
                    (1) The Secretary considers the quality of the design of the proposed project.
                    <PRTPAGE P="22263"/>
                </P>
                <P>(2) In determining the quality of the design of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the goals, objectives, and outcomes to be achieved by the proposed project are clearly specified, measurable, and ambitious yet achievable within the project period, and aligned with the purposes of the grant program.</P>
                <P>(ii) The extent to which the proposed project includes explicit plans for authentic, meaningful, and ongoing community member and partner engagement, including their involvement in planning, implementing, and revising project activities for underserved populations.</P>
                <P>(iii) The extent to which the services to be provided by the proposed project were determined with input from the community to be served to ensure that they are appropriate and responsive to the needs of the intended recipients or beneficiaries, including underserved populations, of those services.</P>
                <P>(iv) The extent to which the services to be provided by the proposed project involve the collaboration of appropriate partners, including those from underserved populations, to maximize the effectiveness of project services.</P>
                <P>(v) The extent to which the proposed project demonstrates a rationale that is aligned with the purposes of the grant program.</P>
                <P>
                    (c) 
                    <E T="03">Quality of the project evaluation or other evidence-building.</E>
                     (15 points)
                </P>
                <P>(1) The Secretary considers the quality of the evaluation or other evidence-building of the proposed project.</P>
                <P>(2) In determining the quality of the evaluation or other evidence-building, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the methods of evaluation or other evidence-building are appropriate to the context within which the project operates and the target population of the proposed project.</P>
                <P>(ii) The extent to which the methods of evaluation or other evidence-building will provide performance feedback and provide formative, diagnostic, or interim data that is a periodic assessment of the program toward achieving intended outcomes.</P>
                <P>(iii) The extent to which the proposed project proposes specific, measurable targets, connected to strategies, activities, resources, outputs, and outcomes, and uses reliable administrative data to measure progress and inform continuous improvement.</P>
                <P>
                    (d) 
                    <E T="03">Adequacy of resources.</E>
                     (10 points)
                </P>
                <P>(1) The Secretary considers the adequacy of resources for the proposed project.</P>
                <P>(2) In determining the adequacy of resources for the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The adequacy of support for the project, including facilities, equipment, supplies, and other resources, from the applicant or the lead applicant organization.</P>
                <P>(ii) The extent to which the budget is adequate to support the proposed project and the costs are reasonable in relation to the objectives, design, and potential significance of the proposed project.</P>
                <P>
                    (e) 
                    <E T="03">Quality of the management plan.</E>
                     (30 points)
                </P>
                <P>(1) The Secretary considers the quality of the management plan for the proposed project.</P>
                <P>(2) In determining the quality of the management plan for the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The feasibility of the management plan to achieve project objectives and goals on time and within budget, including clearly defined responsibilities, timelines, and milestones for accomplishing project tasks.</P>
                <P>(ii) The adequacy of mechanisms for ensuring high-quality and accessible products and services from the proposed project for the target population.</P>
                <P>(iii) The extent to which the time commitments of the project director and principal investigator and other key project personnel are appropriate and adequate to meet the objectives of the proposed project.</P>
                <P>(iv) The extent to which the project director or principal investigator, when hired, has the qualifications required for the project, including formal training or work experience in fields related to the objectives of the project and experience in designing, managing, or implementing similar projects for the target population to be served by the project.</P>
                <P>(v) The relevance and demonstrated commitment of each partner in the proposed project to the implementation and success of the project.</P>
                <P>
                    <E T="03">Performance Measures:</E>
                </P>
                <P>For the purposes of Department reporting under 34 CFR 75.110, the Department has established a set of performance measures that are designed to yield information on various aspects of the effectiveness and quality of the PTI centers. These measures are:</P>
                <P>
                    • 
                    <E T="03">Program Performance Measure 1:</E>
                     The percentage of individuals with disabilities and their families receiving PTI services who report enhanced knowledge and understanding of VR services; and
                </P>
                <P>
                    • 
                    <E T="03">Program Performance Measure 2:</E>
                     The percentage of all products and services developed to improve VR service utilization deemed to be useful by individuals with disabilities and their families receiving PTI services.
                </P>
                <P>The data needed to support these measures will be collected by grantees via survey, assessed, and reported in the aggregate to RSA. Grantees will negotiate targets with RSA after the first year, which will be used to establish a baseline.</P>
                <P>
                    <E T="03">Definitions:</E>
                </P>
                <P>For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, the following definitions apply. The definitions for “continuous improvement,” “demonstrates a rationale,” “evaluation,” “evidence-building,” “logic model,” “project component,” and “relevant outcome” are from 34 CFR 77.1.</P>
                <P>
                    <E T="03">Continuous improvement</E>
                     means using plans for collecting and analyzing data about a project component's implementation and outcomes (including the pace and extent to which project outcomes are being met) to inform necessary changes throughout the project. These plans may include strategies to gather ongoing feedback from participants and stakeholders on the implementation of the project component.
                </P>
                <P>
                    <E T="03">Demonstrates a rationale</E>
                     means that there is a key project component included in the project's logic model that is supported by citations of high-quality research or evaluation findings that suggest that the project component is likely to significantly improve relevant outcomes.
                </P>
                <P>
                    <E T="03">Evaluation</E>
                     means an assessment using systematic data collection and analysis of one or more programs, policies, practices, and organizations intended to assess their implementation, outcomes, effectiveness, or efficiency.
                </P>
                <P>
                    <E T="03">Evidence-building</E>
                     means a systematic plan for identifying and answering questions relevant to programs and policies through performance measurement, exploratory studies, or program evaluation.
                </P>
                <P>
                    <E T="03">Logic model</E>
                     (also referred to as a theory of action) means a framework that identifies key project components of the proposed project (
                    <E T="03">i.e.,</E>
                     the active “ingredients” that are hypothesized to be critical to achieving the relevant outcomes) and describes the theoretical and operational relationships among the 
                    <PRTPAGE P="22264"/>
                    key project components and relevant outcomes.
                </P>
                <P>
                    <E T="03">Project component</E>
                     means an activity, strategy, intervention, process, product, practice, or policy included in a project. Evidence may pertain to an individual project component or to a combination of project components (
                    <E T="03">e.g.,</E>
                     training teachers on instructional practices for English learners and follow-on coaching for these teachers).
                </P>
                <P>
                    <E T="03">Relevant outcome</E>
                     means the student outcome(s) or other outcome(s) the key project component is designed to improve, consistent with the specific goals of the program.
                </P>
                <P>
                    <E T="03">Program Authority:</E>
                     Section 303(c) of the Rehabilitation Act (29 U.S.C. 773(c)).
                </P>
                <P>
                    <E T="03">Applicable Regulations:</E>
                     (a) The Education Department General Administrative Regulations (EDGAR) in 34 CFR parts 75, 77, 79, 81, 82, 84, 86, 97, and 99. (b) The Office of Management and Budget Guidelines to Agencies on Governmentwide Debarment and Suspension (Nonprocurement) in 2 CFR part 180, as adopted and amended as regulations of the Department in 2 CFR part 3485. (c) The Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards in 2 CFR part 200, as adopted and amended as regulations of the Department in 2 CFR part 3474.
                </P>
                <P>
                    <E T="03">Cost Sharing or Matching:</E>
                     This program does not require cost sharing or matching.
                </P>
                <P>
                    <E T="03">Application and Submission Information:</E>
                </P>
                <P>
                    1. 
                    <E T="03">Application Submission Instructions:</E>
                     Applicants are required to follow the Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                    <E T="04">Federal Register</E>
                     on December 23, 2024 (89 FR 104528) and available at 
                    <E T="03">https://www.federalregister.gov/d/2024-30488,</E>
                     which contain requirements and information on how to submit an application.
                </P>
                <P>
                    2. 
                    <E T="03">Intergovernmental Review:</E>
                     This competition is subject to intergovernmental review under Executive Order 12372. Information about this process is in the application package.
                </P>
                <P>
                    3. 
                    <E T="03">Recommended Page Limit:</E>
                     The application narrative is where you, the applicant, address the selection criteria that reviewers use to evaluate your application. We recommend that you (1) limit the application narrative to no more than 50 pages and (2) use the following standards:
                </P>
                <P>• A “page” is 8.5″ x 11″, on one side only, with 1″ margins at the top, bottom, and both sides.</P>
                <P>• Double space (no more than three lines per vertical inch) all text in the application narrative, including titles, headings, footnotes, quotations, reference citations, and captions, as well as all text in charts, tables, figures, graphs, and screen shots.</P>
                <P>• Use a font that is 12 point or larger.</P>
                <P>• Use one of the following fonts: Times New Roman, Courier, Courier New, or Arial.</P>
                <P>The recommended page limit does not apply to the cover sheet; the budget section, including the narrative budget justification; the assurances and certifications; or the abstract (follow the guidance provided in the application package for completing the abstract), the table of contents, the list of priority requirements, the resumes, the reference list, the letters of support, or the appendices. However, the recommended page limit does apply to all of the application narrative, including all text in charts, tables, figures, graphs, and screen shots.</P>
                <P>
                    4. 
                    <E T="03">Review and Selection Process:</E>
                     We remind potential applicants that in reviewing applications in any discretionary grant competition, the Secretary may consider the past performance of the applicant in carrying out a previous award, such as the applicant's use of funds, achievement of project objectives, and compliance with grant conditions. The Secretary may also consider whether the applicant failed to submit a timely performance report or submitted a report of unacceptable quality.
                </P>
                <P>In addition, in making a competitive grant award, the Secretary requires various assurances, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department.</P>
                <P>
                    <E T="03">Note:</E>
                     If you are a nonprofit organization, under 34 CFR 75.51, you may demonstrate your nonprofit status by providing: (1) proof that the Internal Revenue Service currently recognizes the applicant as an organization to which contributions are tax deductible under section 501(c)(3) of the Internal Revenue Code; (2) a statement from a State taxing body or the State attorney general certifying that the organization is a nonprofit organization operating within the State and that no part of its net earnings may lawfully benefit any private shareholder or individual; (3) a certified copy of the applicant's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or (4) any item described above if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate.
                </P>
                <P>
                    <E T="03">Note:</E>
                     A faith-based organization is eligible to apply for and receive a grant under this program on the same basis as any other private organization, consistent with Appendix A to 34 CFR part 75.
                </P>
                <P>
                    5. 
                    <E T="03">Risk Assessment and Specific Conditions:</E>
                     Before awarding grants under this competition, the Department conducts a review of the risks posed by applicants. The Secretary may impose specific conditions and, in appropriate circumstances, high-risk conditions on a grant if the applicant or grantee is not financially stable; has a history of unsatisfactory performance; has a financial or other management system that does not meet the standards in 2 CFR part 200, subpart D; has not fulfilled the conditions of a prior grant; or is otherwise not responsible.
                </P>
                <P>
                    6. 
                    <E T="03">Integrity and Performance System:</E>
                     If you are selected under this competition to receive an award that over the course of the project period may exceed the simplified acquisition threshold (currently $250,000), we must make a judgment about your integrity, business ethics, and record of performance under Federal awards—that is, the risk posed by you as an applicant—before we make an award. In doing so, we must consider any information about you that is in the System for Award Management's (SAM) Responsibility/Qualification reports (formerly referred to as the Federal Awardee Performance and Integrity Information System (FAPIIS)). You may review and comment on any information about yourself that a Federal agency previously entered and that is currently in the Responsibility/Qualification reports in SAM.
                </P>
                <P>If the total value of your currently active grants, cooperative agreements, and procurement contracts from the Federal Government exceeds $10,000,000, the reporting requirements in 2 CFR part 200, Appendix XII, require you to report certain integrity information to SAM semiannually. Please review these requirements if this grant plus all the other Federal funds you receive exceed $10,000,000.</P>
                <P>
                    <E T="03">Award Administration Information:</E>
                </P>
                <P>
                    1. 
                    <E T="03">Award Notices:</E>
                     If your application is successful, we notify your U.S. Representative and U.S. Senators and send you a Grant Award Notification (GAN), or we may send you an email containing a link to access an electronic version of your GAN. We also may notify you informally.
                </P>
                <P>
                    If your application is not evaluated or not selected for funding, we notify you.
                    <PRTPAGE P="22265"/>
                </P>
                <P>
                    2. 
                    <E T="03">Administrative and National Policy Requirements:</E>
                     We identify administrative and national policy requirements in the application package and reference these and other requirements in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    We reference the regulations outlining the terms and conditions of an award in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice and include these and other specific conditions in the GAN. The GAN also incorporates your approved application as part of your binding commitments under the grant.
                </P>
                <P>
                    3. 
                    <E T="03">Open Licensing Requirements:</E>
                     Unless an exception applies, if you are awarded a grant under this competition, you will be required to openly license to the public grant deliverables created in whole, or in part, with Department grant funds. When the deliverable consists of modifications to pre-existing works, the license extends only to those modifications that can be separately identified and only to the extent that open licensing is permitted under the terms of any licenses or other legal restrictions on the use of pre-existing works. Additionally, a grantee that is awarded competitive grant funds must have a plan to disseminate these public grant deliverables. This dissemination plan can be developed and submitted after your application has been reviewed and selected for funding. For additional information on the open licensing requirements please refer to 2 CFR 3474.20.
                </P>
                <P>
                    4. 
                    <E T="03">Reporting:</E>
                     (a) If you apply for a grant under this competition, you must ensure that you have in place the necessary processes and systems to comply with the reporting requirements should you receive funding under the competition. This does not apply if you have an exception.
                </P>
                <P>
                    (b) At the end of your project period, you must submit a final performance report, including financial information, as directed by the Secretary. If you receive a multiyear award, you must submit an annual performance report that provides the most current performance and financial expenditure information as directed by the Secretary. The Secretary may also require more frequent performance reports. For specific requirements on reporting, please go to 
                    <E T="03">www.ed.gov/fund/grant/apply/appforms/appforms.html.</E>
                </P>
                <P>(c) The Secretary may provide a grantee with additional funding for data collection analysis and reporting. In this case the Secretary establishes a data collection period.</P>
                <P>
                    5. 
                    <E T="03">Continuation Awards:</E>
                     In making a continuation award, the Secretary considers, among other things: whether a grantee has made substantial progress in achieving the goals and objectives of the project; whether the grantee has expended funds in a manner that is consistent with its approved application and budget; if the Secretary has established performance measurement requirements, whether the grantee has made substantial progress in achieving the performance targets in the grantee's approved application; and whether the continuation of the project is in the best interest of the Federal Government.
                </P>
                <P>In making a continuation award, the Secretary also considers whether the grantee is operating in compliance with the assurances in its approved application, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department.</P>
                <P>
                    <E T="03">Accessible Format:</E>
                     On request to the program contact person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    , individuals with disabilities can obtain this document and a copy of the application package in an accessible format. The Department will provide the requestor with an accessible format that may include Rich Text Format (RTF) or text format (txt), a thumb drive, an MP3 file, braille, large print, audiotape, compact disc, or other accessible format.
                </P>
                <SIG>
                    <NAME>Diana Diaz,</NAME>
                    <TITLE>Deputy Assistant Secretary and Acting Assistant Secretary for Special Education and Rehabilitative Services.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09428 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4000-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF EDUCATION</AGENCY>
                <SUBJECT>Applications for New Awards; Personnel Development To Improve Services and Results for Children With Disabilities—Personnel Preparation of Special Education, Early Intervention, and Related Services Personnel at Historically Black Colleges and Universities, Tribally Controlled Colleges and Universities, and Other Minority Serving Institutions</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Special Education and Rehabilitative Services, Department of Education.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Education (Department) is issuing a notice inviting applications for new awards for fiscal year (FY) 2025 for Personnel Development to Improve Services and Results for Children with Disabilities—Personnel Preparation of Special Education, Early Intervention, and Related Services Personnel at Historically Black Colleges and Universities, Tribally Controlled Colleges and Universities, and Other Minority Serving Institutions.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Applications Available:</E>
                         May 27, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Transmittal of Applications:</E>
                         June 26, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Intergovernmental Review:</E>
                         August 25, 2025.
                    </P>
                    <P>
                        <E T="03">Pre-Application Webinar Information:</E>
                         No later than June 2, 2025, the Office of Special Education and Rehabilitative Services will post details on pre-recorded informational webinars designed to provide technical assistance to interested applicants. Links to the webinars may be found at 
                        <E T="03">www.ed.gov/about/ed-offices/osers/osep/new-osep-grant-competitions.</E>
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        For the addresses for obtaining and submitting an application, please refer to our Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                        <E T="04">Federal Register</E>
                         on December 23, 2024 (89 FR 104528) and available at 
                        <E T="03">www.federalregister.gov/documents/2024/12/23/2024-30488/common-instructions-for-applicants-to-department-of-education-discretionary-grant-programs.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Tracie Dickson, U.S. Department of Education, 400 Maryland Avenue SW, Room 4A10, Washington, DC 20202. Telephone: 202-245-7844. Email: 
                        <E T="03">Tracie.Dickson@ed.gov.</E>
                    </P>
                    <P>If you are deaf, hard of hearing, or have a speech disability and wish to access telecommunications relay services, please dial 7-1-1.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Applications funded under this notice will be funded in lieu of applications received under the notice that published in the 
                    <E T="04">Federal Register</E>
                     on October 8, 2024 (89 FR 81484).
                </P>
                <HD SOURCE="HD1">Full Text of Announcement</HD>
                <HD SOURCE="HD1">I. Funding Opportunity Description</HD>
                <P>
                    <E T="03">Purpose of Program:</E>
                     The purposes of this program are to (1) help address State-identified needs for personnel preparation in special education, early intervention, related services, and regular education to work with children, including infants, toddlers, and youth with disabilities; and (2) ensure that those personnel have the necessary skills and knowledge, derived from practices that have been determined through scientifically based research, to be successful in serving those children.
                </P>
                <P>
                    <E T="03">Assistance Listing Number (ALN):</E>
                     84.325M.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1820-0028.
                    <PRTPAGE P="22266"/>
                </P>
                <P>
                    <E T="03">Priorities:</E>
                     This competition includes one absolute priority and two competitive preference priorities. In accordance with 34 CFR 75.105(b)(2)(v), the absolute priority and Competitive Preference Priority 1 is from allowable activities specified in the statute (see sections 662 and 681 of the Individuals with Disabilities Education Act (IDEA) (20 U.S.C. 1462 and 1481)). Competitive Preference Priority 2 is from 34 CFR 75.225.
                </P>
                <P>
                    <E T="03">Absolute Priority:</E>
                     For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, this priority is an absolute priority. Under 34 CFR 75.105(c)(3), we consider only applications that meet this priority.
                </P>
                <P>This priority is:</P>
                <P>
                    <E T="03">Personnel Preparation of Special Education, Early Intervention, and Related Services Personnel at Historically Black Colleges and Universities, Tribally Controlled Colleges and Universities, and Minority Serving Institutions.</E>
                </P>
                <P>
                    <E T="03">Background:</E>
                </P>
                <P>It is this Administration's priority that children, including infants, toddlers, children, and youth with disabilities (children with disabilities) receive instruction and support from educators and related services personnel who have the necessary qualifications.</P>
                <P>Therefore, the Department places a high priority on increasing the number of personnel who provide services to children with disabilities. Further, the Department seeks to fund applications from new potential grantees that prepare special education, early intervention, and related services leadership personnel. To support these goals, under this absolute priority, the Department will fund projects within Historically Black Colleges and Universities (HBCUs), Tribally Controlled Colleges and Universities (TCCUs), and Minority Serving Institutions (MSIs) that prepare special education, early intervention, and related services personnel at the bachelor's degree, certification, master's degree, educational specialist degree, or clinical doctoral degree levels to serve in a variety of settings, including natural environments (the home and community settings in which children with and without disabilities participate), early learning programs, child care, classrooms, and schools.</P>
                <P>
                    <E T="03">Absolute Priority:</E>
                </P>
                <P>
                    The purpose of this priority is to prepare and increase the number of personnel who have the necessary qualifications to serve children with disabilities. Under this absolute priority, the Department will fund grantees from HBCUs,
                    <SU>1</SU>
                    <FTREF/>
                     TCCUs,
                    <SU>2</SU>
                    <FTREF/>
                     and other MSIs 
                    <SU>3</SU>
                    <FTREF/>
                     that use evidence-based 
                    <SU>4</SU>
                    <FTREF/>
                     strategies to prepare scholars 
                    <SU>5</SU>
                    <FTREF/>
                     in special education, early intervention, and related services 
                    <SU>6</SU>
                    <FTREF/>
                     at the bachelor's degree, certification,
                    <SU>7</SU>
                    <FTREF/>
                     master's degree, educational specialist degree, or clinical doctoral degree levels to serve in a variety of settings, including natural environments (the home and community settings in which children with and without disabilities participate), early learning programs, child care, classrooms, and schools. This priority will fund grantees to prepare personnel to help address identified needs for personnel with the knowledge and skills to promote high expectations and provide effective evidence-based interventions and services that improve outcomes for children with disabilities.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         For purposes of this priority, “Historically Black Colleges and Universities” means colleges and universities that meet the criteria in 34 CFR 608.2.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         For purposes of this priority, “Tribally Controlled Colleges and Universities” has the meaning ascribed to it in section 316(b)(3) of the Higher Education Act of 1965, as amended (HEA).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         For purposes of this priority, “Minority-Serving Institution” means an institution that is eligible to receive assistance under sections 316 through 320 of part A of title III, under part B of title III, or under title V of the HEA. For purposes of this priority, the Department will use the FY 2024 Eligibility Matrix to determine MSI eligibility (see 
                        <E T="03">www.ed.gov/grants-and-programs/grants-higher-education/eligibility-designations-higher-education-programs</E>
                        ).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         For the purposes of this priority, “evidence-based” means, at a minimum, evidence that demonstrates a rationale (as defined in 34 CFR 77.1), where a key project component (as defined in 34 CFR 77.1) included in the project's logic model (as defined in 34 CFR 77.1) is informed by research or evaluation findings that suggest the project component is likely to improve relevant outcomes (as defined in 34 CFR 77.1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         For the purposes of this priority, “scholar” is limited to an individual who: (a) is pursuing a bachelor's, certification, master's, educational specialist degree, or clinical doctoral degree in special education, early intervention, or related services (as defined in this notice); (b) receives scholarship assistance as authorized under section 662 of IDEA (34 CFR 304.3(g)); (c) will be eligible for a license, endorsement, or certification from a State or national credentialing authority following completion of the degree program identified in the application; and (d) will be able to be employed in a position that serves children with disabilities for a minimum of 51 percent of their time or case load. Individuals pursuing degrees in general education or early childhood education do not qualify as “scholars” eligible for scholarship assistance.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         For the purposes of this priority, “related services” includes the following: speech-language pathology and audiology services; assistive technology services; interpreting services; intervener services; psychological services; applied behavior analysis; physical therapy and occupational therapy services; recreation, including therapeutic recreation services; social work services; counseling services, including rehabilitation counseling; and orientation and mobility services.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         For the purposes of this priority, “certification” refers to programs of study for individuals with bachelor's, master's, educational specialist, or clinical doctoral degrees that lead to licensure, endorsement, or certification from a State or national credentialing authority following completion of the degree program that qualifies graduates to teach or provide services to children with disabilities. Programs of study that lead to a certificate of completion awarded from an HBCU, TCCU, or MSI, but do not lead to licensure, endorsement, or certification from a State or national credentialing authority, do not qualify.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Note:</E>
                     Projects may include individuals who are not funded as scholars (see footnote 5), but are in degree programs (
                    <E T="03">e.g.,</E>
                     general education, early childhood education, administration) that are cooperating with the grantee's project. These individuals may participate in the coursework, assignments, field or clinical experiences, and other opportunities required by the scholars' program of study (
                    <E T="03">e.g.,</E>
                     speaker series, monthly seminars) if doing so does not diminish the benefit for project-funded scholars (
                    <E T="03">e.g.,</E>
                     by reducing funds available for scholar support or limiting opportunities for scholars to participate in project activities).
                </P>
                <P>
                    <E T="03">Note:</E>
                     Personnel preparation degree programs that prepare all scholars to be dually certified can qualify under this priority.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Applicants under this priority may not submit the same proposal under Interdisciplinary Preparation in Special Education, Early Intervention, and Related Services for Personnel Serving Children With Disabilities Who Have High-Intensity Needs, ALN 84.325K. Applicants may submit substantively different proposals under ALN 84.325M and ALN 84.325K. The Office of Special Education Programs (OSEP) will not fund similar personnel preparation projects within the same institution of higher education (IHE) across ALN 84.325K and ALN 84.325M competitions.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Eligible applicants may submit only one application under the 84.325M competition.
                </P>
                <P>
                    <E T="03">Focus Areas:</E>
                </P>
                <P>Within this absolute priority, the Secretary intends to support projects under the following two focus areas: (A) Preparing Personnel to Serve Infants, Toddlers, and Preschool-Age Children with Disabilities; and (B) Preparing Personnel to Serve School-Age Children with Disabilities.</P>
                <P>In this competition, Focus Areas (A) and (B) each constitute a separate funding category. The Secretary intends to award grants under each of these funding categories, provided that applications submitted are of sufficient quality.</P>
                <P>
                    Applicants must identify the specific focus area (
                    <E T="03">i.e.,</E>
                     A or B) under which they are applying as part of the competition title on the application cover sheet (SF 424, line 12).
                    <PRTPAGE P="22267"/>
                </P>
                <P>
                    <E T="03">Focus Area A: Preparing Personnel to Serve Infants, Toddlers, and Preschool-Age Children with Disabilities.</E>
                </P>
                <P>This focus area is for projects that prepare early intervention, early childhood special education, and related services personnel to provide services to infants, toddlers, and preschool children with disabilities. Programs preparing early intervention special educators and early childhood special educators must prepare graduates to meet State and national professional organization standards for early intervention special educators and early childhood special educators. In States where certification in early intervention is combined with certification in early childhood special education, applicants may propose a combined early intervention and early childhood special education personnel preparation project under this focus area. In States where the certification age range is other than birth through five, applicants must propose a preparation project that complies with the State's certification requirements for early intervention and early childhood special education personnel. Programs that prepare general early childhood educators are not eligible under this competition regardless of whether a degree in early childhood education complies with the State's certification requirements for early intervention special educators or early childhood special educators.</P>
                <P>
                    <E T="03">Focus Area B: Preparing Personnel to Serve School-Age Children with Disabilities.</E>
                </P>
                <P>This focus area is for projects that prepare special education and related services personnel to work with school-age children with disabilities.</P>
                <P>
                    <E T="03">Focus Areas A and B:</E>
                </P>
                <P>Applicants may, but are not required to, use up to the first 12 months of the project period and up to $100,000 of grant funds awarded in the first budget period for planning, including enhancing an existing program, without enrolling scholars. If an applicant chooses to use the up to the first 12 months for program planning, then the applicant must provide sufficient justification for requesting program planning time and include the goals, objectives, key personnel and collaborators, and intended outcomes of program planning in year one, a description of the proposed strategies and activities to be supported, and a timeline for the work. The proposed strategies may include activities such as—</P>
                <P>(1) Updating coursework, course outcomes, scholar competencies, assignments, or extensive and coordinated field or clinical experiences needed to support preparation for special education, early intervention, or related services scholars;</P>
                <P>
                    (2) Building the capacity (
                    <E T="03">e.g.,</E>
                     hiring a field supervisor, providing professional development for faculty and field supervisors) of the project to prepare scholars to serve children with disabilities and their families;
                </P>
                <P>
                    (3) Purchasing needed resources (
                    <E T="03">e.g.,</E>
                     additional teaching supplies, technology-based resources, or other specialized equipment to enhance instruction); or
                </P>
                <P>
                    (4) Establishing relationships, which may include developing memorandums of understandings or other formal agreements, with early intervention and early childhood programs or schools, to serve as sites for field or clinical experiences needed to support the project. These sites may include high-need local educational agencies (LEAs),
                    <SU>8</SU>
                    <FTREF/>
                     high-poverty schools,
                    <SU>9</SU>
                    <FTREF/>
                     schools identified for comprehensive support and improvement,
                    <SU>10</SU>
                    <FTREF/>
                     and schools implementing a targeted support and improvement plan 
                    <SU>11</SU>
                    <FTREF/>
                     for children with disabilities; early childhood and early intervention programs located within the geographic boundaries of a high-need LEA; and early childhood and early intervention programs located within the geographical boundaries of an LEA serving the highest percentage of schools identified for comprehensive support and improvement or implementing targeted support and improvement plans in the State.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         For the purposes of this priority, “high-need LEA” means an LEA (a) that serves not fewer than 10,000 children from families with incomes below the poverty line; or (b) for which not less than 20 percent of the children are from families with incomes below the poverty line.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         For the purposes of this priority, “high-poverty school” means a school in which at least 50 percent of students are from low-income families as determined using one of the measures of poverty specified in section 1113(a)(5) of the Elementary and Secondary Education Act of 1965, as amended (ESEA). For middle and high schools, eligibility may be calculated on the basis of comparable data from feeder schools. Eligibility as a high-poverty school under this definition is determined on the basis of the most currently available data.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         For the purposes of this priority, “school implementing a comprehensive support and improvement plan” means a school identified for comprehensive support and improvement by a State under section 1111(c)(4)(D) of the ESEA that includes (a) not less than the lowest performing 5 percent of all schools in the State receiving funds under title I, part A of the ESEA; (b) all public high schools in the State failing to graduate one third or more of their students; and (c) public schools in the State described in section 1111(d)(3)(A)(i)(II) of the ESEA.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         For the purposes of this priority, “school implementing a targeted support and improvement plan” means a school identified for targeted support and improvement by a State that has developed and is implementing a school-level targeted support and improvement plan to improve student outcomes based on the indicators in the statewide accountability system as defined in section 1111(d)(2) of the ESEA.
                    </P>
                </FTNT>
                <P>
                    In addition to requesting up to $100,000 for planning, additional Federal funds may also be requested for scholar support and other grant activities occurring in year one of the project, provided that the total request for year one does not exceed the maximum award available for one budget period of 12 months (
                    <E T="03">i.e.,</E>
                     $350,000). Applicants proposing projects to develop, expand, or add a new area of emphasis within the curriculum of early intervention, special education, or related services programs must provide, in their applications, information on how these new areas will be sustained once Federal funding ends.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Under 34 CFR 75.250, project periods under this priority may be up to 60 months. Projects should be designed to ensure that all proposed scholars successfully complete the program within 60 months from the project start date. The Secretary may reduce continuation awards for any project in which scholar recruitment is not on track or scholars are not on track to complete the program by the end of the 60 months.
                </P>
                <P>To be considered for funding under this absolute priority, applicants must meet the application requirements contained in the priority. All projects funded under this absolute priority also must meet the programmatic and administrative requirements specified in the priority.</P>
                <P>To meet the application requirements of this priority, an applicant must—</P>
                <P>(a) Demonstrate, in the narrative section of the application under “Significance” how—</P>
                <P>(1) The proposed project will address the need in the proposed preparation focus area to increase the number of personnel, who are prepared to provide effective and evidence-based interventions, and services that improve outcomes, including literacy and math outcomes, for children with disabilities;</P>
                <P>(2) The proposed project will increase the number of personnel with competencies in the proposed preparation focus area to provide effective evidence-based instruction, interventions, and services, including through distance education, that improve outcomes, including literacy and math outcomes, for children with disabilities; and</P>
                <P>
                    (3) The applicant has successfully graduated students from its program and the number of students who have graduated in the last five years.
                    <PRTPAGE P="22268"/>
                </P>
                <P>(b) Demonstrate, in the narrative section of the application under “Quality of the project design,” how—</P>
                <P>(1) The project will conduct its planning activities if the applicant elects to use up to the first 12 months of the project period and up to $100,000 awarded in the first budget period for planning;</P>
                <P>(2) The project will recruit and retain scholars to participate in the project. To meet this requirement, the applicant must describe—</P>
                <P>(i) The selection criteria the project will use to identify program applicants for admission into the program;</P>
                <P>(ii) The specific recruitment strategies the project will use to attract applicants, including applicants with disabilities; and</P>
                <P>
                    <E T="03">Note:</E>
                     The recruitment strategies and scholar selection criteria the applicant intends to use must ensure equal access and treatment of all applicants seeking admission to the program, and must be consistent with applicable law, including Federal civil rights laws.
                </P>
                <P>(iii) The approach that will be used to mentor and support all scholars accepted into the program with the goal of helping them complete the program within 60 months of the project start date and preparing them for careers in special education, early intervention, or related services;</P>
                <P>(3) The project will promote the acquisition of competencies needed by special education, early intervention, or related services personnel in the project's proposed preparation focus area to provide effective evidence-based interventions, and services that improve outcomes, including literacy and math outcomes, for children with disabilities. To address this requirement, the applicant must—</P>
                <P>(i) Describe how the proposed components, such as coursework; field or clinical experiences in early intervention, early childhood, or school settings; work-based experiences; or other opportunities provided to scholars, and sequence of the components will enable the scholars to acquire the competencies needed by applicable personnel to serve children with disabilities in a school or early intervention setting;</P>
                <P>(ii) Describe how the proposed project will reflect current evidence-based practices in personnel preparation to prepare scholars to provide effective evidence-based instruction, interventions, and services that improve outcomes for children with disabilities, including literacy and math outcomes, in a variety of early childhood and early intervention settings or educational settings;</P>
                <P>(iii) Describe the pedagogical practices that will be used to ensure that scholars are prepared to create supportive learning environments for children with disabilities; and</P>
                <P>(iv) Describe how the project will engage parents, including parents with disabilities; public or private agencies, schools, or programs; and youth with disabilities, to inform and support project components.</P>
                <P>(c) Demonstrate, in the narrative section of the application under “Quality of the management plan,” how—</P>
                <P>(1) The project director and other key project personnel are qualified to prepare scholars in the project's preparation focus area;</P>
                <P>(2) The project director and other key project personnel will manage the components of the project; and</P>
                <P>(3) The time commitments of the project director and other key project personnel are adequate to meet the objectives of the proposed project.</P>
                <P>(d) Demonstrate, in the narrative section of the application under “Adequacy of resources,” how—</P>
                <P>(1) Accommodations and resources provided to scholars will be individualized to support them in completing the program; and</P>
                <P>(2) The budget is adequate for meeting the project objectives and mitigating financial burden to scholars in completing the program of study.</P>
                <P>(3) Scholar support will be distributed to support scholars in completing their degrees. In distributing scholar support, the applicant must consider that—</P>
                <P>(i) Scholar support does not need to be uniform for all scholars and should be customized for individual scholars based on scholars' financial needs, including consideration of all costs associated with the cost of attendance;</P>
                <P>
                    (ii) Scholar support can include support for cost of attendance (
                    <E T="03">e.g.,</E>
                     tuition and fees; university student health insurance; an allowance for books, materials, and supplies; an allowance for miscellaneous personal expenses; an allowance for dependent care, such as child care; an allowance for transportation; and an allowance for room and board), travel in conjunction with training assignments, including conference registration, and stipends to support scholars' completion of the program and professional development;
                </P>
                <P>(iii) Projections for scholar support should consider tuition increases and cost of living increases over the project period; and</P>
                <P>
                    (iv) Projects that prepare personnel at the bachelor's degree level may not provide scholar support during the first two years (
                    <E T="03">e.g.,</E>
                     freshman and sophomore years) of the degree program.
                </P>
                <P>(e) Demonstrate, in the narrative section of the application under “Quality of the project evaluation or other evidence-building,” how the applicant will—</P>
                <P>(1) Evaluate how well the goals or objectives of the proposed project have been met. To meet this requirement the applicant must describe—</P>
                <P>(i) The relevant outcomes to be measured for both the project and the scholars, particularly the acquisition of scholars' competencies; and</P>
                <P>(ii) The evaluation methodologies, data collection methods, and data analyses that will be used; and</P>
                <P>(2) Collect and analyze data on all scholars supported by the project to inform the proposed project on an ongoing basis.</P>
                <P>(f) Demonstrate, in the appendices or narrative under “Required project assurances” as directed, that the following requirements are met. The applicant must—</P>
                <P>(1) Include, in Appendix A of the application—</P>
                <P>(i) Charts, tables, figures, graphs, and visuals that provide information directly relating to the application requirements for the narrative; and</P>
                <P>(ii) A letter of support from a public or private partnering agency, school, or program, that states it will provide scholars with a field or clinical experience in a high-need LEA, a high-poverty school, a school implementing a comprehensive support and improvement plan, a school implementing a targeted support and improvement plan for children with disabilities, a State educational agency, an early childhood or early intervention program located within the geographical boundaries of a high-need LEA, or an early childhood or early intervention program located within the geographical boundaries of an LEA serving the highest percentage of schools identified for comprehensive support and improvement or implementing targeted support and improvement plans in the State;</P>
                <P>(2) Include in Appendix B of the application—</P>
                <P>(i) A table that lists the project's required coursework and includes the course title, brief description, learning goals, and relevant State or national professional organization personnel standards for each course; and</P>
                <P>
                    (ii) Four exemplars of course syllabi required by the degree program that reflect evidence-based practices across the areas of assessment; inclusive practices; instructional strategies; and literacy and math if appropriate;
                    <PRTPAGE P="22269"/>
                </P>
                <P>(3) Include in the application budget attendance by the project director at a two-day project directors' meeting in Washington, DC, during each year of the project; and</P>
                <P>(4) Provide an assurance that—</P>
                <P>(i) The project will meet the requirements in 34 CFR 304.23, particularly those related to (A) informing all scholarship recipients of their service obligation commitment; and (B) disbursing scholarships. Failure by a grantee to properly meet these requirements is a violation of the grant award that may result in the grantee being liable for returning any misused funds to the Department;</P>
                <P>(ii) The project will meet the statutory requirements in section 662(e) through (h) of IDEA;</P>
                <P>(iii) The project will be operated in a manner consistent with nondiscrimination requirements contained in Federal civil rights laws;</P>
                <P>(iv) All the syllabi for the project's required coursework will be provided at the request of OSEP;</P>
                <P>
                    (v) At least 65 percent of the total award over the project period (
                    <E T="03">i.e.,</E>
                     up to 60 months) will be used for scholar support;
                </P>
                <P>
                    (vi) Scholar support provided by the project is not conditioned on scholars working for the grantee while enrolled in the program (
                    <E T="03">e.g.,</E>
                     personnel at the IHE);
                </P>
                <P>
                    (vii) The project director, key personnel, and scholars will actively participate in learning opportunities (
                    <E T="03">e.g.,</E>
                     webinars, briefings) supported by OSEP. This is intended to promote opportunities for participants to understand reporting requirements, share resources, and generate new ideas by discussing topics of common interest to participants across projects including Department priorities and needs in the field;
                </P>
                <P>(viii) The project website, if applicable, will be of high quality, with an easy-to-navigate design that meets government or industry-recognized standards for web accessibility;</P>
                <P>
                    (ix) Scholar accomplishments (
                    <E T="03">e.g.,</E>
                     public service, awards, publications, conference presentations) will be reported in annual and final performance reports; and
                </P>
                <P>
                    (x) Annual data will be submitted on each scholar who receives grant support (OMB Control Number 1820-0686). The primary purposes of the data collection are to track the service obligation fulfillment of scholars who receive funds from OSEP grants and to collect data for program performance measure reporting under 34 CFR 75.110. Data collection includes the submission of a signed, completed pre-scholarship agreement and exit certification for each scholar funded under an OSEP grant (see paragraph (f)(4)(i) of this priority). Applicants are encouraged to visit the Personnel Development Program Data Collection System website at 
                    <E T="03">https://pdp.ed.gov/osep</E>
                     for further information about this data collection requirement.
                </P>
                <P>
                    <E T="03">Competitive Preference Priorities:</E>
                     For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, these priorities are competitive preference priorities. Under 34 CFR 75.105(c)(2)(i), we award an additional 5 points to an application that meets Competitive Preference Priority 1 and an additional 5 points to an application that meets Competitive Preference Priority 2. Applicants should indicate in the abstract if competitive preference priorities are addressed, and which competitive preference priorities are being addressed.
                </P>
                <P>The competitive preference priorities are:</P>
                <P>
                    <E T="03">Competitive Preference Priority 1: Applications from HBCUs and TCCUs (0 or 5 points).</E>
                </P>
                <P>Under this priority, an applicant must demonstrate the project will be implemented by or in partnership with one or both of the following entities:</P>
                <P>(a) HBCUs (as defined in this notice).</P>
                <P>(b) TCCUs (as defined in this notice).</P>
                <P>
                    <E T="03">Competitive Preference Priority 2: Applications from New Potential Grantees (0 or 5 points).</E>
                </P>
                <P>
                    (a) Under this priority, an applicant must demonstrate that the applicant (
                    <E T="03">e.g.,</E>
                     the IHE) has not had an active discretionary grant under the ALN 84.325M, 84.325K, or 84.325R, including through membership in a group application submitted in accordance with 34 CFR 75.127 through 75.129, in the last five years before the deadline date for submission of applications under ALN 84.325M.
                </P>
                <P>(b) For the purpose of this priority, a grant is active until the end of the grant's project or funding period, including any extensions of those periods that extend the grantee's authority to obligate funds.</P>
                <P>
                    <E T="03">Waiver of Proposed Rulemaking:</E>
                     Under the Administrative Procedure Act (APA) (5 U.S.C. 553) the Department generally offers interested parties the opportunity to comment on proposed priorities. Section 681(d) of IDEA (20 U.S.C. 1481(d)), however, makes the public comment requirements of the APA inapplicable to the absolute priority and competitive preference priority 1 in this notice.
                </P>
                <P>
                    <E T="03">Program Authority:</E>
                     20 U.S.C. 1462 and 1481
                </P>
                <P>
                    <E T="03">Note:</E>
                     Projects will be awarded and must be operated in a manner consistent with the nondiscrimination requirements contained in Federal civil rights laws.
                </P>
                <P>
                    <E T="03">Applicable Regulations:</E>
                     (a) The Education Department General Administrative Regulations in 34 CFR parts 75, 77, 79, 81, 82, 84, 86, 97, 98, and 99. (b) The Office of Management and Budget (OMB) Guidelines to Agencies on Governmentwide Debarment and Suspension (Nonprocurement) in 2 CFR part 180, as adopted and amended as regulations of the Department in 2 CFR part 3485. (c) The Guidance for Federal Financial Assistance in 2 CFR part 200, as adopted and amended as regulations of the Department in 2 CFR part 3474. (d) The regulations for this program in 34 CFR part 304.
                </P>
                <P>
                    <E T="03">Note:</E>
                     The regulations in 34 CFR part 86 apply to IHEs only.
                </P>
                <HD SOURCE="HD1">II. Award Information</HD>
                <P>
                    <E T="03">Type of Award:</E>
                     Discretionary grants.
                </P>
                <P>
                    <E T="03">Estimated Available Funds:</E>
                     $4,500,000 for this competition.
                </P>
                <P>Contingent upon the availability of funds and the quality of applications, we may make additional awards in FY 2026 from the list of unfunded applications from this competition.</P>
                <P>
                    <E T="03">Estimated Range of Awards:</E>
                     $150,000-$350,000 per year.
                </P>
                <P>
                    <E T="03">Estimated Average Size of Awards:</E>
                     $250,000 per year.
                </P>
                <P>
                    <E T="03">Maximum Award:</E>
                     We will not make an award exceeding $1,250,000 per project for a project period of 60 months or an award that exceeds $350,000 for any single budget period.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Applicants must describe, in their applications, the amount of funding being requested for each 12-month budget period.
                </P>
                <P>
                    <E T="03">Estimated Number of Awards:</E>
                     18.
                </P>
                <P>
                    <E T="03">Project Period:</E>
                     Up to 60 months.
                </P>
                <P>
                    <E T="03">Note:</E>
                     The Department is not bound by any estimates in this notice.
                </P>
                <HD SOURCE="HD1">III. Eligibility Information</HD>
                <P>
                    1. 
                    <E T="03">Eligible Applicants:</E>
                     IHEs and private nonprofit organizations.
                </P>
                <P>
                    <E T="03">Note:</E>
                     To meet the absolute priority, eligible applicants (
                    <E T="03">i.e.,</E>
                     IHEs) must have a bachelor's degree, certification, master's degree, educational specialist degree, or clinical doctoral degree program that prepare scholars in special education, early intervention, and related services at an HBCU, TCCU, or other MSI or be a private nonprofit organization that has the legal authority to enter into grants and cooperative agreements with the Federal government on behalf of an applicant (
                    <E T="03">i.e.,</E>
                     IHE) that has a bachelor's degree, 
                    <PRTPAGE P="22270"/>
                    certification, master's degree, educational specialist degree, or clinical doctoral degree program that prepare scholars in special education, early intervention, and related services at an HBCU, TCCU, or other MSI.
                </P>
                <P>
                    <E T="03">Note:</E>
                     If you are a nonprofit organization, under 34 CFR 75.51, you may demonstrate your nonprofit status by providing: (1) proof that the Internal Revenue Service currently recognizes the applicant as an organization to which contributions are tax deductible under section 501(c)(3) of the Internal Revenue Code; (2) a statement from a State taxing body or the State attorney general certifying that the organization is a nonprofit organization operating within the State and that no part of its net earnings may lawfully benefit any private shareholder or individual; (3) a certified copy of the applicant's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or (4) any item described above if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate.
                </P>
                <P>
                    2. a. 
                    <E T="03">Cost Sharing or Matching:</E>
                     This competition does not require cost sharing or matching.
                </P>
                <P>
                    b. 
                    <E T="03">Indirect Cost Rate Information:</E>
                     This program uses a training indirect cost rate. This limits indirect cost reimbursement to an entity's actual indirect costs, as determined in its negotiated indirect cost rate agreement, or eight percent of a modified total direct cost base, whichever amount is less. For more information regarding training indirect cost rates, see 34 CFR 75.562. For more information regarding indirect costs, or to obtain a negotiated indirect cost rate, please see 
                    <E T="03">www.ed.gov/about/ed-offices/ofo#Indirect-Cost-Division.</E>
                </P>
                <P>
                    c. 
                    <E T="03">Administrative Cost Limitation:</E>
                     This program does not include any program-specific limitation on administrative expenses. All administrative expenses must be reasonable and necessary and conform to Cost Principles described in 2 CFR part 200 subpart E of the Guidance for Federal Financial Assistance.
                </P>
                <P>
                    3. 
                    <E T="03">Subgrantees:</E>
                     Under 34 CFR 75.708(b) and (c), a grantee under this competition may award subgrants—to directly carry out project activities described in its application—to the following types of entities: IHEs, nonprofit organizations suitable to carry out the activities proposed in the application, and other public agencies. The grantee may award subgrants to entities it has identified in an approved application or that it selects through a competition under procedures established by the grantee, consistent with 34 CFR 75.708(b)(2).
                </P>
                <P>
                    4. 
                    <E T="03">Other General Requirements:</E>
                </P>
                <P>a. Recipients of funding under this competition must make positive efforts to employ and advance in employment qualified individuals with disabilities (see section 606 of IDEA).</P>
                <P>b. Applicants for, and recipients of, funding must, with respect to the aspects of their proposed projects relating to the absolute priority, involve individuals with disabilities, or parents of individuals with disabilities ages birth through 26, in planning, implementing, and evaluating the project (see section 682(a)(1)(A) of IDEA).</P>
                <HD SOURCE="HD1">IV. Application and Submission Information</HD>
                <P>
                    1. 
                    <E T="03">Application Submission Instructions:</E>
                     Applicants are required to follow the Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                    <E T="04">Federal Register</E>
                     on December 23, 2024 (89 FR 104528) and available at 
                    <E T="03">https://www.federalregister.gov/d/2024-30488,</E>
                     which contain requirements and information on how to submit an application.
                </P>
                <P>
                    2. 
                    <E T="03">Intergovernmental Review:</E>
                     This competition is subject to Executive Order 12372 and the regulations in 34 CFR part 79. Information about Intergovernmental Review of Federal Programs under Executive Order 12372 is in the application package for this competition.
                </P>
                <P>
                    3. 
                    <E T="03">Funding Restrictions:</E>
                     We reference regulations outlining funding restrictions in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    4. 
                    <E T="03">Recommended Page Limit:</E>
                     The application narrative is where you, the applicant, address the selection criteria that reviewers use to evaluate your application. We recommend that you limit the application narrative to no more than 40 pages and use the following standards:
                </P>
                <P>• A “page” is 8.5″ x 11″, on one side only, with 1″ margins at the top, bottom, and both sides.</P>
                <P>• Double-space (no more than three lines per vertical inch) all text in the application narrative, including titles, headings, footnotes, quotations, reference citations, and captions, as well as all text in charts, tables, figures, graphs, and screen shots.</P>
                <P>• Use a font that is 12 point or larger.</P>
                <P>• Use one of the following fonts: Times New Roman, Courier, Courier New, or Arial.</P>
                <P>The recommended page limit does not apply to the cover sheet; the budget section, including the narrative budget justification; the assurances and certifications; or the abstract (follow the guidance provided in the application package for completing the abstract), the table of contents, the list of priority requirements, the resumes, the reference list, the letters of support, or the appendices. However, the recommended page limit does apply to all of the application narrative, including all text in charts, tables, figures, graphs, and screen shots.</P>
                <HD SOURCE="HD1">V. Application Review Information</HD>
                <P>
                    1. 
                    <E T="03">Selection Criteria:</E>
                     The selection criteria for this competition are from 34 CFR 75.210 and are as follows:
                </P>
                <P>
                    (a) 
                    <E T="03">Significance (10 points).</E>
                </P>
                <P>The Secretary considers the significance of the proposed project. In determining the significance of the proposed project, the Secretary considers the importance or magnitude of the results or outcomes likely to be attained by the proposed project, especially contributions toward improving teaching practice and student learning and achievement.</P>
                <P>
                    (b) 
                    <E T="03">Quality of the project design (45 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the design of the proposed project.</P>
                <P>(2) In determining the quality of the design of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the services to be provided by the proposed project reflect up-to-date knowledge and an evidence-based project component;</P>
                <P>(ii) The extent to which the training or professional development services to be provided by the proposed project are of sufficient quality, intensity, and duration to build recipient and project capacity in ways that lead to improvements in practice among the recipients of those services; and</P>
                <P>(iii) The extent to which the proposed project represents an exceptional approach to meeting program purposes and requirements and serving the target population.</P>
                <P>
                    (c) 
                    <E T="03">Quality of the management plan (20 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the management plan for the proposed project.</P>
                <P>(2) In determining the quality of the management plan for the proposed project, the Secretary considers the following factors:</P>
                <P>
                    (i) The extent to which the key personnel in the project, when hired, have the qualifications required for the 
                    <PRTPAGE P="22271"/>
                    proposed project, including formal training or work experience in fields related to the objectives of the project, and represent or have lived experiences of the target population;
                </P>
                <P>(ii) The feasibility of the management plan to achieve project objectives and goals on time and within budget, including clearly defined responsibilities, timelines, and milestones for accomplishing project tasks; and</P>
                <P>(iii) The extent to which the time commitments of the project director and principal investigator and other key project personnel are appropriate and adequate to meet the objectives of the proposed project.</P>
                <P>
                    (d) 
                    <E T="03">Adequacy of resources (10 points).</E>
                </P>
                <P>(1) The Secretary considers the adequacy of resources of the proposed project.</P>
                <P>(2) In determining the adequacy of resources of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The adequacy of support for the project, including facilities, equipment, supplies, and other resources, from the applicant or the lead applicant organization; and</P>
                <P>(ii) The extent to which the budget is adequate to support the proposed project and the costs are reasonable in relation to the objectives, design, and potential significance of the proposed project.</P>
                <P>
                    (e) 
                    <E T="03">Quality of the project evaluation or other evidence-building (15 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the evaluation or other evidence-building to be conducted of the proposed project.</P>
                <P>(2) In determining the quality of the evaluation or other evidence-building, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the methods of evaluation or other evidence-building are thorough, feasible, relevant, and appropriate to the goals, objectives, and outcomes of the proposed project; and</P>
                <P>(ii) The extent to which the methods of evaluation or other evidence-building will provide performance feedback and provide formative, diagnostic, or interim data that is a periodic assessment of progress toward achieving intended outcomes.</P>
                <P>
                    2. 
                    <E T="03">Review and Selection Process:</E>
                     We remind potential applicants that in reviewing applications in any discretionary grant competition, the Secretary may consider, under 34 CFR 75.217(d)(3), the past performance of the applicant in carrying out a previous award, such as the applicant's use of funds, achievement of project objectives, and compliance with grant conditions. The Secretary may also consider whether the applicant failed to submit a timely performance report or submitted a report of unacceptable quality.
                </P>
                <P>In addition, in making a competitive grant award, the Secretary requires various assurances, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23).</P>
                <P>
                    In the event there are two or more applications with the same final score, and there are insufficient funds to fully support each of these applications, the scores under selection criterion (b) 
                    <E T="03">Quality of the project design</E>
                     will be used as a tiebreaker. If the scores remain tied, then the scores under selection criterion (d) 
                    <E T="03">Adequacy of resources</E>
                     will be used to break the tie.
                </P>
                <P>
                    3. 
                    <E T="03">Additional Review and Selection Process Factors:</E>
                     In the past, the Department has had difficulty finding peer reviewers for certain competitions because many individuals who are eligible to serve as peer reviewers have conflicts of interest. The standing panel requirements under section 682(b) of IDEA also have placed additional constraints on the availability of reviewers. Therefore, the Department has determined that for some discretionary grant competitions, applications may be separated into two or more groups and ranked and selected for funding within specific groups. This procedure will make it easier for the Department to find peer reviewers by ensuring that greater numbers of individuals who are eligible to serve as reviewers for any particular group of applicants will not have conflicts of interest. It also will increase the quality, independence, and fairness of the review process, while permitting panel members to review applications under discretionary grant competitions for which they also have submitted applications.
                </P>
                <P>
                    4. 
                    <E T="03">Risk Assessment and Specific Conditions:</E>
                     Consistent with 2 CFR 200.206, before awarding grants under this competition the Department conducts a review of the risks posed by applicants. Under 2 CFR 200.208, the Secretary may impose specific conditions, and under 2 CFR 3474.10, in appropriate circumstances, high-risk conditions on a grant if the applicant or grantee is not financially stable; has a history of unsatisfactory performance; has a financial or other management system that does not meet the standards in 2 CFR part 200, subpart D; has not fulfilled the conditions of a prior grant; or is otherwise not responsible.
                </P>
                <P>
                    5. 
                    <E T="03">Integrity and Performance System:</E>
                     If you are selected under this competition to receive an award that over the course of the project period may exceed the simplified acquisition threshold (currently $250,000), we must make a judgment about your integrity, business ethics, and record of performance under Federal awards—that is, the risk posed by you as an applicant—before we make an award. In doing so, we must consider any information about you that is in the System for Award Management's (SAM) Responsibility/Qualification reports (formerly referred to as the Federal Awardee Performance and Integrity Information System (FAPIIS)). You may review and comment on any information about yourself that a Federal agency previously entered and that is currently in the Responsibility/Qualification reports in SAM.
                </P>
                <P>If the total value of your currently active grants, cooperative agreements, and procurement contracts from the Federal Government exceeds $10,000,000, the reporting requirements in 2 CFR part 200, Appendix XII, require you to report certain integrity information to SAM semiannually. Please review these requirements if this grant plus all the other Federal funds you receive exceed $10,000,000.</P>
                <P>
                    6. 
                    <E T="03">In General:</E>
                     In accordance with the Guidance for Federal Financial Assistance located at 2 CFR part 200, all applicable Federal laws, and relevant Executive guidance, the Department will review and consider applications for funding pursuant to this notice inviting applications in accordance with—
                </P>
                <P>(a) Selecting recipients most likely to be successful in delivering results based on the program objectives through an objective process of evaluating Federal award applications (2 CFR 200.205);</P>
                <P>(b) Prohibiting the purchase of certain telecommunication and video surveillance services or equipment in alignment with section 889 of the National Defense Authorization Act of 2019 (Pub. L. 115-232) (2 CFR 200.216);</P>
                <P>(c) Providing a preference, to the extent permitted by law, to maximize use of goods, products, and materials produced in the United States (2 CFR 200.322); and</P>
                <P>(d) Terminating agreements in whole or in part to the greatest extent authorized by law if an award no longer effectuates the program goals or agency priorities (2 CFR 200.340).</P>
                <HD SOURCE="HD1">VI. Award Administration Information</HD>
                <P>
                    1. 
                    <E T="03">Award Notices:</E>
                     If your application is successful, we notify your U.S. Representative and U.S. Senators and 
                    <PRTPAGE P="22272"/>
                    send you a Grant Award Notification (GAN); or we may send you an email containing a link to access an electronic version of your GAN. We also may notify you informally.
                </P>
                <P>If your application is not evaluated or not selected for funding, we notify you.</P>
                <P>
                    2. 
                    <E T="03">Administrative and National Policy Requirements:</E>
                     We identify administrative and national policy requirements in the application package and reference these and other requirements in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    We reference the regulations outlining the terms and conditions of an award in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice and include these and other specific conditions in the GAN. The GAN also incorporates your approved application as part of your binding commitments under the grant.
                </P>
                <P>
                    3. 
                    <E T="03">Open Licensing Requirements:</E>
                     Unless an exception applies, if you are awarded a grant under this competition, you will be required to openly license to the public grant deliverables created in whole, or in part, with Department grant funds. When the deliverable consists of modifications to pre-existing works, the license extends only to those modifications that can be separately identified and only to the extent that open licensing is permitted under the terms of any licenses or other legal restrictions on the use of pre-existing works. Additionally, a grantee or subgrantee that is awarded competitive grant funds must have a plan to disseminate these public grant deliverables. This dissemination plan can be developed and submitted after your application has been reviewed and selected for funding. For additional information on the open licensing requirements please refer to 2 CFR 3474.20.
                </P>
                <P>
                    4. 
                    <E T="03">Reporting:</E>
                     (a) If you apply for a grant under this competition, you must ensure that you have in place the necessary processes and systems to comply with the reporting requirements in 2 CFR part 170 should you receive funding under the competition. This does not apply if you have an exception under 2 CFR 170.110(b).
                </P>
                <P>
                    (b) At the end of your project period, you must submit a final performance report, including financial information, as directed by the Secretary. If you receive a multiyear award, you must submit an annual performance report that provides the most current performance and financial expenditure information as directed by the Secretary under 34 CFR 75.118. The Secretary may also require more frequent performance reports under 34 CFR 75.720(c). For specific requirements on reporting, please go to 
                    <E T="03">www.ed.gov/fund/grant/apply/appforms/appforms.html.</E>
                </P>
                <P>(c) Under 34 CFR 75.250(b), the Secretary may provide a grantee with additional funding for data collection analysis and reporting. In this case the Secretary establishes a data collection period.</P>
                <P>
                    5. 
                    <E T="03">Performance Measures:</E>
                     For the purposes of Department reporting under 34 CFR 75.110, the Department has established a set of performance measures, including long-term measures, that are designed to yield information on various aspects of the effectiveness and quality of the Personnel Development to Improve Services and Results for Children with Disabilities program. These measures include: (1) the percentage of preparation programs that incorporate scientifically or evidence-based practices into their curricula; (2) the percentage of scholars completing the preparation program who are knowledgeable and skilled in evidence-based practices that improve outcomes for children with disabilities; (3) the percentage of scholars who exit the preparation program prior to completion due to poor academic performance; (4) the percentage of scholars completing the preparation program who are working in the area(s) in which they were prepared upon program completion; (5) the Federal cost per scholar who completed the preparation program; (6) the percentage of scholars who completed the preparation program and are employed in high-need districts; and (7) the percentage of scholars who completed the preparation program and who are rated effective by their employers.
                </P>
                <P>In addition, the Department will gather information on the following outcome measures: the number and percentage of scholars proposed by the grantee in its application that were enrolled and making satisfactory academic progress in the current academic year; the number and percentage of enrolled scholars who are on track to complete the training program by the end of the project's original grant period; and the percentage of scholars who completed the preparation program and are employed in the field of special education for at least two years.</P>
                <P>
                    6. 
                    <E T="03">Continuation Awards:</E>
                     In making a continuation award under 34 CFR 75.253, the Secretary considers, among other things: whether a grantee has made substantial progress in achieving the goals and objectives of the project; whether the grantee has expended funds in a manner that is consistent with its approved application and budget; if the Secretary has established performance measurement requirements, whether the grantee has made substantial progress in achieving the performance targets in the grantee's approved application; and whether the continuation of the project is in the best interest of the Federal Government.
                </P>
                <P>In making a continuation award, the Secretary also considers whether the grantee is operating in compliance with the assurances in its approved application, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23).</P>
                <HD SOURCE="HD1">VII. Other Information</HD>
                <P>
                    <E T="03">Accessible Format:</E>
                     On request to the program contact person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    , individuals with disabilities can obtain this document and a copy of the application package in an accessible format. The Department will provide the requestor with an accessible format that may include Rich Text Format (RTF) or text format (txt), a thumb drive, an MP3 file, braille, large print, audiotape, compact disc, or other accessible format.
                </P>
                <P>
                    <E T="03">Electronic Access to This Document:</E>
                     The official version of this document is the document published in the 
                    <E T="04">Federal Register</E>
                    . You may access the official edition of the 
                    <E T="04">Federal Register</E>
                     and the Code of Federal Regulations at 
                    <E T="03">www.govinfo.gov.</E>
                     At this site you can view this document, as well as all other Department documents published in the 
                    <E T="04">Federal Register</E>
                    , in text or Portable Document Format (PDF). To use PDF you must have Adobe Acrobat Reader, which is available free at the site.
                </P>
                <P>
                    You may also access Department documents published in the 
                    <E T="04">Federal Register</E>
                     by using the article search feature at 
                    <E T="03">www.federalregister.gov.</E>
                     Specifically, through the advanced search feature at this site, you can limit your search to documents published by the Department.
                </P>
                <SIG>
                    <NAME>Diana Diaz,</NAME>
                    <TITLE>Deputy Assistant Secretary and Acting Assistant Secretary for Special Education and Rehabilitative Services.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09433 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4000-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">EDUCATION DEPARTMENT</AGENCY>
                <SUBJECT>List of Approved Ability to Benefits Tests</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Postsecondary Education, Department of Education.</P>
                </AGY>
                <ACT>
                    <PRTPAGE P="22273"/>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This notice updates the list of Ability to Benefits (ATB) tests approved by the Secretary.</P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Aaron Washington, U.S. Department of Education, 400 Maryland Avenue SW, Washington, DC 20202. Telephone: (202) 987-0911. Email: 
                        <E T="03">Aaron.Washington@ed.gov.</E>
                    </P>
                    <P>If you are deaf, hard of hearing, or have a speech disability and wish to access telecommunications relay services, please dial 7-1-1.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    There are no changes to the June 14, 2024, list of currently approved ATB Tests (89 FR 50584). This notice is a technical update to the effective dates for the Wonderlic Basic Skills Test under the heading 
                    <E T="03">ATB tests that are no longer approved.</E>
                     The Department updates the effective dates from July 1, 2015, through March 31, 2023 to October 25, 1996 through March 31, 2023.
                </P>
                <P>
                    In order for a student who does not have a high school diploma or its recognized equivalent to be eligible for title IV program assistance, the student must successfully complete one of the ATB alternatives (listed below) and be enrolled in an eligible career pathway program (ECPP) 
                    <SU>1</SU>
                    <FTREF/>
                     pursuant to section 484(d)(1) of the Higher Education Act of 1965, as amended (HEA).
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         A student that enrolled in an eligible program at an eligible title IV institution prior to July 1, 2012 does not have to enroll in an ECPP. While this will be a very rare occurrence, please see DCL GEN 12-09 for more guidance. 
                        <E T="03">https://fsapartners.ed.gov/knowledge-center/library/dear-colleague-letters/2012-06-28/gen-12-09-subjecttitle-iv-eligibility-students-without-valid-high-school-diploma.</E>
                    </P>
                </FTNT>
                <P>The ATB alternatives are—</P>
                <P>* Passing an independently administered ATB test approved by the Secretary;</P>
                <P>* Completing at least six credit hours, or the equivalent coursework (225 clock hours), that are applicable toward a degree or certificate offered by the postsecondary institution; or</P>
                <P>* Completing a State process approved by the Secretary.</P>
                <P>With respect to the ATB test alternative, there are specific requirements for students whose native language is not English, and who are not fluent in English. Those students must comply with one of the three following options to qualify for title IV program assistance:</P>
                <P>1. A student who is enrolled in a program that is taught in the student's native language must take an approved test developed in the student's native language pursuant to 34 CFR 668.153(a)(1). Currently there are no approved ATB tests in a language other than English. Therefore, these students must use one of the remaining two ATB alternatives to qualify for title IV aid;</P>
                <P>2. A student who is enrolled in a program that is taught in English must take an ATB test designed to measure the English language competence of a non-native speaker. Students who are enrolled in such a program that has an “English as a Second Language” (ESL) component and who are enrolled in the ESL component, must take an approved ATB test specifically for a student whose native language is not English and who is not fluent in English, pursuant to 34 CFR 668.153(a)(2). Similarly, students who are enrolled in an ESL only program must take an approved ATB test specifically for a student whose native language is not English and who is not fluent in English, pursuant to 34 CFR 668.153(a)(2);</P>
                <P>3. A student who is enrolled in a program that is taught in English without an ESL component or does not enroll in the ESL component of the program, must take an ATB test in English that assesses secondary school verbal and quantitative skills, pursuant to 34 CFR 668.153(a)(3).</P>
                <P>
                    <E T="03">List of approved tests and passing scores:</E>
                     The Secretary lists below all approved ATB tests and their passing scores. As noted above, there are no changes to the June 14, 2024, list of currently approved ATB Tests (89 FR 50584).
                </P>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="s75,r75,r75">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">ATB test</CHED>
                        <CHED H="1">Passing scores</CHED>
                        <CHED H="1">Test publisher contact information</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">* Combined English Language Skills Assessment (CELSA), Forms 1 and 2 Effective Date: November 1, 2002</ENT>
                        <ENT>CELSA Form 1 (97), CELSA Form 2 (97)</ENT>
                        <ENT>
                            Association of Classroom Teacher Testers (ACCT), 1187 Coast Village Road, Suite 1, #378, Montecito, CA 93108. Contact: Telephone: (805) 965-5704. Fax: (805) 965-5807. Email: 
                            <E T="03">actt@cappassociates.com.</E>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">ACCUPLACER Computer-adaptive tests and COMPANION ACCUPLACER Forms J and K: Reading Test, Writing Test, and Arithmetic Test</ENT>
                        <ENT>Reading Test (233), Writing Test (235), Arithmetic Test (230)</ENT>
                        <ENT>
                            The College Board, 250 Vesey Street, New York, NY 10281. Contact: ACCUPLACER Program. Telephone: (800) 607-5223. Email: 
                            <E T="03">accuplacer@collegeboard.org.</E>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">* * Texas Success Initiative (TSI) Assessment—Computer-adaptive tests and COMPANION TSI Forms T and V: Reading Placement Test, Writing Placement Test, Mathematics Placement Test</ENT>
                        <ENT>Reading Placement Test (336), Writing Placement Test (345), Mathematics Placement Test (326).</ENT>
                        <ENT/>
                    </ROW>
                    <TNOTE>
                        * 
                        <E T="02">Note:</E>
                         As provided in 34 CFR 668.153(a)(2), the CELSA test is approved as the additional ATB English language proficiency test that must be taken by students whose native language is not English and who are not fluent in English if the academic program includes an ESL component.
                    </TNOTE>
                    <TNOTE>
                        * * 
                        <E T="02">Note:</E>
                         TSI remains a provisionally approved test and can continue to be used to establish title IV aid eligibility. If the Department denies full approval, we will provide notice of the denial through publication in the 
                        <E T="04">Federal Register</E>
                        , pursuant to 34 CFR 668.150(c)(3).
                    </TNOTE>
                </GPOTABLE>
                <P>
                    <E T="03">List of ATB tests that are no longer approved:</E>
                     The following tests are no longer included on the approved list of tests that may be used for the purpose of determining a student's eligibility for title IV program assistance. Please note the effective dates for each test.
                </P>
                <P>
                    1. 
                    <E T="03">Test:</E>
                     The ACT Career Programs Assessment test (CPAt)—Forms B and C.
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     November 1, 2002, through June 30, 2015.
                </P>
                <P>
                    <E T="03">Passing Scores:</E>
                     Language Usage (42), Reading (43), and Numerical (41).
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     ACT, Inc., 500 ACT Drive, P.O. Box 168, Iowa City, IA 52243-0168.
                </P>
                <P>
                    <E T="03">Contact: https://global.act.org/content/global/en/global-programs/contact-us.html.</E>
                </P>
                <P>
                    2. 
                    <E T="03">Test:</E>
                     The ACT WorkKeys test—Reading for Information—Forms A01AA, A02AA, C01AA, &amp; D10AA; Applied Mathematic—Forms A01BB, A02BB, C01BB, &amp; D01BB.
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     May 19, 2006, through June 30, 2015.
                </P>
                <P>
                    <E T="03">Passing Scores:</E>
                     Reading for Information Forms A01AA (76), A02AA 
                    <PRTPAGE P="22274"/>
                    (75), C01AA (77), &amp; D10AA (77); Applied Mathematics Forms A01BB (73), A02BB (74), C01BB (73), &amp; D01BB (73).
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     ACT, Inc., 500 ACT Drive, P.O. Box 168, Iowa City, IA 52243-0168.
                </P>
                <P>
                    <E T="03">Contact: https://global.act.org/content/global/en/global-programs/contact-us.html.</E>
                </P>
                <P>
                    3. 
                    <E T="03">Test:</E>
                     The College Board DTLS and DTMS Forms M-K-3KDT and M-K-3LDT tests.
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     November 1, 2002, through April 27, 2007.
                </P>
                <P>
                    <E T="03">Passing Scores:</E>
                     Reading Comprehension (108), Sentence Structure (9), Conventions of Written English (309), and Arithmetic (506).
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     The College Board, 250 Vesey Street, New York, New York 10281.
                </P>
                <P>
                    <E T="03">Contact:</E>
                     ACCUPLACER Program; Telephone: (866) 630-9305. Email: 
                    <E T="03">https://form.collegeboard.org/f/send-message</E>
                    .
                </P>
                <P>
                    4. 
                    <E T="03">Test:</E>
                     ASSET: Basic Skills Test (Reading, Writing, and Numerical)—Forms B2, C2, D2, and E2.
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     November 1, 2002, through October 31, 2015.
                </P>
                <P>
                    <E T="03">Passing Scores:</E>
                     Reading (35), Writing (35), and Numerical (33).
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     ACT, Inc., 500 ACT Drive, P.O. Box 168, Iowa City, IA 52243-0168.
                </P>
                <P>
                    <E T="03">Contact: https://global.act.org/content/global/en/global-programs/contact-us.html.</E>
                </P>
                <P>
                    5. 
                    <E T="03">Test:</E>
                     COMPASS Subtests—Prealgebra/Numerical Skills.
                </P>
                <P>
                    <E T="03">Passing Scores:</E>
                     Prealgebra/Numerical (25), Reading (62), and Writing (32).
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     November 1, 2002, through October 31, 2015.
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     ACT, Inc., 500 ACT Drive, P.O. Box 168, Iowa City, IA 52243-0168.
                </P>
                <P>
                    <E T="03">Contact: https://global.act.org/content/global/en/global-programs/contact-us.html.</E>
                </P>
                <P>
                    6. 
                    <E T="03">Test:</E>
                     COMPASS ESL.
                </P>
                <P>
                    <E T="03">Passing Scores:</E>
                     Grammar/Usage (64), Reading (70), and Listening (70).
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     May 19, 2006, through October 31, 2015.
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     ACT, Inc., 500 ACT Drive, P.O. Box 168, Iowa City, IA 52243-0168.
                </P>
                <P>
                    <E T="03">Contact: https://global.act.org/content/global/en/global-programs/contact-us.html.</E>
                </P>
                <P>
                    7. 
                    <E T="03">Test:</E>
                     Wonderlic Basic Skills Test (WBST) Verbal Forms VS-1 &amp; VS-2, Quantitative Forms QS-1 &amp; QS-2 Paper and pencil versions and online versions.
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     October 25, 1996, through March 31, 2023.
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     Wonderlic, Inc., 400 Lakeview Parkway, Suite 200, Vernon Hills, IL 60061.
                </P>
                <P>
                    <E T="03">Contact: https://wonderlic.com/contact-us/.</E>
                </P>
                <P>
                    8. 
                    <E T="03">Test:</E>
                     Spanish Wonderlic Basic Skills Test (Spanish WBST) Verbal Forms VS-1 &amp; VS-2, Quantitative Forms QS-1 &amp; QS-2 Paper and pencil versions and online versions.
                </P>
                <P>
                    <E T="03">Effective Dates:</E>
                     July 1, 2015 through March 31, 2023.
                </P>
                <P>
                    <E T="03">Publisher:</E>
                     Wonderlic, Inc., 400 Lakeview Parkway, Suite 200, Vernon Hills, IL 60061.
                </P>
                <P>
                    <E T="03">Contact: https://wonderlic.com/contact-us/.</E>
                </P>
                <P>
                    <E T="03">Accessible Format:</E>
                     Individuals with disabilities can obtain this document in an accessible format (
                    <E T="03">e.g.,</E>
                     braille, large print, audiotape, or compact disc) on request to the program contact person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    .
                </P>
                <P>
                    <E T="03">Electronic Access to This Document:</E>
                     The official version of this document is the document published in the 
                    <E T="04">Federal Register</E>
                    . You may access the official edition of the 
                    <E T="04">Federal Register</E>
                     and the Code of Federal Regulations at 
                    <E T="03">www.govinfo.gov.</E>
                     At this site you can view this document, as well as all other documents of this Department published in the 
                    <E T="04">Federal Register</E>
                    , in text or Portable Document Format (PDF). To use PDF, you must have Adobe Acrobat Reader, which is available free at the site.
                </P>
                <P>
                    You may also access documents of the Department published in the 
                    <E T="04">Federal Register</E>
                     by using the article search feature at 
                    <E T="03">www.federalregister.gov.</E>
                     Specifically, through the advanced search feature at this site, you can limit your search to documents published by the Department.
                </P>
                <P>
                    <E T="03">Program Authority:</E>
                     20 U.S.C. 1091(d).
                </P>
                <HD SOURCE="HD1">Signing Authority</HD>
                <P>
                    This document of the U.S. Department of Education was signed on May 20, 2025, by Christopher J. McCaghren, ED.D, 
                    <E T="03">Acting Assistant Secretary Office of Postsecondary Education.</E>
                     That document with the original signature and date is maintained by the U.S. Department of Education. For administrative purposes only, and in compliance with requirements of the Office of the Federal Register, the undersigned has been authorized to sign the document in electronic format for publication, as an official document of the U.S. Department of Education. This administrative process in no way alters the legal effect of this document upon publication in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <SIG>
                    <NAME>Tracey St. Pierre,</NAME>
                    <TITLE>Director, Office of the Executive Secretariat, Office of the Secretary, U.S. Department of Education.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09313 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF EDUCATION</AGENCY>
                <SUBJECT>Applications for New Awards; Personnel Development to Improve Services and Results for Children With Disabilities—Preparation of Special Education and Early Intervention Administrators</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Special Education and Rehabilitative Services, Department of Education.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Education (Department) is issuing a notice inviting applications for new awards for fiscal year (FY) 2025 for Personnel Development to Improve Services and Results for Children with Disabilities—Preparation of Special Education and Early Intervention Administrators.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Applications Available:</E>
                         May 27, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Transmittal of Applications:</E>
                         June 26, 2025.
                    </P>
                    <P>
                        <E T="03">Deadline for Intergovernmental Review:</E>
                         August 25, 2025.
                    </P>
                    <P>
                        <E T="03">Pre-Application Webinar Information:</E>
                         No later than June 2, 2025, the Office of Special Education and Rehabilitative Services will post pre-recorded informational webinars designed to provide technical assistance to interested applicants. The webinars may be found at 
                        <E T="03">www.ed.gov/about/ed-offices/osers/osep/new-osep-grant-competitions</E>
                        .
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        For the addresses for obtaining and submitting an application, please refer to our Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                        <E T="04">Federal Register</E>
                         on December 23, 2024 (89 FR 104528) and available at 
                        <E T="03">www.federalregister.gov/documents/2024/12/23/2024-30488/common-instructions-for-applicants-to-department-of-education-discretionary-grant-programs</E>
                        .
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Celia Rosenquist, U.S. Department of Education, 400 Maryland Avenue SW, room 4A219, Washington, DC 20202. Telephone: 202-245-7373. Email: 
                        <E T="03">Celia.Rosenquist@ed.gov</E>
                        .
                    </P>
                    <P>
                        If you are deaf, hard of hearing, or have a speech disability and wish to 
                        <PRTPAGE P="22275"/>
                        access telecommunications relay services, please dial 7-1-1.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Applications funded under this notice will be funded in lieu of applications received under the notice that published in the 
                    <E T="04">Federal Register</E>
                     on October 8, 2024 (89 FR 81503).
                </P>
                <HD SOURCE="HD1">Full Text of Announcement</HD>
                <HD SOURCE="HD1">I. Funding Opportunity Description</HD>
                <P>
                    <E T="03">Purposes of Program:</E>
                     The purposes of this program are to (1) help address State-identified needs for personnel preparation in special education, early intervention, related services, and regular education to work with children, including infants and toddlers, with disabilities; and (2) ensure that those personnel have the necessary skills and knowledge, derived from practices that have been determined through scientifically based research and experience, to be successful in serving those children.
                </P>
                <P>
                    <E T="03">Assistance Listing Number:</E>
                     84.325D.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1820-0028.
                </P>
                <P>
                    <E T="03">Priorities:</E>
                     This competition includes one absolute priority and two competitive preference priorities. In accordance with 34 CFR 75.105(b)(2)(v), the absolute priority and Competitive Preference Priority 1 are from allowable activities specified in the statute (see sections 662 and 681 of the Individuals with Disabilities Education Act (IDEA); 20 U.S.C. 1462 and 1481). Competitive Preference Priority 2 is from 34 CFR 75.225.
                </P>
                <P>
                    <E T="03">Absolute Priority:</E>
                     For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, this priority is an absolute priority. Under 34 CFR 75.105(c)(3), we consider only applications that meet this priority.
                </P>
                <P>This priority is:</P>
                <P>
                    <E T="03">Preparation of Special Education and Early Intervention Administrators.</E>
                </P>
                <P>
                    <E T="03">Background:</E>
                </P>
                <P>It is this Administration's priority to prepare and increase the number of personnel who are well qualified for, and can act effectively in, leadership positions in State educational agencies (SEAs), charter management organizations, charter school authorizers, lead agencies, local educational agencies (LEAs), private school networks, parochial schools, early intervention services programs, or schools. Special education and early intervention administrators play an essential role in planning for and supervising the provision of effective instruction, interventions, and services that improve outcomes for children, including infants, toddlers, and youth with disabilities (children with disabilities) and their families.</P>
                <P>
                    <E T="03">Absolute Priority:</E>
                </P>
                <P>The purpose of this priority is to support doctoral degree programs to prepare and increase the number of personnel who are well-qualified for, and can act effectively in, leadership positions in SEAs, charter management organizations, charter school authorizers, lead agencies, LEAs, private school networks, parochial schools, early intervention services programs, or schools in positions such as SEA special education administrators, LEA or regional special education directors, school-based special education directors, preschool coordinators, and early intervention coordinators. Doctoral programs in educational administration that include a focus on special education or early intervention are eligible under this priority. Programs must culminate in a doctoral degree, which may include a Doctor of Education (Ed.D.) degree. The preparation of school principals is not included under this priority.</P>
                <P>
                    <E T="03">Note:</E>
                     Eligible applicants include partnerships 
                    <SU>1</SU>
                    <FTREF/>
                     that are comprised of two or three IHEs with doctoral programs that prepare scholars 
                    <SU>2</SU>
                    <FTREF/>
                     and otherwise meet the eligibility requirements. For additional information regarding group applications, refer to 34 CFR 75.127, 75.128, and 75.129.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         For the purposes of this priority, a “partnership” is a group comprised of two or three IHEs with doctoral programs in which (a) each IHE enrolls and supports scholars as part of the partnership, and (b) the partnership provides joint experiences each year for scholars to learn from faculty and scholars at each participating IHE that promote the acquisition of leadership competencies through coursework, research, internship experiences, work-based experiences, or other opportunities as a requirement of the project.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         For the purposes of this priority, “scholar” is limited to an individual who (a) is pursuing a doctoral degree related to special education or early intervention; (b) receives scholarship assistance as authorized under section 662 of IDEA (34 CFR 304.3(g)); and (c) will be able to be employed in a position that serves children with disabilities for at least 51 percent of their time or case load. See 
                        <E T="03">https://pdp.ed.gov/OSEP/Home/Regulation</E>
                         for more information.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Note:</E>
                     Under 34 CFR 75.250, project periods under this priority may be up to 60 months. Projects should be designed to ensure that all proposed scholars successfully complete the program within 60 months from project start date. The Secretary may reduce continuation awards for any project in which scholars are not on track to complete the program by the end of that period.
                </P>
                <P>To be considered for funding under this absolute priority, applicants must meet the application requirements contained in the priority. All projects funded under this absolute priority also must meet the programmatic and administrative requirements specified in the priority.</P>
                <P>To meet the application requirements of this priority, an applicant must—</P>
                <P>(a) Demonstrate, in the narrative section of the application under “Significance,” how—</P>
                <P>(1) The proposed project would address the need and increase the number of leadership personnel who are well qualified to plan for and supervise the provision of effective instruction, interventions, and services that improve outcomes for children with disabilities and their families;</P>
                <P>
                    (2) The doctoral program to date has been successful (including program data, if available) in producing leadership personnel. Applicants should include data for the number of students who have completed the doctoral program; the types of leadership positions that recent program graduates are employed in related to their preparation; the professional accomplishments of program graduates that demonstrate their leadership in special education or early intervention administrator roles (
                    <E T="03">e.g.,</E>
                     public service, awards, publications); and the percentage of program graduates finding employment related to their preparation serving children with disabilities; and
                </P>
                <P>
                    <E T="03">Note:</E>
                     Data on the success of a doctoral program should be no more than 5 years old on the start date of the project proposed in the application. When reporting percentages, the denominator (
                    <E T="03">i.e.,</E>
                     the total number of scholars or program graduates) must be provided.
                </P>
                <P>(3) Scholar competencies to be acquired in the program relate to knowledge and skills needed by the leadership personnel in the project's proposed preparation focus area to plan for and supervise the provision of effective instruction, interventions, and services, including through distance learning environments, that improve outcomes for children with disabilities and their families.</P>
                <P>(b) Demonstrate, in the narrative section of the application under “Quality of the project design,” how—</P>
                <P>(1) The applicant will recruit and retain scholars participating in the project. To meet this requirement, the narrative must describe—</P>
                <P>(i) The selection criteria the applicant will use to identify doctoral applicants for admission to the program;</P>
                <P>
                    <E T="03">Note:</E>
                     Doctoral applicants admitted to the program must be newly enrolled in the doctoral training program within the proposed project's preparation focus area;
                    <PRTPAGE P="22276"/>
                </P>
                <P>(ii) The recruitment strategies the project will use to attract doctoral applicants, including applicants with disabilities; and</P>
                <P>
                    <E T="03">Note:</E>
                     The recruitment strategies and scholar selection criteria the applicant intends to use must ensure equal access and treatment of all applicants seeking admission to the program and must be consistent with applicable law, including Federal civil rights laws.
                </P>
                <P>(iii) The approach that will be used to mentor and support all scholars for retention and completion of the program within 60 months from the project start date and preparing them for careers as special education or early intervention administrators; and</P>
                <P>(2) The project is designed to promote the acquisition of the competencies needed by leadership personnel in the project's proposed preparation focus area to plan for or supervise the provision of effective instruction, interventions, and services that improve outcomes for children with disabilities and their families. To address this requirement, the applicant must describe how—</P>
                <P>(i) The proposed project components, such as coursework, internship experiences, work-based experiences, program evaluation, and other opportunities provided to scholars, and how the sequence of the components will enable the scholars to acquire the competencies needed by leadership personnel;</P>
                <P>
                    <E T="03">Note:</E>
                     Applicants that propose partnership projects must describe how the project components and sequence of the components are designed to ensure that scholars have opportunities to acquire the competencies needed by leadership personnel through engaging and collaborating with faculty and scholars at each IHE participating in the partnership.
                </P>
                <P>(ii) The proposed project components will prepare scholars to plan for or supervise the provision of effective instruction, interventions, and services that improve outcomes for children with disabilities and their families, in a variety of educational or early childhood and early intervention settings, including in-person and remote settings;</P>
                <P>
                    (iii) The proposed project will engage partners, including individuals and families, public or private entities (
                    <E T="03">e.g.,</E>
                     organizations, centers, agencies, schools, programs) that provide services to children with disabilities and their families, to inform project components; and
                </P>
                <P>(iv) The proposed project components will promote the acquisition of scholars' knowledge of strategies and approaches in attracting, preparing, and retaining future personnel who will work with, and provide effective instruction, interventions, and services to children with disabilities and their families.</P>
                <P>(c) Demonstrate, in the narrative section of the application under “Quality of the Management Plan,” how—</P>
                <P>(1) The project director and other key project personnel are qualified to prepare scholars in the project's preparation focus area;</P>
                <P>(2) The project director and other key project personnel will manage the components of the project;</P>
                <P>(3) The time commitments of the project director and other key project personnel are adequate to meet the objectives of the proposed project; and</P>
                <P>(4) For proposed partnership projects, the project will establish policies, procedures, standards, and fiscal management of the partnership.</P>
                <P>(d) Demonstrate, in the narrative section of the application under “Adequacy of resources,” how—</P>
                <P>(1) Accommodations and resources provided to support scholars will be individualized to support them in completing the program; and</P>
                <P>(2) The budget is adequate for meeting the project objectives and mitigating financial burden to scholars while completing the program of study.</P>
                <P>(3) Scholar support will be distributed to support scholars in completing their degrees. In distributing scholar support, the applicant must consider that—</P>
                <P>(i) Scholar support does not need to be uniform for all scholars and should be customized for individual scholars based on the scholar's financial needs, including a consideration of all costs associated with the attendance;</P>
                <P>
                    (ii) Scholar support can include support for cost of attendance (
                    <E T="03">e.g.,</E>
                     tuition and fees; university student health insurance; an allowance for books, materials, and supplies; an allowance for miscellaneous personal expenses; an allowance for dependent care, such as childcare; an allowance for transportation; and an allowance for room and board), travel in conjunction with training assignments, including conference registration, and stipends to support scholars' completion of the program and professional development; and
                </P>
                <P>(iii) Projections for scholar support should consider tuition increases and cost of living increases over the project period.</P>
                <P>(e) Demonstrate, in the narrative section of the application under “Quality of the project evaluation or other evidence-building,” how the applicant will—</P>
                <P>(1) Evaluate how well the goals or objectives of the proposed leadership project have been met. The applicant must describe the outcomes to be measured for both the project and the scholars, particularly the acquisition of scholars' competencies, and the evaluation methodologies to be employed, data collection methods, and possible analyses; and</P>
                <P>(2) Collect, analyze, and use data on scholars supported by the project to inform the proposed project on an ongoing basis.</P>
                <P>(f) Demonstrate, in the appendices or narrative under “Required project assurances” as directed, that the following requirements are met. The applicant must—</P>
                <P>(1) Include, in Appendix A of the application—</P>
                <P>(i) Charts, tables, figures, graphs, and visuals that provide information directly relating to the application requirements for the narrative; and</P>
                <P>
                    (ii) A letter of support from a public or private partnering agency, school, or program, that states it will provide scholars with a field or clinic experience in a high-need LEA,
                    <SU>3</SU>
                    <FTREF/>
                     a high-poverty school,
                    <SU>4</SU>
                    <FTREF/>
                     a school implementing a comprehensive support and improvement plan,
                    <SU>5</SU>
                    <FTREF/>
                     a school implementing a targeted support and improvement plan 
                    <SU>6</SU>
                    <FTREF/>
                     for children with disabilities, an SEA, an early childhood and early intervention program located 
                    <PRTPAGE P="22277"/>
                    within the geographical boundaries of a high-need LEA, or an early childhood and early intervention program located within the geographical boundaries of an LEA serving the highest percentage of schools identified for comprehensive support and improvement or implementing targeted support and improvement plans in the State;
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         For the purposes of this priority, “high-need LEA” means an LEA (a) that serves not fewer than 10,000 children from families with incomes below the poverty line; or (b) for which not less than 20 percent of the children are from families with incomes below the poverty line.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         For the purposes of this priority, “high-poverty school” means a school in which at least 50 percent of students are from low-income families as determined using one of the measures of poverty specified in section 1113(a)(5) of the Elementary and Secondary Education Act of 1965, as amended (ESEA). For middle and high schools, eligibility may be calculated on the basis of comparable data from feeder schools. Eligibility as a high-poverty school under this definition is determined on the basis of the most currently available data.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         For the purposes of this priority, “school implementing a comprehensive support and improvement plan” means a school identified for comprehensive support and improvement by a State under section 1111(c)(4)(D) of the ESEA that includes (a) not less than the lowest performing 5 percent of all schools in the State receiving funds under title I, part A of the ESEA; (b) all public high schools in the State failing to graduate one third or more of their students; and (c) public schools in the State described in section 1111(d)(3)(A)(i)(II) of the ESEA.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         For the purposes of this priority, “school implementing a targeted support and improvement plan” means a school identified for targeted support and improvement by a State that has developed and is implementing a school-level targeted support and improvement plan to improve student outcomes based on the indicators in the statewide accountability system as defined in section 1111(d)(2) of the ESEA.
                    </P>
                </FTNT>
                <P>(2) Include in Appendix B of the application—</P>
                <P>(i) A table that includes the project's required coursework that provides the title, description, and learning goals; and</P>
                <P>(ii) Up to four exemplars of course syllabi in research methods, evaluation methods, or data analysis courses required by the degree program;</P>
                <P>
                    <E T="03">Note:</E>
                     Partnership projects should include two course syllabi from each participating IHE.
                </P>
                <P>(3) Include in the application budget attendance by the project director at a two-day project directors' meeting in Washington, DC, during each year of the project. The budget may also provide for the attendance of scholars at the same two-day project directors' meetings in Washington, DC; and</P>
                <P>(4) Provide an assurance that—</P>
                <P>(i) The project will meet the requirements in 34 CFR 304.23, particularly those related to (A) informing all scholarship recipients of their service obligation commitment; and (B) disbursing scholarships. Failure by a grantee to properly meet these requirements is a violation of the grant award that may result in the grantee being liable for returning any misused funds to the Department;</P>
                <P>(ii) The project will meet the statutory requirements in section 662(e) through (h) of IDEA;</P>
                <P>(iii) The project will be operated in a manner consistent with nondiscrimination requirements contained in the U.S. Constitution and Federal civil rights laws;</P>
                <P>(iv) All the syllabi for the project's required coursework will be provided if requested by OSEP;</P>
                <P>
                    (v) At least 65 percent of the total award over the project period (
                    <E T="03">i.e.,</E>
                     up to 5 years) will be used for scholar support;
                </P>
                <P>
                    (vi) Scholar support provided by the project will not be conditioned on the scholar working for the grantee while enrolled in the program (
                    <E T="03">e.g.,</E>
                     personnel at the IHE);
                </P>
                <P>
                    (vii) The project director, key personnel, and scholars will actively participate in the cross-project collaboration, advanced trainings, and cross-site learning opportunities (
                    <E T="03">e.g.,</E>
                     webinars, briefings) supported by OSEP. This network is intended to promote opportunities for participants to share resources and generate new knowledge by addressing topics of common interest to participants across projects including Department priorities and needs in the field;
                </P>
                <P>(viii) The project website, if applicable, will be of high quality, with an easy-to-navigate design that meets government or industry-recognized standards for accessibility;</P>
                <P>
                    (ix) Scholar accomplishments (
                    <E T="03">e.g.,</E>
                     public service, awards, publications) will be reported in annual and final performance reports; and
                </P>
                <P>
                    (x) Annual data will be submitted on each scholar who receives grant support (OMB Control Number 1820-0686). The primary purposes of the data collection are to track the service obligation fulfillment of scholars who receive funds from OSEP grants and to collect data for program performance measure reporting under 34 CFR 75.110. Data collection includes the submission of a signed, completed pre-scholarship agreement and exit certification for each scholar funded under an OSEP grant (see paragraph (f)(4)(i) of this priority). Applicants are encouraged to visit the Personnel Development Program Data Collection System (DCS) website at 
                    <E T="03">https://pdp.ed.gov/osep</E>
                     for further information about this data collection requirement.
                </P>
                <P>
                    <E T="03">Competitive Preference Priorities:</E>
                     For FY 2025 and any subsequent year in which we make awards from the list of unfunded applications from this competition, these priorities are competitive preference priorities. Under 34 CFR 75.105(c)(2)(i), we award an additional 3 points to an application that meets the Competitive Preference Priority 1 and an additional 5 points to an application that meets Competitive Preference Priority 2.
                </P>
                <P>Applicants should indicate in the abstract if the competitive preference priorities are addressed, and which competitive preference priorities are being addressed.</P>
                <P>The competitive preference priorities are:</P>
                <P>
                    <E T="03">Competitive Preference Priority 1: Applications from</E>
                     Historically Black Colleges and Universities 
                    <SU>7</SU>
                    <FTREF/>
                      
                    <E T="03">and Minority-Serving Institutions</E>
                     
                    <SU>8</SU>
                    <FTREF/>
                      
                    <E T="03">(0 or 3 points)</E>
                    .
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         For the purposes of this priority, “Historically Black Colleges and Universities” means colleges and universities that meet the criteria in 34 CFR 608.2.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         For purposes of this priority, “Minority-Serving Institution” means an institution that is eligible to receive assistance under sections 316 through 320 of part A of title III, under part B of title III, or under title V of the Higher Education Act of 1965. For purposes of this priority, the Department will use the FY 2024 Eligibility Matrix to determine MSI eligibility (see 
                        <E T="03">www.ed.gov/grants-and-programs/grants-higher-education/eligibility-designations-higher-education-programs</E>
                        ).
                    </P>
                </FTNT>
                <P>Under this priority, an applicant must demonstrate the project will be implemented by or in partnership with one or both of the following entities:</P>
                <P>(a) Historically Black Colleges and Universities (as defined in this notice).</P>
                <P>(b) Minority-Serving Institutions (as defined in this notice).</P>
                <P>
                    <E T="03">Competitive Preference Priority 2: Applications from New Potential Grantees (0 or 5 points)</E>
                    .
                </P>
                <P>
                    (a) Under this priority, an applicant must demonstrate that the applicant (
                    <E T="03">i.e.,</E>
                     the IHE) has not had an active discretionary grant under the ALN 84.325D or 84.325H, including through membership in a group application submitted in accordance with 34 CFR 75.127 through 75.129, in the last 5 years before the deadline date for submission of applications under ALN 84.325D.
                </P>
                <P>(b) For the purposes of this priority, a grant is active until the end of the grant's project or funding period, including any extensions of those periods that extend the grantee's authority to obligate funds.</P>
                <P>
                    <E T="03">Waiver of Proposed Rulemaking:</E>
                     Under the Administrative Procedure Act (APA) (5 U.S.C. 553) the Department generally offers interested parties the opportunity to comment on proposed priorities. Section 681(d) of IDEA (20 U.S.C. 1481(d)), however, makes the public comment requirements of the APA inapplicable to the absolute priority and competitive preference priority 1 in this notice.
                </P>
                <P>
                    <E T="03">Program Authority:</E>
                     20 U.S.C. 1462 and 1481.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Projects will be awarded and must be operated in a manner consistent with the nondiscrimination requirements contained in Federal civil rights laws.
                </P>
                <P>
                    <E T="03">Applicable Regulations:</E>
                     (a) The Education Department General Administrative Regulations in 34 CFR parts 75, 77, 79, 81, 82, 84, 86, 97, 98, and 99. (b) The Office of Management and Budget (OMB) Guidelines to Agencies on Governmentwide Debarment and Suspension (Nonprocurement) in 2 CFR part 180, as adopted and amended as regulations of the Department in 2 CFR part 3485. (c) The Guidance for Federal Financial Assistance in 2 CFR part 200, as adopted and amended as regulations of the Department in 2 CFR part 3474. (d) The regulations for this program in 34 CFR part 304.
                </P>
                <P>
                    <E T="03">Note:</E>
                     The regulations in 34 CFR part 86 apply to IHEs only.
                    <PRTPAGE P="22278"/>
                </P>
                <HD SOURCE="HD1">II. Award Information</HD>
                <P>
                    <E T="03">Type of Award:</E>
                     Discretionary grants.
                </P>
                <P>
                    <E T="03">Estimated Available Funds:</E>
                     $1,500,000 for this competition.
                </P>
                <P>Contingent upon the availability of funds and the quality of applications, we may make additional awards in FY 2026 from the list of unfunded applications from this competition.</P>
                <P>
                    <E T="03">Estimated Range of Awards:</E>
                     $150,000-$300,000 per year for an individual IHE; $300,000-$700,000 per year for a two-IHE partnership application; and $450,000-$1,050,000 per year for a three-IHE partnership application.
                </P>
                <P>
                    <E T="03">Estimated Average Size of Awards:</E>
                     $250,00 per year for an individual IHE; $500,000 per year for a two-IHE group application; and $750,000 per year for a three-IHE group application.
                </P>
                <P>
                    <E T="03">Maximum Award:</E>
                     We will not make an award exceeding: $1,250,000 per project for a project period of 60 months or an award that exceeds $350,000 for any single budget period of 12 months for an individual IHE; $2,500,000 per project for a project period of 60 months or an award that exceeds $700,000 for any single budget period of 12 months for a two-IHE group application; and $3,750,000 per project for a project period of 60 months or an award that exceeds $1,050,000 for any single budget period of 12 months for a three-IHE group application.
                </P>
                <P>
                    <E T="03">Note:</E>
                     Applicants must describe, in their applications, the amount of funding being requested for each 12-month budget period.
                </P>
                <P>
                    <E T="03">Estimated Number of Awards:</E>
                     Up to six awards for individual IHEs. However, the total number of awards may change depending on the number of group application awards.
                </P>
                <P>
                    <E T="03">Note:</E>
                     The Department is not bound by any estimates in this notice.
                </P>
                <P>
                    <E T="03">Project Period:</E>
                     Up to 60 months.
                </P>
                <HD SOURCE="HD1">III. Eligibility Information</HD>
                <P>
                    1. 
                    <E T="03">Eligible Applicants:</E>
                     IHEs and private nonprofit organizations.
                </P>
                <P>
                    <E T="03">Note:</E>
                     To meet the absolute priority, eligible applicants (
                    <E T="03">i.e.,</E>
                     IHEs) must have a doctoral degree program that prepares scholars in special education or early intervention administration or be a nonprofit organization that has the legal authority to enter into grants and cooperative agreements with the Federal government on behalf of an applicant (
                    <E T="03">i.e.,</E>
                     IHE) that has a doctoral degree program that prepares scholars in special education or early intervention administration.
                </P>
                <P>
                    <E T="03">Note:</E>
                     If you are a nonprofit organization, under 34 CFR 75.51, you may demonstrate your nonprofit status by providing: (1) proof that the Internal Revenue Service currently recognizes the applicant as an organization to which contributions are tax deductible under section 501(c)(3) of the Internal Revenue Code; (2) a statement from a State taxing body or the State attorney general certifying that the organization is a nonprofit organization operating within the State and that no part of its net earnings may lawfully benefit any private shareholder or individual; (3) a certified copy of the applicant's certificate of incorporation or similar document if it clearly establishes the nonprofit status of the applicant; or (4) any item described above if that item applies to a State or national parent organization, together with a statement by the State or parent organization that the applicant is a local nonprofit affiliate.
                </P>
                <P>
                    2. a. 
                    <E T="03">Cost Sharing or Matching:</E>
                     This competition does not require cost sharing or matching.
                </P>
                <P>
                    b. 
                    <E T="03">Indirect Cost Rate Information:</E>
                     This program uses a training indirect cost rate. This limits indirect cost reimbursement to an entity's actual indirect costs, as determined in its negotiated indirect cost rate agreement, or eight percent of a modified total direct cost base, whichever amount is less. For more information regarding training indirect cost rates, see 34 CFR 75.562. For more information regarding indirect costs, or to obtain a negotiated indirect cost rate, please see 
                    <E T="03">www.ed.gov/about/ed-offices/ofo#Indirect-Cost-Division.</E>
                </P>
                <P>
                    c. 
                    <E T="03">Administrative Cost Limitation:</E>
                     This program does not include any program-specific limitation on administrative expenses. All administrative expenses must be reasonable and necessary and conform to Cost Principles described in 2 CFR part 200 subpart E of the Guidance for Federal Financial Assistance.
                </P>
                <P>
                    3. 
                    <E T="03">Subgrantees:</E>
                     Under 34 CFR 75.708(b) and (c) a grantee under this competition may award subgrants—to directly carry out project activities described in its application—to the following types of entities: IHEs and private nonprofit organizations. The grantee may award subgrants to entities it has identified in an approved application or that it selects through a competition under procedures established by the grantee, consistent with 34 CFR 75.708(b)(2).
                </P>
                <P>
                    4. 
                    <E T="03">Other General Requirements:</E>
                </P>
                <P>a. Recipients of funding under this competition must make positive efforts to employ and advance in employment qualified individuals with disabilities (see section 606 of IDEA).</P>
                <P>b. Applicants for, and recipients of, funding must, with respect to the aspects of their proposed projects relating to the absolute priority, involve individuals with disabilities, or parents of individuals with disabilities ages birth through 26, in planning, implementing, and evaluating the project (see section 682(a)(1)(A) of IDEA).</P>
                <HD SOURCE="HD1">IV. Application and Submission Information</HD>
                <P>
                    1. 
                    <E T="03">Application Submission Instructions:</E>
                     Applicants are required to follow the Common Instructions for Applicants to Department of Education Discretionary Grant Programs, published in the 
                    <E T="04">Federal Register</E>
                     on December 23, 2024 (89 FR 104528) and available at 
                    <E T="03">https://www.federalregister.gov/d/2024-30488,</E>
                     which contain requirements and information on how to submit an application.
                </P>
                <P>
                    2. 
                    <E T="03">Intergovernmental Review:</E>
                     This competition is subject to Executive Order 12372 and the regulations in 34 CFR part 79. Information about Intergovernmental Review of Federal Programs under Executive Order 12372 is in the application package for this competition.
                </P>
                <P>
                    3. 
                    <E T="03">Funding Restrictions:</E>
                     We reference regulations outlining funding restrictions in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    4. 
                    <E T="03">Recommended Page Limit:</E>
                     The application narrative is where you, the applicant, address the selection criteria that reviewers use to evaluate your application. We recommend that you (1) limit the application narrative to no more than 40 pages; (2) limit the whole application to no more than 100 pages; and (3) use the following standards:
                </P>
                <P>• A “page” is 8.5″ x 11″, on one side only, with 1” margins at the top, bottom, and both sides.</P>
                <P>• Double-space (no more than three lines per vertical inch) all text in the application narrative, including titles, headings, footnotes, quotations, reference citations, and captions, as well as all text in charts, tables, figures, graphs, and screen shots.</P>
                <P>• Use a font that is 12 point or larger.</P>
                <P>• Use one of the following fonts: Times New Roman, Courier, Courier New, or Arial.</P>
                <P>
                    The recommended page limit does not apply to the cover sheet; the budget section, including the narrative budget justification; the assurances and certifications; or the abstract (follow the guidance provided in the application package for completing the abstract), the table of contents, the list of priority requirements, the resumes, the reference list, the letters of support, or the 
                    <PRTPAGE P="22279"/>
                    appendices. However, the recommended page limit does apply to all of the application narrative, including all text in charts, tables, figures, graphs, and screen shots.
                </P>
                <HD SOURCE="HD1">V. Application Review Information</HD>
                <P>
                    1. 
                    <E T="03">Selection Criteria:</E>
                     The selection criteria for this competition are from 34 CFR 75.210 and are as follows:
                </P>
                <P>
                    (a) 
                    <E T="03">Significance (10 points).</E>
                </P>
                <P>The Secretary considers the significance of the proposed project. In determining the significance of the proposed project, the Secretary considers the importance or magnitude of the results or outcomes likely to be attained by the proposed project, especially contributions toward improving teaching practice and student learning and achievement.</P>
                <P>
                    (b) 
                    <E T="03">Quality of the project design (35 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the design of the proposed project.</P>
                <P>(2) In determining the quality of the design of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the services to be provided by the proposed project reflect up-to-date knowledge and an evidence-based project component;</P>
                <P>(ii) The extent to which the training or professional development services to be provided by the proposed project are of sufficient quality, intensity, and duration to build recipient and project capacity in ways that lead to improvements in practice among the recipients of those services; and</P>
                <P>(iii) The extent to which the proposed project represents an exceptional approach to meeting program purposes and requirements and serving the target population.</P>
                <P>
                    (c) 
                    <E T="03">Quality of the management plan (20 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the management plan for the proposed project.</P>
                <P>(2) In determining the quality of the management plan for the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the key personnel in the project, when hired, have the qualifications required for the proposed project, including formal training or work experience in fields related to the objectives of the project, and represent or have lived experiences of the target population;</P>
                <P>(ii) The feasibility of the management plan to achieve project objectives and goals on time and within budget, including clearly defined responsibilities, timelines, and milestones for accomplishing project tasks; and</P>
                <P>(iii) The extent to which the time commitments of the project director and principal investigator and other key project personnel are appropriate and adequate to meet the objectives of the proposed project.</P>
                <P>
                    (d) 
                    <E T="03">Adequacy of resources (20 points).</E>
                </P>
                <P>(1) The Secretary considers the adequacy of resources of the proposed project.</P>
                <P>(2) In determining the adequacy of resources of the proposed project, the Secretary considers the following factors:</P>
                <P>(i) The adequacy of support for the project, including facilities, equipment, supplies, and other resources, from the applicant or the lead applicant organization; and</P>
                <P>(ii) The extent to which the budget is adequate to support the proposed project and the costs are reasonable in relation to the objectives, design, and potential significance of the proposed project.</P>
                <P>
                    (e) 
                    <E T="03">Quality of the project evaluation or other evidence-building (15 points).</E>
                </P>
                <P>(1) The Secretary considers the quality of the evaluation or other evidence-building to be conducted of the proposed project.</P>
                <P>(2) In determining the quality of the evaluation or other evidence-building, the Secretary considers the following factors:</P>
                <P>(i) The extent to which the methods of evaluation or other evidence-building are thorough, feasible, relevant, and appropriate to the goals, objectives, and outcomes of the proposed project; and</P>
                <P>(ii) The extent to which the methods of evaluation or other evidence-building will provide performance feedback and provide formative, diagnostic, or interim data that is a periodic assessment of progress toward achieving intended outcomes.</P>
                <P>
                    2. 
                    <E T="03">Review and Selection Process:</E>
                     We remind potential applicants that in reviewing applications in any discretionary grant competition, the Secretary may consider, under 34 CFR 75.217(d)(3), the past performance of the applicant in carrying out a previous award, such as the applicant's use of funds, achievement of project objectives, and compliance with grant conditions. The Secretary may also consider whether the applicant failed to submit a timely performance report or submitted a report of unacceptable quality.
                </P>
                <P>In addition, in making a competitive grant award, the Secretary requires various assurances, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23).</P>
                <P>
                    In the event there are two or more applications with the same final score, and there are insufficient funds to fully support each of these applications, the scores under selection criterion (b) 
                    <E T="03">Quality of the project design</E>
                     will be used as a tiebreaker. If the scores remain tied, then the scores under selection criterion (d) 
                    <E T="03">Adequacy of resources</E>
                     will be used to break the tie.
                </P>
                <P>
                    3. 
                    <E T="03">Additional Review and Selection Process Factors:</E>
                     In the past, the Department has had difficulty finding peer reviewers for certain competitions because so many individuals who are eligible to serve as peer reviewers have conflicts of interest. The standing panel requirements under section 682(b) of IDEA also have placed additional constraints on the availability of reviewers. Therefore, the Department has determined that for some discretionary grant competitions, applications may be separated into two or more groups and ranked and selected for funding within specific groups. This procedure will make it easier for the Department to find peer reviewers by ensuring that greater numbers of individuals who are eligible to serve as reviewers for any particular group of applicants will not have conflicts of interest. It also will increase the quality, independence, and fairness of the review process, while permitting panel members to review applications under discretionary grant competitions for which they also have submitted applications.
                </P>
                <P>
                    4. 
                    <E T="03">Risk Assessment and Specific Conditions:</E>
                     Consistent with 2 CFR 200.206, before awarding grants under this competition the Department conducts a review of the risks posed by applicants. Under 2 CFR 200.208, the Secretary may impose specific conditions, and under 2 CFR 3474.10, in appropriate circumstances, high-risk conditions on a grant if the applicant or grantee is not financially stable; has a history of unsatisfactory performance; has a financial or other management system that does not meet the standards in 2 CFR part 200, subpart D; has not fulfilled the conditions of a prior grant; or is otherwise not responsible.
                </P>
                <P>
                    5. 
                    <E T="03">Integrity and Performance System:</E>
                     If you are selected under this competition to receive an award that over the course of the project period may exceed the simplified acquisition threshold (currently $250,000), we must make a judgment about your integrity, business ethics, and record of performance under Federal awards—that is, the risk posed by you as an 
                    <PRTPAGE P="22280"/>
                    applicant—before we make an award. In doing so, we must consider any information about you that is in the System for Award Management's (SAM) Responsibility/Qualification reports (formerly referred to as the Federal Awardee Performance and Integrity Information System (FAPIIS)). You may review and comment on any information about yourself that a Federal agency previously entered and that is currently in the Responsibility/Qualification reports in SAM.
                </P>
                <P>If the total value of your currently active grants, cooperative agreements, and procurement contracts from the Federal Government exceeds $10,000,000, the reporting requirements in 2 CFR part 200, Appendix XII, require you to report certain integrity information to SAM semiannually. Please review these requirements if this grant plus all the other Federal funds you receive exceed $10,000,000.</P>
                <P>
                    6. 
                    <E T="03">In General:</E>
                     In accordance with the Guidance for Federal Financial Assistance located at 2 CFR part 200, all applicable Federal laws, and relevant Executive guidance, the Department will review and consider applications for funding pursuant to this notice inviting applications in accordance with—
                </P>
                <P>(a) Selecting recipients most likely to be successful in delivering results based on the program objectives through an objective process of evaluating Federal award applications (2 CFR 200.205);</P>
                <P>(b) Prohibiting the purchase of certain telecommunication and video surveillance services or equipment in alignment with section 889 of the National Defense Authorization Act of 2019 (Pub. L. 115-232) (2 CFR 200.216);</P>
                <P>(c) Providing a preference, to the extent permitted by law, to maximize use of goods, products, and materials produced in the United States (2 CFR 200.322); and</P>
                <P>(d) Terminating agreements in whole or in part to the greatest extent authorized by law if an award no longer effectuates the program goals or agency priorities (2 CFR 200.340).</P>
                <HD SOURCE="HD1">VI. Award Administration Information</HD>
                <P>
                    1. 
                    <E T="03">Award Notices:</E>
                     If your application is successful, we notify your U.S. Representative and U.S. Senators and send you a Grant Award Notification (GAN); or we may send you an email containing a link to access an electronic version of your GAN. We also may notify you informally.
                </P>
                <P>If your application is not evaluated or not selected for funding, we notify you.</P>
                <P>
                    2. 
                    <E T="03">Administrative and National Policy Requirements:</E>
                     We identify administrative and national policy requirements in the application package and reference these and other requirements in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice.
                </P>
                <P>
                    We reference the regulations outlining the terms and conditions of an award in the 
                    <E T="03">Applicable Regulations</E>
                     section of this notice and include these and other specific conditions in the GAN. The GAN also incorporates your approved application as part of your binding commitments under the grant.
                </P>
                <P>
                    3. 
                    <E T="03">Open Licensing Requirements:</E>
                     Unless an exception applies, if you are awarded a grant under this competition, you will be required to openly license to the public grant deliverables created in whole, or in part, with Department grant funds. When the deliverable consists of modifications to pre-existing works, the license extends only to those modifications that can be separately identified and only to the extent that open licensing is permitted under the terms of any licenses or other legal restrictions on the use of pre-existing works. Additionally, a grantee or subgrantee that is awarded competitive grant funds must have a plan to disseminate these public grant deliverables. This dissemination plan can be developed and submitted after your application has been reviewed and selected for funding. For additional information on the open licensing requirements please refer to 2 CFR 3474.20.
                </P>
                <P>
                    4. 
                    <E T="03">Reporting:</E>
                     (a) If you apply for a grant under this competition, you must ensure that you have in place the necessary processes and systems to comply with the reporting requirements in 2 CFR part 170 should you receive funding under the competition. This does not apply if you have an exception under 2 CFR 170.110(b).
                </P>
                <P>
                    (b) At the end of your project period, you must submit a final performance report, including financial information, as directed by the Secretary. If you receive a multiyear award, you must submit an annual performance report that provides the most current performance and financial expenditure information as directed by the Secretary under 34 CFR 75.118. The Secretary may also require more frequent performance reports under 34 CFR 75.720(c). For specific requirements on reporting, please go to 
                    <E T="03">www.ed.gov/fund/grant/apply/appforms/appforms.html.</E>
                </P>
                <P>(c) Under 34 CFR 75.250(b), the Secretary may provide a grantee with additional funding for data collection analysis and reporting. In this case the Secretary establishes a data collection period.</P>
                <P>
                    5. 
                    <E T="03">Performance Measures:</E>
                     For the purposes of Department reporting under 34 CFR 75.110, the Department has established a set of performance measures, including long-term measures, that are designed to yield information on various aspects of the effectiveness and quality of the Personnel Development to Improve Services and Results for Children with Disabilities program. These measures include (1) the percentage of preparation programs that incorporate scientifically based research or evidence-based practices into their curricula; (2) the percentage of scholars completing the preparation program who are knowledgeable and skilled in evidence-based practices that improve outcomes for children with disabilities; (3) the percentage of scholars who exit the preparation program prior to completion due to poor academic performance; (4) the percentage of scholars completing the preparation program who are working in the area(s) in which they were prepared upon program completion; (5) the Federal cost per scholar who completed the preparation program; (6) the percentage of scholars who completed the preparation program and are employed in high-need districts; and (7) the percentage of scholars who completed the preparation program and who are rated effective by their employers.
                </P>
                <P>In addition, the Department will gather information on the following outcome measures: (1) the number and percentage of scholars proposed by the grantee in their application that were enrolled and making satisfactory academic progress in the current academic year; (2) the number and percentage of enrolled scholars who are on track to complete the training program by the end of the project's original grant period; and (3) the percentage of scholars who completed the preparation program and are employed in the field of special education for at least two years.</P>
                <P>
                    6. 
                    <E T="03">Continuation Awards:</E>
                     In making a continuation award under 34 CFR 75.253, the Secretary considers, among other things: whether a grantee has made substantial progress in achieving the goals and objectives of the project; whether the grantee has expended funds in a manner that is consistent with its approved application and budget; if the Secretary has established performance measurement requirements, whether the grantee has made substantial progress in achieving the performance targets in the grantee's approved application; and whether the continuation of the project is in the best interest of the Federal Government.
                    <PRTPAGE P="22281"/>
                </P>
                <P>In making a continuation award, the Secretary also considers whether the grantee is operating in compliance with the assurances in its approved application, including those applicable to Federal civil rights laws that prohibit discrimination in programs or activities receiving Federal financial assistance from the Department (34 CFR 100.4, 104.5, 106.4, 108.8, and 110.23).</P>
                <HD SOURCE="HD1">VII. Other Information</HD>
                <P>
                    <E T="03">Accessible Format:</E>
                     On request to the program contact person listed under 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    , individuals with disabilities can obtain this document and a copy of the application package in an accessible format. The Department will provide the requestor with an accessible format that may include Rich Text Format (RTF) or text format (txt), a thumb drive, an MP3 file, braille, large print, audiotape, compact disc, or other accessible format.
                </P>
                <P>
                    <E T="03">Electronic Access to This Document:</E>
                     The official version of this document is the document published in the 
                    <E T="04">Federal Register</E>
                    . You may access the official edition of the 
                    <E T="04">Federal Register</E>
                     and the Code of Federal Regulations at 
                    <E T="03">www.govinfo.gov.</E>
                     At this site you can view this document, as well as all other Department documents published in the 
                    <E T="04">Federal Register</E>
                    , in text or Portable Document Format (PDF). To use PDF you must have Adobe Acrobat Reader, which is available free at the site.
                </P>
                <P>
                    You may also access Department documents published in the 
                    <E T="04">Federal Register</E>
                     by using the article search feature at 
                    <E T="03">www.federalregister.gov.</E>
                     Specifically, through the advanced search feature at this site, you can limit your search to documents published by the Department.
                </P>
                <SIG>
                    <NAME>Diana Diaz,</NAME>
                    <TITLE>Deputy Assistant Secretary and Acting Assistant Secretary for Special Education and Rehabilitative Services.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09430 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4000-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <DEPDOC>[Docket No. AD25-7-000]</DEPDOC>
                <SUBJECT>Meeting the Challenge of Resource Adequacy in Regional Transmission Organization and Independent System Operator Regions; Second Supplemental Notice of Commissioner-Led Technical Conference</SUBJECT>
                <P>As announced in the February 20, 2025 Notice in this proceeding, the Federal Energy Regulatory Commission (Commission) will convene a Commissioner-led technical conference in the above-referenced proceeding. The two-day technical conference will take place from 9:00 a.m. to 4:00 p.m. Eastern Time on Wednesday, June 4, 2025, and Thursday, June 5, 2025, in the Kevin J. McIntyre Commission Meeting Room at the Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426.</P>
                <P>The purpose of this technical conference is to discuss generic issues related to resource adequacy constructs, including the roles of capacity markets in the Regional Transmission Organization (RTO)/Independent System Operator (ISO) regions that utilize them and alternative constructs in RTO/ISO regions without capacity markets. The conference will start with a panel discussion on resource adequacy challenges across RTO/ISO regions, including regional differences. The remainder of the first day will include three panels specific to PJM Interconnection, L.L.C. (PJM) that will explore PJM's resource adequacy challenge, PJM states' perspectives, and additional perspectives on PJM's path forward. The second day will start with two panels specific to Midcontinent Independent System Operator, Inc. (MISO) that will explore MISO's resource adequacy challenge and perspectives on MISO's path forward. The remainder of the second day will include one panel to explore the resource adequacy challenge in ISO New England Inc. (ISO-NE) and New York Independent System Operator, Inc. (NYISO) and a final panel on the resource adequacy challenge in California Independent System Operator Corporation (CAISO) and Southwest Power Pool (SPP). The preliminary agenda for this conference is attached to this Supplemental Notice and provides more detail for each panel.</P>
                <P>Commission staff will post pre-filed statements submitted by panelists on the FERC technical conference web page prior to the conference and in eLibrary. With the exception of opening statements on Panel 1, which may be delivered orally, all other panels will proceed immediately to questions from the Chairman and Commissioners.</P>
                <P>All interested persons are also invited to file pre-technical conference comments in eLibrary on the issues of the conference, including the questions listed in the attached agenda. Commenters need not answer all the questions but are encouraged to organize responses using the numbering and sequencing in the attached agenda.</P>
                <P>The Commission does not intend to discuss at this technical conference any specific proceeding pending before the Commission, including proceedings that involve similar issues. These proceedings include, but are not limited to:</P>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s100,r60">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1"> </CHED>
                        <CHED H="1"> Docket Nos.</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">NRG Business Marketing LLC, NRG Power Marketing LLC</ENT>
                        <ENT>ER23-2688, et al.; ER22-1539, et al.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Southwest Power Pool, Inc</ENT>
                        <ENT>
                            ER24-1317-000.
                            <LI>ER24-2953-000.</LI>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">H.A. Wagner LLC, Brandon Shores LLC</ENT>
                        <ENT>ER24-1787, et al.; ER24-1790, et al.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">California Independent System Operator Corp</ENT>
                        <ENT>ER24-2671, et al.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Southwest Power Pool, Inc</ENT>
                        <ENT>ER25-89-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Manitowoc Public Utilities</ENT>
                        <ENT>ER25-634-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">PJM Interconnection, L.L.C</ENT>
                        <ENT>ER25-712, et al.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">PJM Interconnection, L.L.C</ENT>
                        <ENT>ER25-1128, et al.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">PJM Interconnection, L.L.C</ENT>
                        <ENT>ER25-1623-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Midcontinent Independent System Operator, Inc</ENT>
                        <ENT>ER25-1802-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Sierra Club, Natural Resources Defense Council, Inc., and Sustainable FERC Project v. Southwest Power Pool, Inc</ENT>
                        <ENT>EL24-96-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Sierra Club, Natural Resources Defense Council, Public Citizen, Sustainable FERC Project, and Union of Concerned Scientists v. PJM Interconnection, L.L.C</ENT>
                        <ENT>EL24-148-000.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22282"/>
                        <ENT I="01">Joint Consumer Advocates, Illinois Citizens Utility Board, Maryland Office of the People's Counsel, New Jersey Division of Rate Counsel, Office of the Ohio Consumers' Counsel, Office of the People's Counsel for the District of Columbia v. PJM Interconnection, L.L.C</ENT>
                        <ENT>EL25-18-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Constellation Energy Generation, LLC v. PJM Interconnection, L.L.C</ENT>
                        <ENT>EL25-20-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">PJM Interconnection, L.L.C., Allegheny Electric Cooperative, Inc., American Transmission Systems, Incorporated, Atlantic City Electric Company, Baltimore Gas and Electric Company, Delmarva Power &amp; Light Company, Duke Energy Ohio, Inc., Duke Energy Kentucky, Inc., East Kentucky Power Cooperative, Inc., Essential Power Rock Springs, LLC, Hudson Transmission Partners, LLC, Jersey Central Power &amp; Light Company, Mid-Atlantic Interstate Transmission, LLC, Neptune Regional Transmission System, LLC, Old Dominion Electric Cooperative, PECO Energy Company, PPL Electric Utilities Corporation, Potomac Electric Power Company, Public Service Electric and Gas Company, Rockland Electric Company, Trans-Allegheny Interstate Line Company, Transource West Virginia, LLC, UGI Utilities, Inc., Monongahela Power Company, The Potomac Edison Company, Commonwealth Edison Company, Commonwealth Edison Company of Indiana, Inc., The Dayton Power and Light Company, AEP Appalachian Transmission Company, Inc., AEP Indiana Michigan Transmission Company, Inc., AEP Kentucky Transmission Company, Inc., AEP Ohio Transmission Company, Inc., AEP West Virginia Transmission Company, Inc. Appalachian Power Company, Indiana Michigan Power Company, Kentucky Power Company, Kingsport Power Company, Ohio Power Company, Wheeling Power Company, Duquesne Light Company, Virginia Electric and Power Company, Linden VFT, LLC, City of Cleveland, Department of Public Utilities, Division of Cleveland Public Power, City of Hamilton, OH, Southern Maryland Electric Cooperative, Inc., Ohio Valley Electric Corporation, AMP Transmission, LLC, Silver Run Electric, LLC, NextEra Energy Transmission MidAtlantic Indiana, Inc., Wabash Valley Power Association, Inc., Keystone Appalachian Transmission Company</ENT>
                        <ENT>EL25-49, et al.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Joint Consumer Advocates v. PJM Interconnection, L.L.C</ENT>
                        <ENT>EL25-76-000.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">North American Electric Reliability Corporation</ENT>
                        <ENT>RD25-7-000.</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    The technical conference will be open to the public. Advance registration is not required, and there is no fee for attendance. Information will also be posted on the Calendar of Events on the Commission's website, 
                    <E T="03">www.ferc.gov,</E>
                     prior to the event. To stay apprised of issuances in this docket, there is an “eSubscription” link on the Commission's website that enables subscribers to receive email notification when a document is added to a subscribed docket(s).
                </P>
                <P>
                    The technical conference will be transcribed and webcast. Transcripts will be available for a fee from Ace Reporting (202-347-3700). A link to the webcast of this event will be available in the Commission Calendar of Events at 
                    <E T="03">www.ferc.gov.</E>
                     The Commission provides technical support for the free webcasts. Please call 202-502-8680 or email 
                    <E T="03">customer@ferc.gov</E>
                     if you have any questions.
                </P>
                <P>
                    Commission technical conferences are accessible under section 508 of the Rehabilitation Act of 1973. For accessibility accommodations, please send an email to 
                    <E T="03">accessibility@ferc.gov</E>
                     or call toll free 1-866-208-3372 (voice) or 202-208-8659 (TTY) or send a fax to 202-208-2106 with the required accommodations.
                </P>
                <P>
                    For more information about this technical conference, please contact Tim Bialecki at 
                    <E T="03">timothy.bialecki@ferc.gov</E>
                     or 202-502-8403. For legal information, please contact Nathan Lobel at 
                    <E T="03">nathan.lobel@ferc.gov</E>
                     or 202-502-8456.
                </P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09436 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <DEPDOC>[Project No. 2790-074]</DEPDOC>
                <SUBJECT>Boott Hydropower, LLC; Notice of Application Accepted for Filing, Soliciting Motions To Intervene and Protests, Ready for Environmental Analysis, and Soliciting Comments, Recommendations, Preliminary Terms and Conditions, and Preliminary Prescriptions</SUBJECT>
                <P>Take notice that the following hydroelectric application has been filed with the Commission and is available for public inspection.</P>
                <P>
                    a. 
                    <E T="03">Type of Application:</E>
                     New Major License.
                </P>
                <P>
                    b. 
                    <E T="03">Project No.:</E>
                     2790.
                </P>
                <P>
                    c. 
                    <E T="03">Date Filed:</E>
                     April 30, 2021.
                </P>
                <P>
                    d. 
                    <E T="03">Applicant:</E>
                     Boott Hydropower, LLC (Boott).
                </P>
                <P>
                    e. 
                    <E T="03">Name of Project:</E>
                     Lowell Hydroelectric Project (project).
                </P>
                <P>
                    f. 
                    <E T="03">Location:</E>
                     The existing project is located on Merrimack River in Middlesex County, Massachusetts and Hillsborough County, New Hampshire. The project does not occupy any federal land but is located within the administrative boundary of the Lowell National Historical Park.
                </P>
                <P>
                    g. 
                    <E T="03">Filed Pursuant to:</E>
                     Federal Power Act, 16 U.S.C. 791(a)-825(r).
                </P>
                <P>
                    h. 
                    <E T="03">Applicant Contact:</E>
                     Jillian Lawrence, Boott Hydropower, LLC, 4747 Bethesda Avenue, Suite 1220, Bethesda, MD 20814; (856) 906-0180 or 
                    <E T="03">jlawrence@hullstreetenergy.com.</E>
                </P>
                <P>
                    i. 
                    <E T="03">FERC Contact:</E>
                     Bill Connelly at (202) 502-8597 or 
                    <E T="03">william.connelly@ferc.gov.</E>
                </P>
                <P>
                    j. 
                    <E T="03">Deadline for filing motions to intervene and protests, comments, recommendations, terms and conditions, and prescriptions:</E>
                     on or before 5:00 p.m. Eastern Time on July 21, 2025; reply comments are due on or before 5:00 p.m. Eastern Time on September 2, 2025.
                </P>
                <P>
                    The Commission strongly encourages electronic filing. Please file motions to intervene and protests, comments, recommendations, terms and conditions, and prescriptions using the Commission's eFiling system at 
                    <E T="03">https://ferconline.ferc.gov/FERCOnline.aspx.</E>
                     Commenters can submit brief comments up to 6,000 characters, without prior registration, using the eComment system at 
                    <E T="03">https://ferconline.ferc.gov/QuickComment.aspx.</E>
                     For assistance, please contact FERC Online Support at 
                    <E T="03">FERCOnlineSupport@ferc.gov,</E>
                     (866) 208-3676 (toll free), or (202) 502-8659 
                    <PRTPAGE P="22283"/>
                    (TTY). In lieu of electronic filing, you may submit a paper copy. Submissions sent via the U.S. Postal Service must be addressed to: Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 888 First Street NE, Room 1A, Washington, DC 20426. Submissions sent via any other carrier must be addressed to: Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins Avenue, Rockville, Maryland 20852. All filings must clearly identify the project name and docket number on the first page: Lowell Hydroelectric Project (P-2790-074).
                </P>
                <P>The Commission's Rules of Practice and Procedure require all intervenors filing documents with the Commission to serve a copy of that document on each person on the official service list for the project. Further, if an intervenor files comments or documents with the Commission relating to the merits of an issue that may affect the responsibilities of a particular resource agency, they must also serve a copy of the document on that resource agency.</P>
                <P>k. This application has been accepted and is now ready for environmental analysis.</P>
                <P>
                    l. 
                    <E T="03">The Lowell Project consists of:</E>
                     (1) the 1,093-foot-long, 15-foot-high Pawtucket Dam and spillway, equipped with a 5-foot-high pneumatic crest gate with a crest elevation of 92.2 feet National Geodetic Vertical Datum of 1929 (NGVD 29) at the top of the gate; (2) a 1,236-acre impoundment with a normal maximum water surface elevation of 92.2 feet NGVD 29; (3) a 5.5-mile-long, two-tiered canal system that includes the 4,300 foot-long Northern Canal and the 9,000-foot-long Pawtucket Canal (canal system), along with a series of connected water ways, small dams, gatehouses, and generating facilities; (4) a 125-foot-long, 55-foot-high gatehouse that controls flow from the impoundment to the Northern Canal (Pawtucket Gatehouse); (5) a 70-foot-long, 20-foot-high, five-bay gatehouse that control flows from the impoundment to the Pawtucket Canal as part of the Guard Lock and Gates Facility, which also includes a boat navigation lock and a Francis Gate facility with a 25-foot-wide, 25-foot-high flood gate; (6) generating facilities, including: (a) the Eldred L. (E.L.) Field Power Station, which is located on the mainstem of the Merrimack River and consists of: (i) a 109-foot-long, 96-foot-wide concrete powerhouse with two turbine-generator units with a total installed capacity of 15,012 kilowatts (kW); (ii) a 200-foot-long. 80-foot-wide forebay; (iii) a 100-foot-long, 26-foot-wide, 22.25-foot-high canal control structure that maintains water levels in the forebay as part of a Hydro Locks Facility, which also includes a boat navigation lock; (iv) a 440-foot-long tailrace with a 10- to-16-foot high concrete training wall; (v) two 4.16-kilovolt (kV) generator leads; (vi) a 4.16/13.8-kV step-up transformer; and (vi) appurtenant facilities; (b) the Hamilton Power Station, which is located on the canal system and consists of: (i) five turbine-generator units with a total installed capacity of 1,180 kW; (ii) five 0.6-kV generator leads; and (iii) appurtenant facilities; (c) the Assets Power Station, which is located on the canal system and consists of: (i) three turbine-generator units with a total installed capacity of 792 kW; (ii) three 0.6-kV generator leads; and (iii) appurtenant facilities; (d) the Bridge Street Power Station, which is located on the canal system and consists of: (i) three turbine-generator units with a total installed capacity of 1,080 kW; (ii) three 0.6-kV generator leads; and (iii) appurtenant facilities; and (e) the John Street Power Station, which is located on the canal system and consists of: (i) four turbine-generator units with a total installed capacity of 2,100 kW; (ii) four 0.6-kV generator leads; and (iii) appurtenant facilities; (7) a 4.5-mile-long, 13.8-kV submarine cable that connects the project generating facilities to the regional electric grid; (8) upstream and downstream fish passage facilities; and (9) a visitor center.
                </P>
                <P>The project bypasses approximately 2 miles of the Merrimack River, including a 0.7-mile-long bypassed reach from the Pawtucket Dam to the E.L. Field Powerhouse tailrace and an approximately 1.3-mile-long bypassed reach from the E.L. Field Powerhouse tailrace to the confluence of the Merrimack and Concord Rivers.</P>
                <P>The current license requires Boott to operate in run-of-river mode.</P>
                <P>Fish passage facilities include a fish elevator and downstream fish bypass at the E.L. Field Powerhouse, and a fish ladder at the Pawtucket Dam.</P>
                <P>The fish elevator at the E.L. Field Powerhouse has a design discharge capacity of 200 cubic feet per second (cfs). Fish migrating upstream through the tailrace channel enter a collection gallery, where they are attracted to a crowding pool and then into the elevator. Once in the elevator, fish are lifted in a hopper to the exit channel. Fish then pass from the exit channel to the Northern Canal, where they swim upstream until they rejoin the Merrimack River upstream of Pawtucket Dam. The fish elevator system includes areas where fish can be counted or trapped before swimming from the exit channel to the Northern Canal.</P>
                <P>The downstream fishway at the E.L. Field Powerhouse consists of an adjustable-flow sluiceway and bypass adjacent to the powerhouse intake. Downstream migrating fish entering the bypass are sluiced into a plunge pool located in the bypassed reach, next to the powerhouse.</P>
                <P>The fish ladder at the Pawtucket Dam is designed for river flows up to 25,000 cfs and has an operating flow of 500 cfs (including fish attraction flow). The fish ladder is a vertical-slot design with 13-foot-wide by 10-foot-long pools. A counting station and fish trap area are also provided at the fish ladder.</P>
                <P>Recreation facilities at the project consist of a visitor center at the E.L. Field Powerhouse. The visitor center offers a view of the turbines and an interpretive display providing information about the project and the area.</P>
                <P>The minimum and maximum hydraulic capacities of the project are 500 cfs and 8,600 cfs, respectively. The average annual generation of the project was approximately 84,501 megawatt-hours from 2008 through 2017.</P>
                <P>
                    Boott proposes to: (1) continue to operate the project in a run-of-river mode; (2) release 500 cfs into the bypassed reach from the existing Pawtucket Dam fish ladder during the upstream migratory fish passage season, defined annually in consultation with the Merrimack River Technical Committee, and release 100 cfs, or inflow, whichever is less, to the bypassed reach from Pawtucket Dam during the rest of the year; (3) continue to implement the Crest Gate Operation Plan; 
                    <SU>1</SU>
                    <FTREF/>
                     (4) continue to maintain and monitor a water surface elevation of 86.7 feet NVGD29 in the upper canal system and 71.8 feet NGVD29 in the lower canal system; (5) continue to operate the gates of the Guard Lock and Gates Facility to manage water levels in the canal system; (6) develop an operation and compliance monitoring plan; (7) replace the existing fish elevator with a short fish ladder to pass migratory fish from the E.L. Field Powerhouse tailrace upstream to the bypassed reach within three years of license issuance; (8) conduct a 1-year “shakedown” period of the proposed fish ladder after installation; (9) evaluate the effectiveness of the proposed tailrace fish ladder after installation; (10) modify the existing Pawtucket Dam fish ladder to enhance upstream fish passage; (11) modify the bypassed reach 
                    <PRTPAGE P="22284"/>
                    to enhance upstream fish passage; (12) install a new “fish exclusion facility” at the E.L. Field Powerhouse that would consist of a 0.75-inch clear-spaced trashrack overlay, modifications to the existing downstream fish bypass, and an American eel sampling device; (13) develop an interim nighttime shutdown plan to protect eels from turbine entrainment and impingement; (14) develop an upstream American eel passage assessment study plan; (15) develop a fishway operation and management plan; (16) decommission the Assets, Hamilton, John Street, and Bridge Street powerhouses; (17) develop a decommissioning plan; (18) develop an historic properties management plan; (19) prior to any construction activities, consult with the Massachusetts State Historic Preservation Office and the National Park Service to develop a mitigation plan for avoiding or minimizing adverse effects on the Locks and Canals Historic District and the Lowell National Historical Park; (20) develop a recreation access and facilities management plan; and (21) modify the current project boundary to: (i) remove a 7.4-mile section from the upstream extent of the impoundment; (ii) remove all except the first 2,200-foot-long section from the Northern Canal between the Pawtucket Dam and the Pawtucket Gatehouse; and (iii) remove all except the first 1,600-foot-long section of the Pawtucket Canal between the impoundment and the Guard Lock and Gates Facility.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         The Commission approved the Crest Gate Operation Plan on March 30, 2015.
                    </P>
                </FTNT>
                <P>
                    m. A copy of the application can be viewed on the Commission's website at 
                    <E T="03">https://www.ferc.gov</E>
                     using the “eLibrary” link. Enter the docket number excluding the last three digits in the docket number field to access the document (P-2790). For assistance, contact FERC Online Support (see item j above).
                </P>
                <P>n. Anyone may submit comments, a protest, or a motion to intervene in accordance with the requirements of Rules of Practice and Procedure, 18 CFR 385.210, .211, and .214. In determining the appropriate action to take, the Commission will consider all protests or other comments filed, but only those who file a motion to intervene in accordance with the Commission's Rules may become a party to the proceeding. Any comments, protests, or motions to intervene must be received on or before the specified comment date for the particular application.</P>
                <P>All filings must: (1) bear in all capital letters the title “PROTEST,” “MOTION TO INTERVENE,” “COMMENTS,” “REPLY COMMENTS,” “RECOMMENDATIONS,” “PRELIMINARY TERMS AND CONDITIONS,” or “PRELIMINARY FISHWAY PRESCRIPTIONS;” (2) set forth in the heading the name of the applicant and the project number of the application to which the filing responds; (3) furnish the name, address, and telephone number of the person protesting or intervening; and (4) otherwise comply with the requirements of 18 CFR 385.2001 through 385.2005. All comments, recommendations, terms and conditions, or prescriptions must set forth their evidentiary basis and otherwise comply with the requirements of 18 CFR 4.34(b). Agencies may obtain copies of the application directly from the applicant. A copy of any protest or motion to intervene must be served upon each representative of the applicant specified in the particular application. A copy of all other filings in reference to this application must be accompanied by proof of service on all persons listed on the service list prepared by the Commission in this proceeding, in accordance with 18 CFR 4.34(b) and 385.2010.</P>
                <P>
                    The Commission's Office of Public Participation (OPP) supports meaningful public engagement and participation in Commission proceedings. OPP can help members of the public, including landowners, community organizations, Tribal members and others, access publicly available information and navigate Commission processes. For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, the public is encouraged to contact OPP at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <P>
                    You may also register online at 
                    <E T="03">https://www.ferc.gov/ferc-online/overview</E>
                     to be notified via email of new filings and issuances related to this or other pending projects. For assistance, contact FERC Online Support.
                </P>
                <P>
                    o. 
                    <E T="03">The applicant must file the following on or before 5:00 p.m. Eastern Time on July 21, 2025:</E>
                     (1) a copy of the water quality certification; (2) a copy of the request for certification, including proof of the date on which the certifying agency received the request; or (3) evidence of waiver of water quality certification.
                </P>
                <P>p. Final amendments to the application must be filed with the Commission on or before 5:00 p.m. Eastern Time on June 19, 2025.</P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09434 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <SUBJECT>Combined Notice of Filings #1</SUBJECT>
                <P>Take notice that the Commission received the following exempt wholesale generator filings:</P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG25-333-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     RWE Clean Energy, LLC, Cartwheel BESS, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Cartwheel BESS, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5155.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>Take notice that the Commission received the following electric rate filings:</P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER19-31-003.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Oregon Clean Energy, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Compliance filing: Informational Filing Pursuant to Schedule 2 of the PJM OATT to be effective N/A.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5054.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-1407-001.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     CPV Rogue's Wind, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Tariff Amendment: Response to Deficiency Letter and Request for Tariff Effective Date to be effective 7/20/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5146.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-1894-001.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Arizona Public Service Company.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Tariff Amendment: Service Agreement No. 432-Amendment No. 1 to be effective 4/1/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/19/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250519-5195.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/9/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2263-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     PJM Interconnection, L.L.C.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: Amendment to ISA, Service Agreement No. 4534; Queue Position No. AF1-023 to be effective 7/20/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5039.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2264-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Indiana Michigan Power Company.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: AEPSC submits revised ILDSA w/IMPA—SA No. 1436 to be effective 8/1/2025.
                    <PRTPAGE P="22285"/>
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5042.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2265-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Southwest Power Pool, Inc.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: Revisions to Modify Timelines Relating to Violation Relaxation Limits to be effective 7/20/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5058.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2266-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Strobe Power NY, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: Baseline Market-Based Rate Tariff Filing to be effective 7/20/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5138.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2267-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Tri-State Generation and Transmission Association, Inc.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: Initial Filing of Service Agreement FERC No. 115 to be effective 4/28/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5144.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2268-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     CalPeak Power—Border LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Initial Rate Filing: Baseline new SFA to be effective 5/21/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5147.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER25-2269-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Hermes BESS LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Initial Rate Filing: Baseline new COC to be effective 5/21/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/20/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250520-5150.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/10/25.
                </P>
                <P>
                    The filings are accessible in the Commission's eLibrary system (
                    <E T="03">https://elibrary.ferc.gov/idmws/search/fercgensearch.asp</E>
                    ) by querying the docket number.
                </P>
                <P>Any person desiring to intervene, to protest, or to answer a complaint in any of the above proceedings must file in accordance with Rules 211, 214, or 206 of the Commission's Regulations (18 CFR 385.211, 385.214, or 385.206) on or before 5:00 p.m. Eastern time on the specified comment date. Protests may be considered, but intervention is necessary to become a party to the proceeding.</P>
                <P>
                    eFiling is encouraged. More detailed information relating to filing requirements, interventions, protests, service, and qualifying facilities filings can be found at: 
                    <E T="03">http://www.ferc.gov/docs-filing/efiling/filing-req.pdf.</E>
                     For other information, call (866) 208-3676 (toll free). For TTY, call (202) 502-8659.
                </P>
                <P>
                    The Commission's Office of Public Participation (OPP) supports meaningful public engagement and participation in Commission proceedings. OPP can help members of the public, including landowners, community organization, Tribal members and others, access publicly available information and navigate Commission processes. For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, the public is encouraged to contact OPP at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Carlos D. Clay,</NAME>
                    <TITLE>Deputy Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09425 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <DEPDOC>[Docket No. RM98-1-000]</DEPDOC>
                <SUBJECT>Records Governing Off-the-Record Communications; Public Notice</SUBJECT>
                <P>This constitutes notice, in accordance with 18 CFR 385.2201(b), of the receipt of prohibited and exempt off-the-record communications.</P>
                <P>Order No. 607 (64 FR 51222, September 22, 1999) requires Commission decisional employees, who make or receive a prohibited or exempt off-the-record communication relevant to the merits of a contested proceeding, to deliver to the Secretary of the Commission, a copy of the communication, if written, or a summary of the substance of any oral communication.</P>
                <P>Prohibited communications are included in a public, non-decisional file associated with, but not a part of, the decisional record of the proceeding. Unless the Commission determines that the prohibited communication and any responses thereto should become a part of the decisional record, the prohibited off-the-record communication will not be considered by the Commission in reaching its decision. Parties to a proceeding may seek the opportunity to respond to any facts or contentions made in a prohibited off-the-record communication and may request that the Commission place the prohibited communication and responses thereto in the decisional record. The Commission will grant such a request only when it determines that fairness so requires. Any person identified below as having made a prohibited off-the-record communication shall serve the document on all parties listed on the official service list for the applicable proceeding in accordance with Rule 2010, 18 CFR 385.2010.</P>
                <P>Exempt off-the-record communications are included in the decisional record of the proceeding, unless the communication was with a cooperating agency as described by 40 CFR 1501.6, made under 18 CFR 385.2201(e)(1) (v).</P>
                <P>
                    The following is a list of off-the-record communications recently received by the Secretary of the Commission. Each filing may be viewed on the Commission's website at 
                    <E T="03">https://www.ferc.gov</E>
                     using the eLibrary link. Enter the docket number, excluding the last three digits, in the docket number field to access the document. For assistance, please contact FERC Online Support at 
                    <E T="03">FERCOnlineSupport@ferc.gov</E>
                     or toll free at (866) 208-3676, or for TTY, contact (202) 502-8659.
                </P>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="s100,12,r75">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Docket Nos.</CHED>
                        <CHED H="1">File date</CHED>
                        <CHED H="1">Presenter or requester</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="22">
                            <E T="03">Prohibited:</E>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">NONE</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22">
                            <E T="03">Exempt:</E>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">1. ER25-682-000, ER25-785-000</ENT>
                        <ENT>5-14-2025 </ENT>
                        <ENT>U.S. Representative Josh Gottheimer.</ENT>
                    </ROW>
                </GPOTABLE>
                <SIG>
                    <PRTPAGE P="22286"/>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Carlos D. Clay,</NAME>
                    <TITLE>Deputy Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09427 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <SUBJECT>Combined Notice of Filings</SUBJECT>
                <P>Take notice that the Commission has received the following Natural Gas Pipeline Rate and Refund Report filings:</P>
                <HD SOURCE="HD1">Filings Instituting Proceedings</HD>
                <P>
                    <E T="03">Docket Numbers:</E>
                     PR25-52-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Consumers Energy Company.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Blanket Certificate Filing: Application for a Ltd. Jurisdiction Certificate of Pub. Convenience and Necessity to be effective 6/1/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/19/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250519-5135.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/9/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     RP25-900-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     El Paso Natural Gas Company, L.L.C.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 4(d) Rate Filing: Negotiated Rate Agreement Update (Shell Jun-Aug 2025) to be effective 6/1/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/19/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250519-5179.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/2/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     RP25-901-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Equitrans, L.P.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 4(d) Rate Filing: Formula Based Negotiated Rate Agreement—6/19/2025 to be effective 6/19/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/19/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250519-5221.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/2/25.
                </P>
                <P>Any person desiring to intervene, to protest, or to answer a complaint in any of the above proceedings must file in accordance with Rules 211, 214, or 206 of the Commission's Regulations (18 CFR 385.211, 385.214, or 385.206) on or before 5:00 p.m. Eastern time on the specified comment date. Protests may be considered, but intervention is necessary to become a party to the proceeding.</P>
                <HD SOURCE="HD1">Filings in Existing Proceedings</HD>
                <P>
                    <E T="03">Docket Numbers:</E>
                     RP25-786-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Trailblazer Pipeline Company LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Refund Report: TPC 2025-05-19 Annual Cash-Out Refund Report to be effective N/A.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     5/19/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20250519-5106.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 6/2/25.
                </P>
                <P>Any person desiring to protest in any the above proceedings must file in accordance with Rule 211 of the Commission's Regulations (18 CFR 385.211) on or before 5:00 p.m. Eastern time on the specified comment date.</P>
                <P>
                    The filings are accessible in the Commission's eLibrary system (
                    <E T="03">https://elibrary.ferc.gov/idmws/search/fercgensearch.asp</E>
                    ) by querying the docket number.
                </P>
                <P>
                    eFiling is encouraged. More detailed information relating to filing requirements, interventions, protests, service, and qualifying facilities filings can be found at: 
                    <E T="03">https://www.ferc.gov/docs-filing/efiling/filing-req.pdf.</E>
                     For other information, call (866) 208-3676 (toll free). For TTY, call (202) 502-8659.
                </P>
                <P>
                    The Commission's Office of Public Participation (OPP) supports meaningful public engagement and participation in Commission proceedings. OPP can help members of the public, including landowners, community organization, Tribal members and others, access publicly available information and navigate Commission processes. For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, the public is encouraged to contact OPP at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Carlos D. Clay,</NAME>
                    <TITLE>Deputy Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09426 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <DEPDOC>[EPA-HQ-OAR-2024-0334; FRL-12794-01-OMS]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Submission to the Office of Management and Budget for Review and Approval; Comment Request; Acid Rain Program Under Title IV of the Clean Air Act Amendments (Renewal)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Environmental Protection Agency (EPA) has submitted an information collection request (ICR), Acid Rain Program under Title IV of the Clean Air Act Amendments (EPA ICR Number 1633.19, OMB Control Number 2060-0258) to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act. This is a proposed extension of the ICR, which is currently approved through May 31, 2025. Public comments were previously requested via the 
                        <E T="04">Federal Register</E>
                         on September 5, 2024 during a 60-day comment period. This notice allows for an additional 30 days for public comments.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments may be submitted on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit your comments, referencing Docket ID Number EPA-HQ-OAR-2024-0334, to EPA online using 
                        <E T="03">www.regulations.gov</E>
                         (our preferred method), by email to 
                        <E T="03">a-and-r-Docket@epa.gov,</E>
                         or by mail to: EPA Docket Center, Environmental Protection Agency, Mail Code 28221T, 1200 Pennsylvania Ave. NW, Washington, DC 20460.
                    </P>
                    <P>EPA's policy is that all comments received will be included in the public docket without change including any personal information provided, unless the comment includes profanity, threats, information claimed to be Confidential Business Information (CBI) or other information whose disclosure is restricted by statute.</P>
                    <P>
                        Submit written comments and recommendations to OMB for the proposed information collection within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Morgan Riedel, Clean Air and Power Division, Office of Atmospheric Protection, 6204A, Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington, DC 20460; telephone number: (202) 564-1144; email address: 
                        <E T="03">riedel.morgan@epa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>This is a proposed extension of the ICR, which is currently approved through May 31, 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 OMB control number.</P>
                <P>
                    Public comments were previously requested via the 
                    <E T="04">Federal Register</E>
                     on September 5, 2024 during a 60-day comment period (89 FR 72393). This notice allows for an additional 30 days for public comments. Supporting documents, which explain in detail the information that the EPA will be collecting, are available in the public docket for this ICR. The docket can be viewed online at 
                    <E T="03">www.regulations.gov</E>
                     or in person at the EPA Docket Center, WJC West, Room 3334, 1301 
                    <PRTPAGE P="22287"/>
                    Constitution Ave. NW, Washington, DC. The telephone number for the Docket Center is 202-566-1744. For additional information about EPA's public docket, visit 
                    <E T="03">http://www.epa.gov/dockets.</E>
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     The Acid Rain Program was established under Title IV of the 1990 Clean Air Act Amendments to address acid deposition by reducing emissions of sulfur dioxide (SO
                    <E T="52">2</E>
                    ) and nitrogen oxides (NO
                    <E T="52">X</E>
                    ). This information collection extension is necessary to continue implementation of the Acid Rain Program. It includes burden and costs associated with developing and modifying permits, complying with NO
                    <E T="52">X</E>
                     permitting requirements, monitoring emissions, transferring allowances, and participating in the annual allowance auctions.
                </P>
                <P>
                    <E T="03">Form Numbers:</E>
                     Agent Notice of Delegation #5900-172, Certificate of Representation #7610-1, General Account Form #7610-5, Allowance Transfer Form #7610-6, Retired Unit Exemption#7610-20, Allowance Deduction #7620-4, Acid Rain Permit Application #7610-16, Acid Rain NO
                    <E T="52">X</E>
                    Compliance Plan #7610-28, Acid Rain NO
                    <E T="52">X</E>
                    Averaging Plan #7610-29, New Unit Exemption #7610-19, Opt-In Permit Application #7610-26, Opt-In Utilization Report #7620-9, Letter of Credit #7610-7A, EPA Allowance Auctions—Additional Information for Certified Checks or Wire Transfers #7610-7, SO
                    <E T="52">2</E>
                     Allowance Offer Form #7610-8, Thermal Energy Plan #7610-27, Notification For Distribution of Proceeds From EPA Auctions #7610-11, Opt-In Reduction from Improved Efficiency Confirmation Report #7620-8, Thermal Energy Compliance Report #7620-10.
                </P>
                <P>
                    <E T="03">Respondents/affected entities:</E>
                     Electricity generating plants, industrialsources, and other persons.
                </P>
                <P>
                    <E T="03">Respondent's obligation to respond:</E>
                     Voluntary and mandatory (Clean Air Act sections 403, 407, 408, 410, 412, and 416).
                </P>
                <P>
                    <E T="03">Estimated number of respondents:</E>
                     1,195 (total).
                </P>
                <P>
                    <E T="03">Frequency of response:</E>
                     On occasion, quarterly, and annually.
                </P>
                <P>
                    <E T="03">Total estimated burden:</E>
                     1,760,519 hours (per year). Burden is defined at 5 CFR 1320.03(b).
                </P>
                <P>
                    <E T="03">Total estimated cost:</E>
                     $286,211,330 (per year), which includes $123,208,182 annualized capital or operation &amp; maintenance costs.
                </P>
                <P>
                    <E T="03">Changes in the estimates:</E>
                     There is a decrease of 65,614 hours in the total estimated respondent burden compared with the ICR currently approved by OMB. This decrease is due to source retirements, which have both reduced the estimated overall number of affected sources and shifted the estimated mix of monitoring methodologies used. The other factors contributing to the decrease in burden are reductions in the estimated numbers of allowance transfer and deduction submissions, and allowance auction bids.
                </P>
                <SIG>
                    <NAME>Courtney Kerwin,</NAME>
                    <TITLE>Director, Information Engagement Division.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09386 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">EXPORT-IMPORT BANK</AGENCY>
                <DEPDOC>[Public Notice: EIB-2025-0004]</DEPDOC>
                <SUBJECT>Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 Million: AP099782XX, AP099782XA, &amp; AP099782XB</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Export-Import Bank of the United States.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This Notice is to inform the public, in accordance with the Export-Import Bank Act of 1945, as amended, the Export-Import Bank of the United States (“EXIM”) has received an application for final commitment for a long-term loan or financial guarantee in excess of $100 million. Comments received within the comment period specified below will be presented to the EXIM Board of Directors prior to final action on this Transaction.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before June 23, 2025 to be assured of consideration before final consideration of the transaction by the Board of Directors of EXIM.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Comments may be submitted through 
                        <E T="03">Regulations.gov</E>
                         at 
                        <E T="03">www.regulations.gov</E>
                        . To submit a comment, enter 
                        <E T="03">EIB-2025-0004</E>
                         under the heading “Enter Keyword or ID” and select Search. Follow the instructions provided at the Submit a Comment screen. Please include your name, company name (if any) and 
                        <E T="03">EIB-2025-0004</E>
                         on any attached document.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Reference:</E>
                     AP099782XX, AP099782XA, &amp; AP099782XB.
                </P>
                <P>
                    <E T="03">Purpose and Use:</E>
                </P>
                <P>
                    <E T="03">Brief description of the purpose of the transaction:</E>
                     To support the export of U.S.-manufactured commercial aircraft to Turkiye.
                </P>
                <P>
                    <E T="03">Brief non-proprietary description of the anticipated use of the items being exported:</E>
                     To provide passenger and cargo air transport between Turkiye and other countries.
                </P>
                <P>To the extent that EXIM is reasonably aware, the item(s) being exported may be used to produce exports or provide services in competition with the exportation of goods or provision of services by a United States industry.</P>
                <P>
                    <E T="03">Parties:</E>
                </P>
                <P>
                    <E T="03">Principal Supplier:</E>
                     The Boeing Company and GE Aerospace.
                </P>
                <P>
                    <E T="03">Obligor:</E>
                     Turk Hava Yollari A.O.
                </P>
                <P>
                    <E T="03">Guarantor(s):</E>
                     N/A.
                </P>
                <P>
                    <E T="03">Description of Items Being Exported:</E>
                     Boeing commercial jet aircraft.
                </P>
                <P>
                    <E T="03">Information on Decision:</E>
                     Information on the final decision for this transaction will be available in the “Board Agenda and Meeting Minutes” on 
                    <E T="03">https://www.exim.gov/news/meeting-minutes</E>
                    .
                </P>
                <P>
                    <E T="03">Confidential Information:</E>
                     Please note that this notice does not include confidential or proprietary business information; information which, if disclosed, would violate the Trade Secrets Act; or information which would jeopardize jobs in the United States by supplying information that competitors could use to compete with companies in the United States.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     Section 3(c)(10) of the Export-Import Bank Act of 1945, as amended (12 U.S.C. 635a(c)(10)).
                </P>
                <SIG>
                    <NAME>Deidre Hodge,</NAME>
                    <TITLE>Assistant Corporate Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09445 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6690-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <DEPDOC>[FR ID 296102]</DEPDOC>
                <SUBJECT>Sunshine Act Meeting; Open Commission Meeting Thursday, May 22, 2025</SUBJECT>
                <DATE>May, 15 2025.</DATE>
                <P>The Federal Communications Commission will hold an Open Meeting on the subjects listed below on Thursday, May 22, 2025, which is scheduled to commence at 10:30 a.m. in the Commission Meeting Room of the Federal Communications Commission, 45 L Street NE, Washington, DC.</P>
                <P>
                    While attendance at the Open Meeting is available to the public, the FCC headquarters building is not open access, and all guests must check in with and be screened by FCC security at the main entrance on L Street. Attendees at the Open Meeting will not be required to have an appointment but must otherwise comply with protocols outlined at: 
                    <E T="03">www.fcc.gov/visit.</E>
                     Open Meetings are streamed live at: 
                    <E T="03">www.fcc.gov/live</E>
                     and on the FCC's YouTube channel.
                    <PRTPAGE P="22288"/>
                </P>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="xs36,r50,r100">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Item No.</CHED>
                        <CHED H="1">Bureau</CHED>
                        <CHED H="1">Subject</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">1</ENT>
                        <ENT>Office of Engineering and Technology</ENT>
                        <ENT>
                            <E T="03">Title:</E>
                             Promoting the Integrity and Security of Telecommunications Certification Bodies, Measurement Facilities, and the Equipment Authorization Program (ET Docket No. 24-136).
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT O="xl"/>
                        <ENT>
                            <E T="03">Summary:</E>
                             The Commission will consider a Report and Order and Further Notice of Proposed Rulemaking that would strengthen requirements and oversight relating to telecommunications certification bodies (TCBs), measurement facilities (test labs), and accreditation bodies to help ensure the integrity of these entities for purposes of our equipment authorization program, to better protect national security, and to advance the Commission's comprehensive strategy to build a more secure and resilient communications supply chain.
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">2</ENT>
                        <ENT>Wireline Competition</ENT>
                        <ENT>
                            <E T="03">Title:</E>
                             Protecting our Communications Networks by Promoting Transparency Regarding Foreign Adversary Control (GN Docket No. 25-166).
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT O="xl"/>
                        <ENT>
                            <E T="03">Summary:</E>
                             The Commission will consider a Notice of Proposed Rulemaking that proposes to require holders of covered Commission-issued licenses, authorizations, or approvals to certify whether they are owned by, controlled by, or subject to the jurisdiction or direction of a foreign adversary and, if so, to disclose foreign ownership interests and the nature of the foreign adversary ownership and control.
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">3</ENT>
                        <ENT>Space</ENT>
                        <ENT>
                            <E T="03">Title:</E>
                             Expanding Use of the 12.7-13.25 GHz Band for Mobile Broadband or Other Expanded Use (GN Docket No. 22-352); Shared Use of the 42-42.5 GHz Band (WT Docket No. 23-158); Use of Spectrum Bands Above 24 GHz For Mobile Radio Services (GN Docket No. 14-177).
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT O="xl"/>
                        <ENT>
                            <E T="03">Summary:</E>
                             The Commission will consider a Further Notice of Proposed Rulemaking that explores ways that the 12.7-13.25 GHz and 42.0-42.5 GHz bands could be used more intensively by satellite communications, as an alternative or a complement to the previous proposals for terrestrial wireless communications in these bands.
                        </ENT>
                    </ROW>
                </GPOTABLE>
                <STARS/>
                <P>
                    The meeting will be webcast at: 
                    <E T="03">www.fcc.gov/live.</E>
                     Open captioning will be provided as well as a text only version on the FCC website. Other reasonable accommodations for people with disabilities are available upon request. In your request, include a description of the accommodation you will need and a way we can contact you if we need more information. Last minute requests will be accepted but may be impossible to fill. Send an email to: 
                    <E T="03">fcc504@fcc.gov</E>
                     or call the Consumer &amp; Governmental Affairs Bureau at 202-418-0530.
                </P>
                <P>
                    Press Access—Members of the news media are welcome to attend the meeting and will be provided reserved seating on a first-come, first-served basis. Following the meeting, the Chairman may hold a news conference in which he will take questions from credentialed members of the press in attendance. Also, senior policy and legal staff will be made available to the press in attendance for questions related to the items on the meeting agenda. Commissioners may also choose to hold press conferences. Press may also direct questions to the Office of Media Relations (OMR): 
                    <E T="03">MediaRelations@fcc.gov.</E>
                     Questions about credentialing should be directed to OMR.
                </P>
                <P>
                    Additional information concerning this meeting may be obtained from the Office of Media Relations, (202) 418-0500. Audio/Video coverage of the meeting will be broadcast live with open captioning over the internet from the FCC Live web page at 
                    <E T="03">www.fcc.gov/live.</E>
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This meeting is held, in accordance with the Government in the Sunshine Act (Sunshine Act), Public Law 94-409, as amended (5 U.S.C. 552b).
                </P>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Katura Jackson,</NAME>
                    <TITLE>Federal Register Liaison Officer.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09533 Filed 5-22-25; 11:15 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <DEPDOC>[WC Docket No. 23-1; DA 25-407; FR ID 294739]</DEPDOC>
                <SUBJECT>Next Meeting of the North American Numbering Council</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Communications Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In this document, the Commission released a public notice announcing a meeting of the North American Numbering Council (NANC).</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>June 24, 2025. The meeting will come to order at 2 p.m.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The meeting will be conducted in person in the Commission Meeting Room of the Federal Communications Commission, 45 L Street NE, Washington, DC and available to the public via the internet at 
                        <E T="03">https://www.fcc.gov/live.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        You may also contact Christi Shewman, Designated Federal Officer, at 
                        <E T="03">christi.shewman@fcc.gov</E>
                         or 202-418-0646. More information about the NANC is available at 
                        <E T="03">https://www.fcc.gov/about-fcc/advisory-committees/general/north-american-numbering-council.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The meeting will be held Tuesday, June 24, 2025 from 2 p.m. until 4 p.m. ET in person in the Commission Meeting Room of the Federal Communications Commission, 45 L Street NE, Washington, DC, and via the internet at 
                    <E T="03">https://www.fcc.gov/live.</E>
                     While the meeting is open to the public, the FCC headquarters building is not open access, and all guests must check in with and be screened by FCC security at the main entrance on L Street. Attendees will not be required to have an appointment but must otherwise comply with protocols outlined at: 
                    <E T="03">https://www.fcc.gov/visit.</E>
                     Additionally, the meeting will be available to the public via live feed from the FCC's web page at 
                    <E T="03">http://www.fcc.gov/live.</E>
                     Open captioning will be provided online for this event. Other reasonable accommodations for people with disabilities are available upon request. Requests for such accommodations should be submitted via email to 
                    <E T="03">fcc504@fcc.gov</E>
                     or by calling the Consumer &amp; Governmental Affairs Bureau at (202) 418-0530. Such requests should include a detailed description of the accommodation needed. In addition, 
                    <PRTPAGE P="22289"/>
                    please include a way for the FCC to contact the requester if more information is needed to fill the request. Please allow at least five days' advance notice for accommodation requests; last minute requests will be accepted but may not be possible to accommodate. Members of the public may submit comments to the NANC in the FCC's Electronic Comment Filing System, ECFS, at 
                    <E T="03">www.fcc.gov/ecfs.</E>
                     Comments to the NANC should be filed in WC Docket No. 23-1.
                </P>
                <P>This is a summary of the Commission's document in WC Docket No. 23-1, DA 25-407, released May 12, 2025.</P>
                <P>
                    <E T="03">Proposed Agenda:</E>
                     At the June meeting, the NANC will consider and vote on four reports and recommendations from the Numbering Administration Oversight Working Group: (1) the North American Numbering Plan Administrator Performance Review; (2) the Reassigned Numbers Database Administrator Performance Review; (3) the North American Numbering Plan Billing and Collection Agent Performance Review; and (4) the North American Numbering Plan Fund Size Projections and Contribution Factor. The NANC will also hear a report from the Billing &amp; Collection Agent, Welch LLP, and routine status reports from the North American Portability Management, LLC, and the Secure Telephone Identity Governance Authority.
                </P>
                <FP>(5 U.S.C. app 2 sec. 10(a)(2))</FP>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Edward Krachmer,</NAME>
                    <TITLE>Deputy Chief, Competition Policy Division, Wireline Competition Bureau.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09471 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">FEDERAL RESERVE SYSTEM</AGENCY>
                <SUBJECT>Formations of, Acquisitions by, and Mergers of Bank Holding Companies</SUBJECT>
                <P>
                    The companies listed in this notice have applied to the Board for approval, pursuant to the Bank Holding Company Act of 1956 (12 U.S.C. 1841 
                    <E T="03">et seq.</E>
                    ) (BHC Act), Regulation Y (12 CFR part 225), and all other applicable statutes and regulations to become a bank holding company and/or to acquire the assets or the ownership of, control of, or the power to vote shares of a bank or bank holding company and all of the banks and nonbanking companies owned by the bank holding company, including the companies listed below.
                </P>
                <P>
                    The public portions of the applications listed below, as well as other related filings required by the Board, if any, are available for immediate inspection at the Federal Reserve Bank(s) indicated below and at the offices of the Board of Governors. This information may also be obtained on an expedited basis, upon request, by contacting the appropriate Federal Reserve Bank and from the Board's Freedom of Information Office at 
                    <E T="03">https://www.federalreserve.gov/foia/request.htm.</E>
                     Interested persons may express their views in writing on the standards enumerated in the BHC Act (12 U.S.C. 1842(c)).
                </P>
                <P>Comments received are subject to public disclosure. In general, comments received will be made available without change and will not be modified to remove personal or business information including confidential, contact, or other identifying information. Comments should not include any information such as confidential information that would not be appropriate for public disclosure.</P>
                <P>Comments regarding each of these applications must be received at the Reserve Bank indicated or the offices of the Board of Governors, Ann E. Misback, Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551-0001, not later than June 26, 2025.</P>
                <P>
                    <E T="03">A. Federal Reserve Bank of Dallas</E>
                     (Lindsey Wieck, Director, Mergers &amp; Acquisitions) 2200 North Pearl Street, Dallas, Texas 75201-2272. Comments can also be sent electronically to 
                    <E T="03">Comments.applications@dal.frb.org:</E>
                </P>
                <P>
                    1. 
                    <E T="03">USV Bancorp, Inc., Houston, Texas;</E>
                     to become a bank holding company by acquiring CNB National Financial Corporation, and thereby indirectly acquiring The City National Bank of San Saba, both of San Saba, Texas.
                </P>
                <SIG>
                    <P>Board of Governors of the Federal Reserve System.</P>
                    <NAME>Erin Cayce,</NAME>
                    <TITLE>Assistant Secretary of the Board.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09441 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6210-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">OFFICE OF MANAGEMENT AND BUDGET</AGENCY>
                <SUBAGY>Office of Federal Procurement Policy</SUBAGY>
                <AGENCY TYPE="O">DEPARTMENT OF DEFENSE</AGENCY>
                <AGENCY TYPE="O">GENERAL SERVICES ADMINISTRATION</AGENCY>
                <AGENCY TYPE="O">NATIONAL AERONAUTICS AND SPACE ADMINISTRATION</AGENCY>
                <DEPDOC>[OMB Control No. 9000-0079; Docket No. 2025-0053; Sequence No. 4]</DEPDOC>
                <SUBJECT>Submission for OMB Review; Travel Costs</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Federal Procurement Policy (OFPP), Office of Management and Budget (OMB); Department of Defense (DOD); General Services Administration (GSA); and National Aeronautics and Space Administration (NASA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Under the provisions of the Paperwork Reduction Act, the Regulatory Secretariat Division has submitted to OMB a request to review and approve an extension of a previously approved information collection requirement regarding travel costs.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for this information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        <E T="03">FARPolicy@gsa.gov</E>
                         or call 202-969-4075.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">A. OMB Control Number, Title, and Any Associated Form(s)</HD>
                <P>9000-0079, Travel Costs.</P>
                <HD SOURCE="HD1">B. Need and Uses</HD>
                <P>This clearance covers the information that contractors must submit to comply with the following FAR requirements:</P>
                <P>
                    1. FAR 31.205-46(a)(3)—In special or unusual situations, costs incurred by a contractor for lodging, meals, and incidental expenses, may exceed the per diem rates in effect as set forth in the Federal Travel Regulation (FTR) for travel in the contiguous 48 United States. The actual costs may be allowed only if the contractor provides the following:
                    <PRTPAGE P="22290"/>
                </P>
                <P>a. FAR 31.205-46(a)(3)(ii)—A written justification for use of the higher amounts approved by an officer of the contractor's organization or designee to ensure that the authority is properly administered and controlled to prevent abuse.</P>
                <P>b. FAR 31.205-46(a)(3)(iii)—Advance approval from the contracting officer if it becomes necessary to exercise the authority to use the higher actual expense method repetitively or on a continuing basis in a particular area.</P>
                <P>c. FAR 31.205-46(a)(3)(iv)—Documentation to support actual costs incurred including a receipt for each expenditure of $75.00 or more.</P>
                <P>2. FAR 31.205-46(c) requires firms to maintain and make available manifest/logs for all flights on company aircraft. As a minimum, the manifest/log must indicate:</P>
                <P>a. Date, time, and points of departure;</P>
                <P>b. Destination, date, and time of arrival;</P>
                <P>c. Name of each passenger and relationship to the contractor</P>
                <P>d. Authorization for trip; and</P>
                <P>e. Purpose of trip.</P>
                <P>The information required by (1) and (2) and the name of each passenger (required by (3)) are recordkeeping requirements already established by Federal Aviation Administration regulations. This information, plus the additional required information, is needed to ensure that costs of owned, chartered, or leased aircraft are properly charged against Government contracts and that directly associated costs of unallowable activities are not charged to Government contracts.</P>
                <P>The contracting officer will use the information to ensure that the Government does not reimburse contractors for excessive travel costs. Also, the information is used by Government auditors to identify allowable and unallowable costs under Government contracts.</P>
                <HD SOURCE="HD1">C. Annual Burden</HD>
                <P>
                    <E T="03">Respondents/Recordkeepers:</E>
                     1,854.
                </P>
                <P>
                    <E T="03">Total Annual Responses:</E>
                     12,680.
                </P>
                <P>
                    <E T="03">Total Burden Hours:</E>
                     6,686 (3,170 reporting hours + 3,516 recordkeeping hours).
                </P>
                <HD SOURCE="HD1">D. Public Comment</HD>
                <P>
                    A 60-day notice was published in the 
                    <E T="04">Federal Register</E>
                     at 90 FR 11977, on March 13, 2025. A comment was received; however, it did not change the estimate of the burden.
                </P>
                <P>
                    <E T="03">Comment:</E>
                     The proposed collection activity is a good way to ensure authorized travel and documentation for record keeping purposes in the event of an important event or scheduled activity.
                </P>
                <P>
                    <E T="03">Response:</E>
                     The respondents' input is appreciated.
                </P>
                <P>
                    <E T="03">Obtaining Copies:</E>
                     Requesters may obtain a copy of the information collection documents from the GSA Regulatory Secretariat Division by calling 202-501-4755 or emailing 
                    <E T="03">GSARegSec@gsa.gov.</E>
                     Please cite OMB Control No. 9000-0079, Travel Costs.
                </P>
                <SIG>
                    <NAME>Janet Fry,</NAME>
                    <TITLE>Director, Federal Acquisition Policy Division, Office of Governmentwide Acquisition Policy, Office of Acquisition Policy, Office of Governmentwide Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09464 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-EP-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">OFFICE OF MANAGEMENT AND BUDGET</AGENCY>
                <SUBAGY>Office of Federal Procurement Policy</SUBAGY>
                <AGENCY TYPE="O">DEPARTMENT OF DEFENSE</AGENCY>
                <AGENCY TYPE="O">GENERAL SERVICES ADMINISTRATION</AGENCY>
                <AGENCY TYPE="O">NATIONAL AERONAUTICS AND SPACE ADMINISTRATION</AGENCY>
                <DEPDOC>[OMB Control No. 9000-0075; Docket No. 2025-0053; Sequence No. 3]</DEPDOC>
                <SUBJECT>Submission for OMB Review; Government Property</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Federal Procurement Policy (OFPP), Office of Management and Budget (OMB); Department of Defense (DOD); General Services Administration (GSA); and National Aeronautics and Space Administration (NASA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Under the provisions of the Paperwork Reduction Act, the Regulatory Secretariat Division has submitted to OMB a request to review and approve an extension of a previously approved information collection requirement regarding Government property.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on or before June 26, 2025</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for this information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        <E T="03">FARPolicy@gsa.gov</E>
                         or call 202-969-4075.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">A. OMB Control Number, Title, and Any Associated Form(s) </HD>
                <P>9000-0075, Government Property, Standard Forms 1428, and 1429.</P>
                <HD SOURCE="HD1">B. Need and Uses</HD>
                <P>This clearance covers the information that offerors and contractors must submit to comply with the following FAR requirements:</P>
                <P>
                    1. 
                    <E T="03">FAR clause 52.245-1, Government Property.</E>
                </P>
                <P>a. Paragraph (f)(1)(ii) requires contractors to document the receipt of Government property.</P>
                <P>b. Paragraph (f)(1)(ii)(A) requires contractors to submit a written statement to the Property Administrator containing all relevant facts, such as cause or condition and a recommended course(s) of action, if overages, shortages, or damages and/or other discrepancies are discovered upon receipt of Government-furnished property.</P>
                <P>c. Paragraph (f)(1)(iii) requires contractors to create and maintain records of all Government property accountable to the contract, including Government-furnished and Contractor-acquired property. Property records shall, unless otherwise approved by the Property Administrator, contain the following:</P>
                <P>i. The name, part number and description, National Stock Number (if needed for additional item identification tracking and/or disposition), and other data elements as necessary and required in accordance with the terms and conditions of the contract.</P>
                <P>ii. Quantity received (or fabricated), issued, and balance-on-hand.</P>
                <P>iii. Unit acquisition cost.</P>
                <P>iv. Unique-item identifier or equivalent (if available and necessary for individual item tracking).</P>
                <P>v. Unit of measure.</P>
                <P>vi. Accountable contract number or equivalent code designation.</P>
                <P>vii. Location.</P>
                <P>viii. Disposition.</P>
                <P>ix. Posting reference and date of transaction.</P>
                <P>x. Date placed in service (if required in accordance with the terms and conditions of the contract).</P>
                <P>When approved by the Property Administrator, contractors may maintain, in lieu of formal property records, a file of appropriately cross-referenced documents evidencing receipt, issue, and use of material that is issued for immediate consumption.</P>
                <P>
                    d. Paragraph (f)(1)(iv) requires contractors to periodically perform, record, and disclose physical inventory 
                    <PRTPAGE P="22291"/>
                    results during contract performance, including upon completion or termination of the contract.
                </P>
                <P>e. Paragraph (f)(1)(vii)(B) requires contractors, unless otherwise directed by the Property Administrator, to investigate and report all incidents of Government property loss as soon as the facts become known. Such reports shall, at a minimum, contain the following information:</P>
                <P>i. Date of incident (if known).</P>
                <P>ii. The data elements required under paragraph (f)(1)(iii)(A) of FAR 52.245-1.</P>
                <P>iii. Quantity.</P>
                <P>iv. Accountable contract number.</P>
                <P>v. A statement indicating current or future need.</P>
                <P>vi. Unit acquisition cost, or if applicable, estimated sales proceeds, estimated repair or replacement costs.</P>
                <P>vii. All known interests in commingled material of which includes Government material.</P>
                <P>viii. Cause and corrective action taken or to be taken to prevent recurrence.</P>
                <P>ix. A statement that the Government will receive compensation covering the loss of Government property, in the event the Contractor was or will be reimbursed or compensated.</P>
                <P>x. Copies of all supporting documentation.</P>
                <P>xi. Last known location.</P>
                <P>xii. A statement that the property did or did not contain sensitive, export controlled, hazardous, or toxic material, and that the appropriate agencies and authorities were notified.</P>
                <P>f. Paragraph (f)(1)(viii) requires contractors to promptly disclose and report Government property in its possession that is excess to contract performance.</P>
                <P>g. Paragraph (f)(1)(ix) requires contractors to disclose and report to the Property Administrator the need for replacement and/or capital rehabilitation.</P>
                <P>h. Paragraph (f)(1)(x) requires contractors to perform and report to the Property Administrator contract property closeout.</P>
                <P>i. Paragraph (f)(2) requires contractors to establish and maintain Government accounting source data, particularly in the areas of recognition of acquisitions, loss of Government property, and disposition of material and equipment.</P>
                <P>j. Paragraphs (j)(2) and (3) require contractors to submit inventory disposal schedules to the Plant Clearance Officer using the Standard Form (SF) 1428, Inventory Disposal Schedule and if needed the SF 1429, Inventory Disposal Schedule-Continuation Sheet. Paragraph (j)(2)(iv) requires contractors to provide the following information:</P>
                <P>i. Any additional information that may facilitate understanding of the property's intended use.</P>
                <P>ii. For work-in-progress, the estimated percentage of completion.</P>
                <P>iii. For precious metals in raw or bulk form, the type of metal and estimated weight.</P>
                <P>iv. For hazardous material or property contaminated with hazardous material, the type of hazardous material.</P>
                <P>v. For metals in mill product form, the form, shape, treatment, hardness, temper, specification (commercial or Government) and dimensions (thickness, width, and length).</P>
                <HD SOURCE="HD2">
                    2. 
                    <E T="03">FAR 52.245-9, Use and Charges.</E>
                     Paragraph (d)(1) of this clause requires contractors submitting a government property rental request to: identify the property for which rental is requested, propose a rental period, and compute an estimated rental charge by using the Contractor's best estimate of rental time in the formulae described in paragraph (e) of FAR clause 52.245-9.
                </HD>
                <P>This information is used to facilitate the management of Government property in the possession of the contractor.</P>
                <HD SOURCE="HD1">C. Annual Burden</HD>
                <P>
                    <E T="03">Respondents/Recordkeepers:</E>
                     4,702.
                </P>
                <P>
                    <E T="03">Total Annual Responses:</E>
                     9,433,560.
                </P>
                <P>
                    <E T="03">Total Burden Hours:</E>
                     4,662,001 (2,405,041 reporting hours + 2,256,960 recordkeeping hours).
                </P>
                <HD SOURCE="HD1">D. Public Comment</HD>
                <P>
                    A 60-day notice was published in the 
                    <E T="04">Federal Register</E>
                     at 90 FR 11970, on March 13, 2025. A comment was received; however, it did not change the estimate of the burden.
                </P>
                <P>
                    <E T="03">Comment:</E>
                     The proposed collection should be reviewed in the same timeline of other agencies. The accuracy of the government property and reporting of the details and information of the case is crucial for record keeping purposes. Reports should be generated within each agency for analysis, perhaps with a certain threshold indicator on a continuous basis to determine significant changes in cost, to determine if the cost is valid or in need of revision to correct original documents.
                </P>
                <P>
                    <E T="03">Response:</E>
                     Consistent with the comment, agencies manage Government property closely. This is a request to the Office of Management and Budget to extend the clearance of a previously approved information collection requirement regarding Government property. There are no program changes. The FAR requirements remain the same.
                </P>
                <P>
                    <E T="03">Obtaining Copies:</E>
                     Requesters may obtain a copy of the information collection documents from the GSA Regulatory Secretariat Division by calling 202-501-4755 or emailing 
                    <E T="03">GSARegSec@gsa.gov.</E>
                     Please cite OMB Control No. 9000-0075, Government Property.
                </P>
                <SIG>
                    <NAME>Janet Fry,</NAME>
                    <TITLE>Director, Federal Acquisition Policy Division, Office of Governmentwide Acquisition Policy, Office of Acquisition Policy, Office of Governmentwide Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09468 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-EP-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">OFFICE OF MANAGEMENT AND BUDGET</AGENCY>
                <SUBAGY>Office of Federal Procurement Policy</SUBAGY>
                <AGENCY TYPE="O">DEPARTMENT OF DEFENSE</AGENCY>
                <AGENCY TYPE="O">GENERAL SERVICES ADMINISTRATION</AGENCY>
                <AGENCY TYPE="O">NATIONAL AERONAUTICS AND SPACE ADMINISTRATION</AGENCY>
                <DEPDOC>[OMB Control No. 9000-0073; Docket No. 2025-0053; Sequence No. 5]</DEPDOC>
                <SUBJECT>Submission for OMB Review; Certain Federal Acquisition Regulation Part 32 Requirements</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Federal Procurement Policy (OFPP), Office of Management and Budget (OMB); Department of Defense (DOD); General Services Administration (GSA); and National Aeronautics and Space Administration (NASA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Under the provisions of the Paperwork Reduction Act, the Regulatory Secretariat Division has submitted to OMB a request to review and approve an extension of a previously approved information collection requirement regarding certain Federal Acquisition Regulation part 32 requirements.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for this information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        <E T="03">FARPolicy@gsa.gov</E>
                         or call 202-969-4075.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    <PRTPAGE P="22292"/>
                </P>
                <HD SOURCE="HD1">A. OMB Control Number, Title, and Any Associated Form(s)</HD>
                <P>9000-0073, Certain Federal Acquisition Regulation Part 32 Requirements.</P>
                <HD SOURCE="HD1">B. Need and Uses</HD>
                <P>This justification supports the extension of OMB Control No. 9000-0073. This clearance covers the information that offerors and contractors must submit to comply with the following FAR requirements:</P>
                <P>
                    <E T="03">FAR 32.408, Application for advance payments.</E>
                     The authorities behind advance payments are 41 U.S.C. chapter 45; 10 U.S.C. chapter 277; Public Law 85-804 (50 U.S.C. 1431-1435); and Executive Order 10789, November 14, 1958. In accordance with FAR 32.408(b), contractors requesting advance payments must submit their request in writing to the contracting officer and provide the following information:
                </P>
                <P>• A reference to the contract if the request concerns an existing contract, or a reference to the solicitation if the request concerns a proposed contract.</P>
                <P>• A cash flow forecast showing estimated disbursements and receipts for the period of contract performance.</P>
                <P>• The proposed total amount of advance payments.</P>
                <P>• The name and address of the financial institution at which the contractor expects to establish a special account as depository for the advance payments.</P>
                <P>• A description of the contractor's efforts to obtain unguaranteed private financing or a V-loan under eligible contracts.</P>
                <P>• Other information appropriate to an understanding of</P>
                <P>• the contractor's financial condition and need,</P>
                <P>• the contractor's ability to perform the contract without loss to the Government, and</P>
                <P>• financial safeguards needed to protect the Government's interest.</P>
                <P>The information is used to determine if advance payments should be provided to the contractor. If advance payments are authorized, the information is used to ensure proper procedures are followed to protect the Government's interest.</P>
                <P>
                    <E T="03">FAR 52.232-1 through 52.232-4, 52.232-6, 52.232-7, and 52.232-10—Payments.</E>
                     The basic authority for the contract financing that is implemented in these clauses is contained in 41 U.S.C. chapter 45, Contract Financing, 10 U.S.C. chapter 277, and title III of the Defense Production Act of l950 (50 U.S.C. app. 2091). The following FAR clauses require the contractor to (as appropriate to the payment terms specified in the contract) provide a proper invoice or voucher.
                </P>
                <P>• 52.232-1, Payments.</P>
                <P>• 52.232-2, Payments under Fixed-Price Research and Development Contracts.</P>
                <P>• 52.232-3, Payments under Personal Services Contracts.</P>
                <P>• 52.232-4, Payments under Transportation Contracts and Transportation-Related Services Contracts.</P>
                <P>• 52.232-6, Payment under Communication Service Contracts with Common Carriers.</P>
                <P>• 52.232-7, Payments under Time-and-Materials and Labor-Hour Contracts.</P>
                <P>• 52.232-10, Payments under Fixed-Price Architect-Engineer Contracts.</P>
                <P>“Proper invoice” is defined in FAR part 2 as an invoice that meets the minimum standards specified in FAR 32.905(b), which include the following items:</P>
                <P>• Name and address of the contractor.</P>
                <P>• Invoice date and invoice number.</P>
                <P>• Contract number or other authorization for supplies delivered or services performed (including order number and line item number).</P>
                <P>• Description, quantity, unit of measure, unit price, and extended price of supplies delivered or services performed.</P>
                <P>• Shipping and payment terms.</P>
                <P>• Name and address of contractor official to whom payment is to be sent.</P>
                <P>• Name (where practicable), title, phone number, and mailing address of person to notify in the event of a defective invoice.</P>
                <P>• Taxpayer Identification Number (TIN) if required by agency procedures.</P>
                <P>• Electronic funds transfer (EFT) banking information if required by agency procedures.</P>
                <P>
                    • Any other information or documentation required by the contract (
                    <E T="03">e.g.,</E>
                     evidence of shipment).
                </P>
                <P>The information is used to determine the proper amount of payments to Federal contractors.</P>
                <P>
                    <E T="03">FAR 52.232-5, Payments under Fixed-Price Construction Contracts.</E>
                     This clause requires the contractor's request for progress payments to include the following substantiation:
                </P>
                <P>• An itemization of the amounts requested, related to the various elements of work required by the contract covered by the payment requested.</P>
                <P>• A listing of the amount included for work performed by each subcontractor under the contract.</P>
                <P>• A listing of the total amount of each subcontract under the contract.</P>
                <P>• A listing of the amounts previously paid to each such subcontractor under the contract.</P>
                <P>• Additional supporting data in a form and detail required by the contracting officer.</P>
                <P>Paragraph (c) of FAR clause 52.232-5 requires contractors to provide a certification with each request for progress payment certifying that—</P>
                <P>• The amounts requested are only for performance in accordance with the specifications, terms, and conditions of the contract;</P>
                <P>• All payments due to subcontractors and suppliers from previous payments received under the contract have been made, and timely payments will be made from the proceeds of the payment covered by the certification;</P>
                <P>• The request for progress payment does not include any amounts which the prime contractor intends to withhold or retain from a subcontractor or supplier in accordance with the terms and conditions of the subcontract; and</P>
                <P>• The certification is not to be construed as final acceptance of a subcontractor's performance.</P>
                <P>Paragraph (d) of FAR clause 52.232-5 requires contractors to notify contracting officers, if the contractor, after making a certified request for progress payments, discovers that a portion or all of the request constitutes a payment for performance by the contractor that fails to conform to the specifications, terms, and conditions of the contract. Contractors must notify the contracting officer that the performance deficiency has been corrected.</P>
                <P>The information is used to determine the proper amount of payments to Federal contractors for construction contracts.</P>
                <P>
                    <E T="03">FAR 52.232-12, Advance Payments.</E>
                     For authority behind this clause, see the authority for advance payments cited in the narrative above for FAR 32.408. If advance payments are authorized, this clause requires contractors to submit the following:
                </P>
                <P>• Per paragraph (g)—The financial institution agreement, in the form prescribed by the administering office, establishing the special account, and clearly setting forth the special character of the account and the responsibilities of the financial institution under the account.</P>
                <P>
                    • Per paragraph (i)(3)—Notification of a lien in favor of the Government to a third person receiving any items or materials on which the Government has a lien, and a receipt from that third person acknowledging the existence of the lien. Contractors are also required to provide a copy of each receipt to the contracting officer.
                    <PRTPAGE P="22293"/>
                </P>
                <P>• Per paragraph (m)—(1) Monthly, signed or certified balance sheets and profit and loss statements together with a report on the operation of the special account in the form prescribed by the administering office; and (2) If requested, other information concerning the operation of the contractor's business. (This same requirement is at paragraph (j) of the clause with its Alternate V.)</P>
                <P>If advance payments are authorized, the information is used to ensure proper procedures are followed to protect the Government's interest.</P>
                <P>
                    <E T="03">FAR 52.232-20 and 52.232-22—Limitation of Costs or Funds.</E>
                     FAR clause 52.232-20, Limitation of Cost, requires the contractor to notify the contracting officer in writing whenever it has reason to believe that—
                </P>
                <P>• The costs the contractors expect to incur under the contract in the next 60 days, when added to all costs previously incurred, will exceed 75 percent of the estimated cost of the contracts; or</P>
                <P>• The total cost for the performance of the contract will be greater or substantially less than estimated.</P>
                <P>As part of the notification, the contractor must provide a revised estimate of the total cost of performing the contract.</P>
                <P>FAR clause 52.232-22, Limitation of Funds, requires the contractor to notify the contracting officer in writing whenever it has reason to believe that the costs it expects to incur under the contract in the next 60 days, when added to all costs previously incurred, will exceed 75 percent of (1) the total amount so far allotted to the contract by the Government or, (2) if this is a cost-sharing contract, the amount then allotted to the contract by the Government plus the contractor's corresponding share. The notice must state the estimated amount of additional funds required to continue performance for the contract period. Sixty days before the end of the contract period, the contractor must notify the contracting officer in writing of the estimated amount of additional funds, if any, required to continue performance under the contract, and when the funds will be required.</P>
                <P>The information is used to avoid cost overruns and to ensure that funding is available to complete work under Federal contracts.</P>
                <P>
                    <E T="03">FAR 52.232-27, Prompt Payment for Construction Contracts.</E>
                     The authority for this FAR clause are the OMB prompt payment regulations at 5 CFR part 1315, which in turn implements the Prompt Payment statute. Paragraph (a)(6)(ii) of FAR clause 52.232-27 requires contractors making a written demand to the designated payment office for additional penalty payment to support their demand with the following data:
                </P>
                <P>• Specifically assert that late payment interest is due under a specific invoice, and request payment of all overdue late payment interest penalty and such additional penalty as may be required;</P>
                <P>• Attach a copy of the invoice on which the unpaid late payment interest was due; and</P>
                <P>• State that payment of the principal has been received, including the date of receipt.</P>
                <P>Paragraph (e)(5) of FAR clause 52.232-27 requires contractors to notify contracting officers upon—</P>
                <P>• Reduction of the amount of any subsequent certified application for payment; or</P>
                <P>• Payment to the subcontractor of any withheld amounts of a progress payment, specifying: the amounts withheld; and the dates that the withholding began and ended.</P>
                <P>Paragraph (g) of FAR clause 52.232-27 requires contractors to issue a written notice of any withholding to a subcontractor (with copy to the contracting officer), specifying—</P>
                <P>• The amount to be withheld;</P>
                <P>• The specific causes for the withholding under the terms of the subcontract; and</P>
                <P>• The remedial actions to be taken by the subcontractor in order to receive payment of the amounts withheld.</P>
                <P>Paragraph (l) of FAR clause 52.232-27 requires contractors to remit overpayments to the payment office cited in the contract along with a description that includes the following:</P>
                <P>
                    • Circumstances of the overpayment (
                    <E T="03">e.g.,</E>
                     duplicate payment, erroneous payment, liquidation errors, date(s) of overpayment);
                </P>
                <P>• Affected contract number and delivery order number if applicable;</P>
                <P>• Affected line item or subline item, if applicable; and</P>
                <P>• Contractor point of contact.</P>
                <P>Contractors are required to provide a copy of the remittance and supporting documentation to the contracting officer.</P>
                <P>The information is used to understand when the contractor withholds amounts from subcontractors and suppliers after the Government has already paid the contractor the amounts withheld.</P>
                <P>
                    <E T="03">FAR 52.232-33, Payment by Electronic Funds Transfer—System for Award Management.</E>
                     FAR clause 52.232-33 requires contractors to provide updated EFT information in the System for Award Management (SAM) if their information changes. According to the SAM Entity Registration Checklist, the registration/renewal process asks entities to provide the account type, routing number, and account number for EFT. The burden associated with this clause is reflected under OMB Control Number 9000-0189, Certain Federal Acquisition Regulation Part 4 Requirements. OMB Control Number 9000-0189 accounts for new registrations and renewals in SAM, which includes providing EFT information as part of the registration and renewal process.
                </P>
                <P>
                    <E T="03">FAR 52.232-34, Payment by Electronic Funds Transfer—Other than System for Award Management.</E>
                     This clause requires contractors to provide the following information to enable the Government to make payments under the contract by EFT:
                </P>
                <P>• The contract number (or other procurement identification number).</P>
                <P>• The contractor's name and remittance address.</P>
                <P>• The signature, title, and telephone number of the contractor official authorized to provide this information.</P>
                <P>• The name, address, and 9-digit Routing Transit Number of the contractor's financial agent.</P>
                <P>• The contractor's account number and the type of account.</P>
                <P>• If applicable, the Fedwire Transfer System telegraphic abbreviation of the contractor's financial agent.</P>
                <P>• If applicable, the contractor must provide the name, address, telegraphic abbreviation, and 9-digit Routing Transit Number of the correspondent financial institution receiving the wire transfer payment if the contractor's financial agent is not directly on-line to the Fedwire Transfer System.</P>
                <P>31 U.S.C.3332 requires, subject to implementing regulations of the Secretary of the Treasury at 31 CFR part 208, that EFT be used to make all contract payments.</P>
                <P>The information is used to enable the Government to make contract payments by EFT.</P>
                <HD SOURCE="HD1">C. Annual Burden</HD>
                <P>
                    <E T="03">Respondents:</E>
                     273,518.
                </P>
                <P>
                    <E T="03">Total Annual Responses:</E>
                     1,789,889.
                </P>
                <P>
                    <E T="03">Total Burden Hours:</E>
                     462,859.
                </P>
                <HD SOURCE="HD1">D. Public Comment</HD>
                <P>
                    A 60-day notice was published in the 
                    <E T="04">Federal Register</E>
                     at 90 FR 11979, on March 13, 2025. One comment was received; however, it did not change the estimate of the burden.
                </P>
                <P>
                    <E T="03">Comment:</E>
                     Respondent sought restoration or reinstatement of FAR clause 52.222-21, Prohibition of Segregated Facilities, after seeing reports on social media of a GSA memo which deleted the clause in federal contracts.
                    <PRTPAGE P="22294"/>
                </P>
                <P>
                    <E T="03">Response:</E>
                     This comment is outside the scope of this information collection. FAR clause 52.222-21 is not covered under this information collection; nor are FAR clauses deleted or restored through the process of extending previously approved information collection requirements.
                </P>
                <P>
                    <E T="03">Obtaining Copies:</E>
                     Requesters may obtain a copy of the information collection documents from the GSA Regulatory Secretariat Division by calling 202-501-4755 or emailing 
                    <E T="03">GSARegSec@gsa.gov.</E>
                     Please cite OMB Control No. 9000-0073, Certain Federal Acquisition Regulation Part 32 Requirements.
                </P>
                <SIG>
                    <NAME>Janet Fry,</NAME>
                    <TITLE>Director, Federal Acquisition Policy Division, Office of Governmentwide Acquisition Policy, Office of Acquisition Policy, Office of Governmentwide Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09465 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-EP-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">OFFICE OF MANAGEMENT AND BUDGET</AGENCY>
                <SUBAGY>Office of Federal Procurement Policy</SUBAGY>
                <AGENCY TYPE="O">DEPARTMENT OF DEFENSE</AGENCY>
                <AGENCY TYPE="O">GENERAL SERVICES ADMINISTRATION</AGENCY>
                <AGENCY TYPE="O">NATIONAL AERONAUTICS AND SPACE ADMINISTRATION</AGENCY>
                <DEPDOC>[OMB Control No. 9000-0027; Docket No. 2025-0053; Sequence No. 1]</DEPDOC>
                <SUBJECT>Submission for OMB Review; Value Engineering Requirements</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Federal Procurement Policy (OFPP), Office of Management and Budget (OMB); Department of Defense (DOD); General Services Administration (GSA); and National Aeronautics and Space Administration (NASA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Under the provisions of the Paperwork Reduction Act, the Regulatory Secretariat Division has submitted to OMB a request to review and approve an extension of a previously approved information collection requirement regarding value engineering requirements.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for this information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        <E T="03">FARPolicy@gsa.gov</E>
                         or call 202-969-4075.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">A. OMB Control Number, Title, and Any Associated Form(s)</HD>
                <P>9000-0027, Value Engineering Requirements.</P>
                <HD SOURCE="HD1">B. Need and Uses</HD>
                <P>This clearance covers the information that contractors must submit to comply with the following Federal Acquisition Regulation (FAR) requirements:</P>
                <P>
                    • 
                    <E T="03">FAR 52.248-1, Value Engineering; 52.248-2, Value Engineering-Architect-Engineer; and 52.248-3, Value Engineering-Construction.</E>
                     These clauses require contractors submitting Value Engineering Change Proposals (VECP's) to the Government to provide such details as: a description of the differences between the existing contract requirement and the proposed requirement, and the comparative advantages and disadvantages of each; a list and analysis of contract requirements that must be changed if the VECP is accepted; a detailed cost estimate showing anticipated reductions associated with the VECP; a statement of the time a modification accepting the VECP must be issued to achieve maximum cost reduction, and the effect on contract completion time; and identification of any previous submissions of the VECP; the agencies and contract numbers involved and previous Government actions, if known.
                </P>
                <P>The Government will use the collected information to evaluate the VECP and, if accepted, to arrange for an equitable sharing plan.</P>
                <HD SOURCE="HD1">C. Annual Burden</HD>
                <P>
                    <E T="03">Respondents:</E>
                     90.
                </P>
                <P>
                    <E T="03">Total Annual Responses:</E>
                     180.
                </P>
                <P>
                    <E T="03">Total Burden Hours:</E>
                     2,700.
                </P>
                <HD SOURCE="HD1">D. Public Comment</HD>
                <P>
                    A 60-day notice was published in the 
                    <E T="04">Federal Register</E>
                     at 90 FR 11975, on March 13, 2025. A comment was received; however, it did not change the estimate of the burden.
                </P>
                <P>
                    <E T="03">Comment:</E>
                     This collection should be modified to remove the automated collection techniques that are not currently approved within the contract properly. The incentive language should be removed from the existing agreement and contract regulations need to be followed by all parties involved in the agreement.
                </P>
                <P>
                    <E T="03">Response:</E>
                     The respondents' input is appreciated. Any changes to the collection will require rulemaking. The clauses at FAR 52.248-1, 52.248-2, and 52.248-3 require contractors submitting Value Engineering Change Proposals (VECP's) to provide enough details for the Government to evaluate the VECP and, if accepted, arrange for an equitable sharing plan.
                </P>
                <P>
                    <E T="03">Obtaining Copies:</E>
                     Requesters may obtain a copy of the information collection documents from the GSA Regulatory Secretariat Division by calling 202-501-4755 or emailing 
                    <E T="03">GSARegSec@gsa.gov.</E>
                     Please cite OMB Control No. 9000-0027, Value Engineering Requirements.
                </P>
                <SIG>
                    <NAME>Janet Fry,</NAME>
                    <TITLE>Director, Federal Acquisition Policy Division, Office of Governmentwide Acquisition Policy, Office of Acquisition Policy, Office of Governmentwide Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09466 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-EP-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">OFFICE OF MANAGEMENT AND BUDGET</AGENCY>
                <SUBAGY>Office of Federal Procurement Policy</SUBAGY>
                <AGENCY TYPE="O">DEPARTMENT OF DEFENSE</AGENCY>
                <AGENCY TYPE="O">GENERAL SERVICES ADMINISTRATION</AGENCY>
                <AGENCY TYPE="O">NATIONAL AERONAUTICS AND SPACE ADMINISTRATION</AGENCY>
                <DEPDOC>[OMB Control No. 9000-0152; Docket No. 2025-0053; Sequence No. 2]</DEPDOC>
                <SUBJECT>Submission for OMB Review; Service Contracting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Federal Procurement Policy (OFPP), Office of Management and Budget (OMB); Department of Defense (DOD); General Services Administration (GSA); and National Aeronautics and Space Administration (NASA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Under the provisions of the Paperwork Reduction Act, the Regulatory Secretariat Division has submitted to OMB a request to review and approve an extension of a previously approved information collection requirement regarding service contracting.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on or before June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for this information collection should be sent within 30 days of publication of this notice to 
                        <PRTPAGE P="22295"/>
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        <E T="03">FARPolicy@gsa.gov</E>
                         or call 202-969-4075.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">A. OMB Control Number, Title, and Any Associated Form(s): </HD>
                <P>9000-0152, Service Contracting.</P>
                <HD SOURCE="HD1">B. Need and Uses</HD>
                <P>This clearance covers the information that offerors must submit to comply with the FAR requirements at FAR 52.237-10, Identification of Uncompensated Overtime. This provision requires offerors, when professional or technical services are acquired on the basis of the number of hours to be provided, to identify uncompensated overtime hours in excess of 40 hours per week, whether at the prime or subcontract level. This includes uncompensated overtime hours that are in indirect cost pools for personnel whose regular hours are normally charged direct.</P>
                <P>The contracting officer will use the collected information to perform an adequate cost realism analysis of the offerors' proposed labor rates. Proposals which include unrealistically low labor rates, or which do not otherwise demonstrate cost realism, will be considered by the contracting officer in a risk assessment and evaluated appropriately. The primary purpose for obtaining the information and using it during the source selection process is to discourage the use of uncompensated overtime.</P>
                <HD SOURCE="HD1">C. Annual Burden</HD>
                <P>
                    <E T="03">Respondents:</E>
                     20,076.
                </P>
                <P>
                    <E T="03">Total Annual Responses:</E>
                     20,076.
                </P>
                <P>
                    <E T="03">Total Burden Hours:</E>
                     10,038.
                </P>
                <HD SOURCE="HD1">D. Public Comment</HD>
                <P>
                    A 60-day notice was published in the 
                    <E T="04">Federal Register</E>
                     at 90 FR 11974, on March 13, 2025. A comment was received; however, it did not change the estimate of the burden.
                </P>
                <P>
                    <E T="03">Comment:</E>
                     This collection is in need of changes to improve efforts to avoid duplication of personnel service hours charged and possible overcharge of hours worked that are not part of the original agreement. This would be a significant cost savings measure for the Government.
                </P>
                <P>
                    <E T="03">Response:</E>
                     The respondents' input is appreciated. Any changes to the collection will require rulemaking. The solicitation provision at FAR 52.237-10 requires offerors to identify uncompensated overtime hours in excess of 40 hours per week in their offers. The contracting officer will use the collected information to perform an adequate cost realism analysis of the offerors' proposed labor rates.
                </P>
                <P>
                    <E T="03">Obtaining Copies:</E>
                     Requesters may obtain a copy of the information collection documents from the GSA Regulatory Secretariat Division by calling 202-501-4755 or emailing 
                    <E T="03">GSARegSec@gsa.gov.</E>
                     Please cite OMB Control No. 9000-0152, Service Contracting.
                </P>
                <SIG>
                    <NAME>Janet Fry,</NAME>
                    <TITLE>Director, Federal Acquisition Policy Division, Office of Governmentwide Acquisition Policy, Office of Acquisition Policy, Office of Governmentwide Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09467 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-EP-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review; Electronic Document Exchange (Office of Management and Budget #: 0970-0435)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Child Support Enforcement, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Child Support Enforcement (OCSE), Administration for Children and Families (ACF), is requesting the Office of Management and Budget (OMB) to approve the Electronic Document Exchange (EDE), with minor revisions, for an additional three years. State child support agencies (CSAs) use the EDE to improve case processing. The current OMB approval expires on June 30, 2025.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     The EDE provides a centralized, secure system for authorized users in state CSAs to electronically exchange child support and spousal support case information with other state child support agencies. EDE benefits state CSAs by reducing delays, costs, and barriers associated with interstate case processing. It increases state collections, improves document security, standardizes data sharing, increases state participation, and improves case processing, resulting in better overall child and spousal support outcomes. OCSE made minor updates to the Portal screens to enhance functionality.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     State CSAs
                </P>
                <GPOTABLE COLS="5" OPTS="L2,i1" CDEF="s50,12C,12C,12C,12C">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Annual 
                            <LI>number of </LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Annual 
                            <LI>number of </LI>
                            <LI>responses per respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average 
                            <LI>burden hours </LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual 
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">EDE Screens</ENT>
                        <ENT>49</ENT>
                        <ENT>7,383</ENT>
                        <ENT>0.017</ENT>
                        <ENT>6,150</ENT>
                    </ROW>
                </GPOTABLE>
                <PRTPAGE P="22296"/>
                <P>
                    <E T="03">Authority:</E>
                     42 U.S.C. 652(a)(7); 42 U.S.C. 666(c)(1); and 45 CFR 303.7(a)(5).
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09379 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-41-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review; State Self-Assessment Review and Report (Office of Management and Budget No.: 0970-0223)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Child Support Enforcement, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Administration for Children and Families (ACF), Office of Child Support Enforcement (OCSE), is requesting the Office of Management and Budget (OMB) to approve an extension of the State Self-Assessment Review and Report (SARR) for an additional three years. The information collected in the reports helps state child support agencies and OCSE determine whether the agencies meet federal child support performance requirements. The contact information has been revised. The current OMB approval expires May 31, 2025.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due within 30 days of publication.</E>
                         OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     State child support agencies are statutorily required to annually assess the performance of their child support programs and to provide a report of the findings to the Secretary of the U.S. Department of Health and Human Services. The information collected in the SARR is used as a management tool to determine whether states are complying with federal mandates and to help states evaluate their programs and assess performances. A related notice inviting public comment, which published September 4, 2024, (89 FR 71905) referenced edits to change OCSE to the Office of Child Support Services. This change is no longer relevant and has not been incorporated in the final version for OMB review. The contact information was updated with current information.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     States and territories administering a child support program under title IV-D of the Social Security Act.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,i1" CDEF="s50,12C,12C,13C,12C">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Total number
                            <LI>of annual</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Total number
                            <LI>of annual</LI>
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average annual
                            <LI>burden hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">SARR Reporting Format and Instructions</ENT>
                        <ENT>54</ENT>
                        <ENT>1</ENT>
                        <ENT>8</ENT>
                        <ENT>432</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     42 U.S.C. 654(15)(A); 45 CFR 308.1(e).
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09368 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-41-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review: Unaccompanied Alien Children Bureau Assessments for Children and Sponsors (Office of Management and Budget #0970-NEW)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Refugee Resettlement; Administration for Children and Families; U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Refugee Resettlement (ORR), Administration for Children and Families (ACF), U.S. Department of Health and Human Services, requests approval from the Office of Management and Budget (OMB) and invites public comments on the proposed information collection, including proposed changes. The request consists of several forms that will allow the Unaccompanied Alien Children Bureau (UAC Bureau) to continue conducting statutorily mandated assessments of unaccompanied alien children (UAC—also referred to as “child” or “children”) in ORR care and custody as well as their sponsors. These assessments allow ORR to understand the status and needs of the child and their potential sponsor; assessment findings inform all decisions concerning the child's care while in ORR custody and eventual reunification with a sponsor.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. The Office of Management and Budget (OMB) is required to decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     ORR has undertaken a reorganization of its information collections to promote operational efficiency. The reorganization will result in more collections that contain fewer forms under a single OMB number. This request is to create a new 
                    <PRTPAGE P="22297"/>
                    information collection that contains forms associated with the provision of critical assessments to UAC and their sponsors. This information collection will contain seven revised forms transferred from one existing information collection and two new forms. The forms and the information collections under which they are currently approved are as follows:
                </P>
                <P>
                    • 
                    <E T="03">Services Provided to Unaccompanied Alien Children (OMB #0970-0553)</E>
                </P>
                <FP SOURCE="FP-1">○ Sponsor Assessment (Form S-5)</FP>
                <FP SOURCE="FP-1">○ Adult Contact Profile (Form S-7)</FP>
                <FP SOURCE="FP-1">○ Initial Intakes Assessment (Form S-8)</FP>
                <FP SOURCE="FP-1">○ Assessment for Risk (Form S-9)</FP>
                <FP SOURCE="FP-1">○ UAC Assessment (Form S-11)</FP>
                <FP SOURCE="FP-1">○ UAC Case Review (Form S-12)</FP>
                <FP SOURCE="FP-1">○ Individual Service Plan (Form S-13)</FP>
                <P>
                    • 
                    <E T="03">Newly Developed Category 4 Initiative Forms:</E>
                </P>
                <FP SOURCE="FP-1">○ Permanency Planning Portfolio (Form #—TBD)</FP>
                <FP SOURCE="FP-1">○ Family Finding Mobility Mapping Practice Guide (Form #—TBD)</FP>
                <P>These forms are completed by care provider Case Managers and Clinicians at care provider facilities, and exclusively for the Sponsor Assessment (Form S-5), by Unification Specialists operating remotely. These forms assess the suitability of potential sponsors applying to reunify with a child; capture critical historical, biographic and medical data for children upon admission to the UAC Bureau care provider; assess the child for sexual abuse history and risk of abusive behavior towards others; review and update prior assessment data over time; and collaboratively identify potential sponsors for children without a viable sponsor (referred to as “Category 4” cases) utilizing child-friendly interactive techniques and extensive kinship network mapping. These forms are documentary in nature and a critical component of the child's case file.</P>
                <P>In addition to grouping forms related to Assessments together in this information collection, ORR is proposing the following revisions:</P>
                <P>
                    ○ 
                    <E T="03">Global Changes across all currently approved forms:</E>
                </P>
                <P> Replace “Minor” with “Child”; replace “UC” or “Unaccompanied Child” with “UAC” or “Unaccompanied Alien Child” wherever they appear in conformance with terminology originating in the Homeland Security Act of 2002.</P>
                <P>
                     Replace “Gender” with “Sex”; “male” and “female” as the only menu options in conformance with Executive Order (E.O.) 14168 (
                    <E T="03">Defending Women From Gender Ideology Extremism and Restoring Biological Truth to the Federal Government</E>
                    )
                </P>
                <P> Replace “Primary” language with “Preferred”.</P>
                <P> Simplify certain fields that capture both date and time to only capture the date when hour and minute of completion or certification is immaterial.</P>
                <P> Include Physical Location of the Child field in the UAC Basic Information section across all forms to conform with changes concurrently proposed in the Services Provided to Unaccompanied Alien Children Information Collection (OMB #0970-0553).</P>
                <P> Minor terminology edits to conform with UACB style guide standards as established in the UC Program Foundational Rule (45 CFR 410) as well as to improve clarity and consistency with other form titles and/or fields.</P>
                <P> Add translator or interpreter certification to assessments requiring input directly from a child or sponsor, as relevant.</P>
                <P>
                    • 
                    <E T="03">Sponsor Assessment (Form S-5):</E>
                     Currently, there are two approved versions of this form-one for UAC Portal and one for the UC Path system, which was never implemented. ORR plans to discontinue the UC Path version of this form, which was never deployed, and make the following revisions to the UAC Portal version.
                </P>
                <P>○ Add new Current Sponsor Status field to the Sponsor Assessment to provide a high-level progress status for each assessment to inform concurrent planning efforts to identify alternative sponsors and Case Review (Form S-12).</P>
                <P>○ Add Date Sponsor Identified to Adult Contact Profile section to improve data tracking for program performance evaluation.</P>
                <P>○ Revise Proof of Identity Document Type options to conform with updated UAC Policy Guidance Section 2.2.4—Required Documents for Submission with the Application for Release, issued March 7th, 2025.</P>
                <P>○ Revise Proof of Address Document Type options conform with updated UAC Policy Guidance Section 2.2.4—Required Documents for Submission with the Application for Release, issued March 7th, 2025.</P>
                <P>○ Revise Proof of Address verification question “Dated within 2 months?” to “Dated within 30 days?”.</P>
                <P>○ Revise Proof of Relationship Document Type options to conform with updated UAC Policy Guidance Section 2.2.4—Required Documents for Submission with the Application for Release, issued March 7th, 2025.</P>
                <P>○ Add “Comment” field for Case Managers to document other proof of relationship submitted for Category 3 cases to reliably and sufficiently establish a bona-fide social relationship with the child and/or family in country of origin.</P>
                <P>○ Revise Proof of Identity Document Type for Household Members to conform with updated UAC Policy Guidance Section 2.2.4—Required Documents for Submission with the Application for Release, issued March 7th, 2025.</P>
                <P>○ Revise “Proof of Income” field under Employment section to a dropdown menu with the following options:</P>
                <P> Previous Year's U.S. Tax Return;</P>
                <P> Paystubs covering last 60 days continuous;</P>
                <P> Original letter from employer on company letterhead verifying sponsor's employment and salary, dated within &lt;60 days;</P>
                <P> ORR Affidavit of support;</P>
                <P> Bank statements;</P>
                <P> Public Assistance Records—TANF;</P>
                <P> Public Assistance Records—SSI;</P>
                <P> Public Assistance Records—Cash Assistance;</P>
                <P> Public Assistance Records—Other entitlement Program;</P>
                <P> Records of interest or income earned from assets or investments.</P>
                <P>○ Revise Proof of Identity Document Type options for Alternate Caregiver to conform with updated UAC Policy Guidance Section 2.2.4—Required Documents for Submission with the Application for Release, issued March 7th, 2025</P>
                <P>
                    ○ Revise “Substance Abuse Disclosed by Sponsor” under Criminal History and Background Checks Self Disclosure section to read “Legal issues related to drug or alcohol use (
                    <E T="03">e.g.,</E>
                     D.U.I., D.W.I., Possession, Manufacture. Distribution of controlled substances)” to better capture data concerning the sponsor's risk profile
                </P>
                <P>○ Add several questions to the “Care Plan” section of the form to document the sponsor's awareness and ability to care for the child's healthcare needs</P>
                <P>
                    ○ In response to public comment, add the following questions to the “Care Plan” section to document the actions ORR has taken to uphold its obligations under the 
                    <E T="03">Lucas R.</E>
                     Settlement Agreement:
                </P>
                <P> Affirmative efforts to support children with identified disabilities and their sponsors with referral to appropriate community-based services;</P>
                <P> Affirmative efforts to educate the potential sponsor on the child's specific disability-related needs;</P>
                <P>
                     Document any reasonable accommodation or modifications made to the sponsorship process to facilitate the safe release of a child to a sponsor with an identified disability.
                    <PRTPAGE P="22298"/>
                </P>
                <P>○ Add functionality to add multiple adult caregivers to the “Care Plan” section of the form and identify one as the current or primary caregiver</P>
                <P>○ Add a sponsor-child debt attestation question to the “Trafficking” and “Fraud” section of the form to document the sponsor's understanding and intent to comply with ORR policy prohibiting the sponsor from seeking or collecting any financial renumeration from the child or their family or encouraging the child to work counter to child labor laws or without a legal permit.</P>
                <P>○ Rename “Summary Case Manager Assessment Tab” to “Sponsor Assessment Summary Tab” to reflect inclusion of the Unification Specialist role and emphasize that the summary step before certification of the form.</P>
                <P>○ Add Unification Specialist role, contact information, and recommendation fields to the Summary Sponsor Assessment section.</P>
                <P>
                    ○ Add the following fields in response to public comment to document the actions ORR has taken to uphold its obligations under the 
                    <E T="03">Lucas R.</E>
                     Settlement Agreement:
                </P>
                <P> Under Unification Specialist Assessment, add a field to affirmatively document how the sponsor suitability recommendation considers the assistance ORR must provide to potential sponsors of children with disabilities.</P>
                <P> Under the Case Manager Assessment, modify the assessment instructions to specifically direct the Case Manager to document their evaluation of the benefits of placing the child with this sponsor in the sponsor's community setting.</P>
                <P> Under the Case Manager Assessment, add the following fields:</P>
                <P>• “Do you have any outstanding concerns related to the child's disability? (Yes/No/Not Applicable).</P>
                <P>• If you answered Yes, describe the steps ORR will take to help the sponsor better understand the child's needs related to the child's disability, the post-release services ORR will assist the sponsor in coordinating, and whether these efforts will enable the child's safe release.</P>
                <P>• If you answered “Yes”, describe whether ORR has taken all actions contemplated by the transition plan in the child's 504 Service Plan.</P>
                <P>○ Add an open text field that is triggered by conditional logic when the assessment is completed outside of the five-calendar day deadline, prompting the respondent to indicate a reason for the delay.</P>
                <P>○ Adjust the burden estimate to account for a decrease in the number of children placed in ORR care reflect that the form is completed by four different groups of respondents, and to reflect a slight increase in the overall number of fields the respondents will need to complete. The annual number of Case Manager respondents increased from 216 to 300. The annual number of Unification Specialists is estimated to be approximately 680, the annual number of Interpreter respondents is estimated to be 300, and the number of sponsors expected to participate in the assessment is expected to increase from 57,195 to 68,900. The annual number of responses per respondent changed as follows: The number of responses per sponsor remains unchanged at 1, the number of responses per Case Manager is expected to decrease from 265 to 230, the number of responses per Unification Specialist is estimated to be 101, and the number of responses per Interpreter is estimated to be 230. The average burden hours per response remains unchanged at 1 hour, reflecting few substantive changes described above.</P>
                <P>
                    • 
                    <E T="03">Adult Contact Profile (Form S-7):</E>
                     The Adult Contact Profile was developed for the UC Path case management system which was never implemented; the Adult Contact Profile is currently approved under the Services Provided to Unaccompanied Alien Children information collection (OMB # 0970-0553) is being renewed with one substantive change. ORR plans to incorporate the adult contact profile with all UC Path features into the UAC Portal case management system at a future date, which will allow ORR to establish unique UAC Portal profiles for non-sponsor adults, such as household members, relatives in home country, and designated alternate caregivers. This will facilitate improved data tracking and flagging across cases should these individuals later apply to sponsor a child.
                </P>
                <P>○ Remove the “Legal Status” question from the form as irrelevant and immaterial to facilitating better data tracking across cases.</P>
                <P>
                    • 
                    <E T="03">Initial Assessment (Form S-8):</E>
                     Currently, there are two approved versions of this form-one for UAC Portal, ORR's online case management system, and one for the UC Path system, a proposed replacement for the UAC Portal which was never implemented. ORR plans to discontinue the UC Path version of this form, which was never deployed, and make the following revisions to the UAC Portal version.
                </P>
                <P>○ Clarify instructions to the respondent mandating the assessment to be completed within 24 hours of admission to the care provider program.</P>
                <P>○ Introduce questions related to languages spoken, fluency, and comprehension to document the child's understanding of the assessment questions.</P>
                <P>○ Add a field to the “Family Information” section to indicate if a relative might be a potential sponsor.</P>
                <P>○ Rephrase sensitive questions pertaining to mental health concerns using more specific and child-friendly terms and eliminating redundant questions.</P>
                <P>○ Adjust the burden estimate to account for a projected increase in the number of children placed in ORR care since the form's last renewal and reflect that the form is completed by three different potential respondents with input from the child. The annual number of Case Manager respondents is expected to increase from 216 to 300, the annual number of Clinician respondents is estimated to be 300, the annual number of Interpreter respondents is estimated to be 300, and the number of children projected to be referred in FY 2025 is expected to increase from 60,048 to 65,000. The annual number of responses per respondent changed as follows: The number of responses per child remains unchanged at 1, the number of responses per Case Manager is expected to decrease from 265 to108, the number of responses per Clinician is estimated to be 108, and the number of responses per Interpreter is estimated to be 217. The average burden hours per response remains unchanged at .33 hours, reflecting the minimal substantive changes described above.</P>
                <P>
                    • 
                    <E T="03">Assessment for Risk (Form S-9):</E>
                     Currently, there are two approved versions of this form: one for UAC Portal, ORR's online case management system, and one for the UC Path system, a proposed replacement for UAC Portal which was never implemented. ORR plans to discontinue the UC Path version of this form, which was never deployed, and make the following revisions to the UAC Portal version.
                </P>
                <P>○ Clarify terminology concerning the purpose of the assessment in the instructions to the respondent.</P>
                <P>○ Revise question text in the following ways:</P>
                <P> Include more specific and child-friendly terminology concerning sensitive topics related to sexual activity and sexual abuse history.</P>
                <P> Incorporate “suspected or diagnosed” terminology to questions pertaining to disabilities.</P>
                <P>
                     Add citation to the authorizing statute: ORR Standards to Prevent, Detect, and Respond to Sexual Abuse and Sexual Harassment Involving 
                    <PRTPAGE P="22299"/>
                    Unaccompanied Children (45 CFR 411.41-42).
                </P>
                <P>○ Add fields to document the following:</P>
                <P> If the child would like to be referred to a mental health counselor or clinician to discuss their past sexual activity and/or sexual abuse history.</P>
                <P> If the child or caretaker in home country report any issues with the child's ability to carry out tasks of daily living that may affect the child's housing assignment while in ORR care.</P>
                <P> The creation of an individual 504 plan under the “Actions Taken” question of the “Housing,” “Other Service Assignments,” and “Follow-Up” Section.</P>
                <P>○ Remove question text specific to sexual orientation gender identity labels and replace with open-ended questions to elicit more discussion regarding sexual victimization risk factors identified in ORR regulation (45 CFR 411.41).</P>
                <P>○ Adjust the burden estimate to account for a projected decrease in the number of children placed in ORR care since the form's last renewal and reflect that the form is completed by three different potential respondents with input from the child. The annual number of Case Manager respondents is expected to increase from 216 to 300 the annual number of Clinician respondents is estimated to be 300, the annual number of Interpreter respondents is estimated to be 300, and the number of children projected to be referred in FY 2025 is expected to decrease from 120,096 to 65,000. The annual number of responses per respondent changed as follows: The number of responses per child remains unchanged at 1, the number of responses per Case Manager is expected to decrease from 556 to 108, the number of responses per Clinician is estimated to be 108, and the number of responses per Interpreter is estimated to be 217. The average burden hours per response remains unchanged at .75 hours, reflecting the minimal substantive changes described above.</P>
                <P>
                    • 
                    <E T="03">UAC Assessment (Form S-11):</E>
                     ORR currently maintains two approved versions of this form under the Services Provided to Unaccompanied Alien Children information collection (OMB #0970-0553), one version for the UAC Portal case management system currently in use, and a second version developed for the UC Path system which was never implemented. ORR plans to discontinue the UC Path version of the UAC Assessment, which was never deployed, renewing only the UAC Portal version with the changes described below:
                </P>
                <P>○ Add the following fields to the “Journey and Apprehension” section:</P>
                <P> What neighbors or other people were important in your daily life in Country of Origin (COO)?</P>
                <P> Did someone you know come to the U.S. before you and tell you about opportunities?</P>
                <P> Did you meet any adults along the journey with whom you built a trusting relationship? If yes, what are their names and where are they now?</P>
                <P> Who are some trusted adults that the child knows at their intended destination?</P>
                <P> As a sub-question to “Have you been to the U.S. before?”—Ask: “if yes, with whom did you live?”</P>
                <P>○ Under the “Family/Significant Relationships” section, add:</P>
                <P> Name, address, contact, and relationship of parent or legal guardian fields.</P>
                <P> Field to capture current address/residence of other family remaining in country of origin.</P>
                <P> Fields to capture contact info and indicate sponsorship potential of identified friends and/or family residing in the U.S.</P>
                <P> A field to document any family members who previously lived in the U.S., their dates of residence and if they maintain contact with any former U.S.-based contacts.</P>
                <P>○ Revise Medical Assessment questions to capture more specific health status and health concern data as follows:</P>
                <P> Adding fields related to current health status, allergies, diet, mobility, and the child's need for assistance with daily activities.</P>
                <P> Add field to capture if the child has any health concerns they would like to discuss with a health care provider.</P>
                <P> Add fields to capture data concerning any medication the child arrived with, their prescribed dosing interval and last dose administered.</P>
                <P>○ Add the following question to the Education section: “Have you ever been diagnosed with a learning disability (dyslexia, dysgraphia, auditory processing disorder, etc.)? (Yes/No) If yes, specify”.</P>
                <P>○ Update terminology concerning the ORR mandated Legal Screening to read “Confidential Legal Consultation”, as required by the Unaccompanied Children Program Foundational Rule (45 CFR 410.1309(a)(2)(v)).</P>
                <P>○ Revise the Mental Health section of the form as follows:</P>
                <P> Add “Future Oriented” option to “Thought Process” field.</P>
                <P> Revise terminology throughout and split compound questions into simpler, distinct questions to improve child-friendliness of the assessment and the specificity of their responses.</P>
                <P> Add question concerning the use of inhalants to the “Substance Use History” sub-section.</P>
                <P>○ Revise the Criminal History section, adding questions to document gang affiliation history with the following fields to correspond with CBP referral data:</P>
                <P> Known Gang Affiliation? (Yes/No/Unknown/Suspect);</P>
                <P> Name of Gang: (Open Text Field);</P>
                <P> Gang Affiliation Summary: (Open Text Field);</P>
                <P> Determined by: (Self-admission of child/Gang Tattoos/Gang Affiliation Summary).</P>
                <P>○ Revise the “Trafficking” section, adding questions to document contacts with others that the child made during their journey to the U.S. and capture their contact information.</P>
                <P>○ Add explanatory text to the Americans with Disabilities Act of 1990, 42 U.S.C. 12102(1) citation under the “Trafficking Victims Protection Reauthorization Act (TVPRA)” section and the subsequent question documenting disability concerns that require further evaluation.</P>
                <P>○ Add document upload field to “Additional Information” section to link the child's journey mapping file to the UAC Assessment.</P>
                <P>○ Adjust the burden estimate to account for a projected decrease in the number of children placed in ORR care since the form's last renewal and reflect that the form is completed by three different potential respondents with input from the child. The annual number of Case Manager respondents is expected to increase from 216 to 300, the annual number of Clinician respondents is estimated to be 300, the annual number of Interpreter respondents is estimated to be 300, and the number of children projected to be referred in FY 2025 is expected to decrease from 120,096 to 65,000. The annual number of responses per respondent changed as follows: The number of responses per child remains unchanged at 1, the number of responses per Case Manager is expected to decrease from 556 to 108, the number of responses per Clinician is estimated to be 108, and the number of responses per Interpreter is estimated to be 217. The average burden hours per response is expected to increase from 2.0 to 2.25 hours, reflecting the addition of new fields described above.</P>
                <P>
                    • 
                    <E T="03">UAC Case Review (Form S-12):</E>
                     Currently, there are two approved versions of this form-one for UAC Portal and one for the UC Path system, which was never implemented. ORR 
                    <PRTPAGE P="22300"/>
                    plans to discontinue the UC Path version of this form, which was never deployed, and make the following revisions to the UAC Portal version.
                </P>
                <P>○ Revise the Medical Section with the following:</P>
                <P> Remove the following fields:</P>
                <P>• “List any allergies”;</P>
                <P>• “Do you feel unwell”;</P>
                <P>• “If yes, what are your symptoms?”;</P>
                <P>• “Additional medical information”;</P>
                <P>• Entire Medical History Checklist as redundant to information captured in the UAC Portal Health Tab;</P>
                <P>• Entire Medication History subsection as redundant to information captured in the UAC Portal Health Tab.</P>
                <P> Add the following fields:</P>
                <P>• “Does the child have any health concerns (medical, mental health, dental) that have not been evaluated by a healthcare professional? If yes, specify:”</P>
                <P>• “Does the child have any health-related travel restrictions? If yes, specify:”</P>
                <P>• “Provide a short summary of the child's medical and/or psychological functioning:”</P>
                <P>• “If the child is ready for discharge, does the child have any health problems, including dental and mental health, that requires follow-up after release from ORR care? If yes, specify:”</P>
                <P>• “Describe follow-up care plan:”</P>
                <P>○ Replace “Legal Screening” with “Confidential Legal Consultation” consistent with the UAC Program Foundational Rule (45 CFR 410.1309(a)(2)(v)).</P>
                <P>○ Add “Criminal History and Gang Affiliation” section with the following sub-fields to capture updates from the UAC Assessment:</P>
                <P> New Known Gang Affiliation? (Yes/No/Unknown/Suspect);</P>
                <P> Name of Gang: (Open Text Field);</P>
                <P> Gang Affiliation Summary: (Open Text Field);</P>
                <P> Determined by: (Self-admission of child/Gang Tattoos/Gang Affiliation Summary).</P>
                <P>○ Remove all fields from the “Mental Health” section to avoid duplication under the “Medical” section and remove “Axis” evaluation terminology which no longer conforms to standard psychiatric practice as specified in the 5th edition of the Diagnostic and Statistical Manual (DSM-V).</P>
                <P>○ Revise the TVPRA section as follows:</P>
                <P> Mirror changes to the TVPRA section as pertaining to the addition of explanatory text for the 42 U.S.C. 12102(1) and related fields.</P>
                <P> Add fields to document the recommended level of post release services and type of home study.</P>
                <P>○ Revise the Recommendation section to include a concurrent planning subsection capturing the following:</P>
                <P> If the case is undergoing concurrent planning;</P>
                <P> Name, contact info, sponsor category, and status of additional potential sponsors.</P>
                <P>○ Revise Care plan section as follows:</P>
                <P> Add fields to capture and distinguish Unification Specialist, Clinician, and Case Manager comments.</P>
                <P> Remove Legal comments as field duplicates information collected in Legal section.</P>
                <P>○ Adjust the burden estimate to account for a projected decrease in the number of children placed in ORR care since the form's last renewal and reflect that the form is completed by three different potential respondents. The annual number of Case Manager respondents is expected to increase from 216 to 300, the annual number of Clinician respondents is estimated to be 300 the annual number of Unification Specialist respondents is estimated to be 300, and the number of children projected to be referred in FY2025 is expected to decrease from 120,096 to 65,000. The annual number of responses per respondent changed as follows: The number of responses per Case Manager is expected to decrease from 556 to 217, the number of responses per Clinician is estimated to be 217, and the number of responses per Unification Specialist is estimated to be 96. The average burden hours per response is expected to decrease from 2.0 to .5 hours, reflecting the removal of numerous fields described above.</P>
                <P>
                    • 
                    <E T="03">Individual Service Plan (Form S-13):</E>
                     Two versions of this form are approved under the Services Provided to Unaccompanied Alien Children information collection (OMB #0970-0553); one associated with the UAC Portal case management system, and another designed for the UC Path system which was never implemented. ORR plans to discontinue the UC Path version of this form, which was never deployed, and incorporate features from the UC Path version into UAC Portal with this transfer. ORR has made the following modifications to the form:
                </P>
                <P>○ Add a field to the Data Entry—Admission Assessment Individual Service Plan to identify if the child has a 504 Service Plan to document any services or accommodations needed due to their disability status.</P>
                <P>○ Add the following auto-populated and system generated fields to the UAC Portal Individual Service Plan display window:</P>
                <P> Assessment Status;</P>
                <P> Does the child have a 504 Service Plan?;</P>
                <P> Submitted Date.</P>
                <P>○ Remove certain fields native to the UC Path system which do not have a corresponding feature or function in the UAC Portal:</P>
                <P> Under New Admission Assessment Section:</P>
                <P>• Assessment ID;</P>
                <P>• Admission.</P>
                <P> Under New Service Mandatory Section:</P>
                <P>• Contract Number (SYSTEM GENERATED);</P>
                <P>• Individual Service Plan (SYSTEM GENERATED);</P>
                <P>• Entity Name (AUTO-POPULATE).</P>
                <P> Under Document Upload Tab Section:</P>
                <P>• Verified by Government Agency/Consulate;</P>
                <P>• Entity;</P>
                <P>• Individual;</P>
                <P>• Adult Contact Relationship.</P>
                <P> Under Certification by Case Manager Section:</P>
                <P>• Legacy ID (SYSTEM GENERATED).</P>
                <P>○ Revise the Legal Orientation task from “Legal Screening” to “Confidential Legal Consultation” to conform with terminology presented in the Unaccompanied Children Program Foundational Rule (45 CFR 410.1309(a)(2)(v)).</P>
                <P>○ Replace “Contract” with “Service” where it appears on the form.</P>
                <P>○ Display content entered in the New Contract “Notes” field to each internet Service Provider Service.</P>
                <P>○ Adjust the burden estimate to account for a projected decrease in the number of children placed in ORR care since the form's last renewal and reflect that the form is completed by three different potential respondents with input from the child. The annual number of Case Manager respondents is expected to increase from 216 to 300, the annual number of Clinician respondents is estimated to be 300, the annual number of Interpreter respondents is estimated to be 300, and the number of children projected to be referred in FY 2025 is expected to decrease from 120,096 to 65,000. The annual number of responses per respondent changed as follows: The number of responses per Case Manager is expected to decrease from 694 to 108, the number of responses per Clinician is estimated to be 108, and the number of responses per Translator is estimated to be 217. The average burden hours per response remains unchanged at .33 hours reflecting the minimal substantive changes described above.</P>
                <P>
                    • 
                    <E T="03">Category 4 Reunification Case Review and Staffing (Form TBD-#):</E>
                     This 
                    <PRTPAGE P="22301"/>
                    is a new form created by ORR to support sponsor identification and outreach for children designated “Category 4” or without a viable sponsor. The form is completed by the care provider case manager, and in complex cases, by the care provider clinician in response to the child's Mobility Map, also submitted for approval under this information collection. The contents of the form, once complete, are shared with a concurrent planning team comprised of the care provider Case Manager, Supervising Case Manager, Clinician, Case Coordinator, and Federal Field Specialist at a staffing meeting to discuss findings and develop an action plan to identify a qualified sponsor for the child. The burden estimate for this form is as follows:
                </P>
                <P>○ ORR estimates, based on historic averages that approximately 23,400 children or 36 percent of cases referred to ORR care and custody in FY 2025 will be designated “Category 4” at some point during their length of care. The number of case managers completing the form is estimated to be 300 annually, the number of clinicians completing the form is estimated to be 300 annually. The average number of responses per respondent is estimated to be approximately 98 per case manager and approximately 49 per clinician as clinicians will only complete the form if the case is deemed “complex” due to extended length of stay, medically fragile status of the child, trafficking, abuse, or neglect history concerns, or other extenuating circumstances that may make reunification with a vetted sponsor more difficult. The average burden hour per response associated with this form is estimated to be 1.88 hours for standard, non-complex cases involving only the child's case manager and 2.5 hours for complex cases requiring the involvement of a clinician.</P>
                <P>
                    • 
                    <E T="03">Family Finding and Mobility Mapping (Form TBD):</E>
                     This form is an instructional guide for use by care provider case managers and clinicians to facilitate the creation of a “Mobility Map” by a Category 4 child. The mobility map is a visual representation of the child's life in their home country and their journey to the U.S., which is intended to identify parents, legal guardians, extended family members, family friends, kinship networks, and other potential sponsor leads as well as identify potential sponsor fraud and parental rights violations. The Mobility Map is created by the child in response to child-friendly questions and facilitative techniques deployed by a care provider case manager, and potentially a clinician if the child's case is complex. The Family Finding and Mobility Mapping Guide provides instructions to care provider staff to engage the child safely and effectively in this Participatory Learning and Action process. The burden estimate for the Mobility Map is as follows:
                </P>
                <P>○ ORR estimates, based on historic averages that approximately 23,400 children or 36 percent of cases referred to ORR care and custody in FY2025 will be designated “Category 4” at some point during their length of care. The number of children completing the form is estimated to be approximately 35,247, the number of case managers completing the form is estimated to be approximately 300, and the number of clinicians completing the form is estimated to be approximately 300. The average number of responses per respondent is estimated to be approximately 1.5 per child, approximately 117 per case manager and approximately 59 per clinician as clinicians will only participate in the Mobility Mapping process if the case is deemed “complex” due to extended length of stay, medically fragile status of the child, trafficking, abuse, or neglect history concerns, or other extenuating circumstances that may make reunification with a vetted sponsor more difficult. The average burden hour per response associated with this form is estimated to be 1.5 hours for the each of the respondents, including the child, case manager, and clinician.</P>
                <P>
                    <E T="03">Respondents:</E>
                     ORR grantee and contractor staff, unaccompanied alien children, and their sponsors.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,nj,i1" CDEF="s50,12,12,12,12">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Form</CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden</LI>
                            <LI>hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">Annual total burden hours</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Sponsor Assessment (Form S-5)—Sponsor</ENT>
                        <ENT>68,900</ENT>
                        <ENT>1.0</ENT>
                        <ENT>1.00</ENT>
                        <ENT>68,900</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Sponsor Assessment (Form S-5) Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>230.0</ENT>
                        <ENT>1.00</ENT>
                        <ENT>69,000</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Sponsor Assessment (Form S-5) Unification Specialist</ENT>
                        <ENT>680</ENT>
                        <ENT>101.0</ENT>
                        <ENT>1.00</ENT>
                        <ENT>68,680</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Sponsor Assessment (Form S-5)—Interpreter</ENT>
                        <ENT>300</ENT>
                        <ENT>230.0</ENT>
                        <ENT>1.00</ENT>
                        <ENT>69,000</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Adult Contact Profile (Form S-7)—Unification Specialist</ENT>
                        <ENT>680</ENT>
                        <ENT>96.0</ENT>
                        <ENT>0.75</ENT>
                        <ENT>48,960</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Initial Assessment (Form S-8)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>10,692.0</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Initial Assessment (Form S-8)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>10,692</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Initial Assessment (Form S-8)—Child</ENT>
                        <ENT>65,000</ENT>
                        <ENT>1.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>21,450</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Initial Assessment (Form S-8)—Interpreter</ENT>
                        <ENT>300</ENT>
                        <ENT>217.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>21,483</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Assessment for Risk (Form S-9)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>0.75</ENT>
                        <ENT>24,300</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Assessment for Risk (Form S-9)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>0.75</ENT>
                        <ENT>24,300</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Assessment for Risk (Form S-9)—Child</ENT>
                        <ENT>65,000</ENT>
                        <ENT>1.0</ENT>
                        <ENT>0.75</ENT>
                        <ENT>48,750</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Assessment for Risk (Form S-9)—Interpreter</ENT>
                        <ENT>300</ENT>
                        <ENT>217.0</ENT>
                        <ENT>0.75</ENT>
                        <ENT>48,825</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Assessment (Form S-11)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>2.25</ENT>
                        <ENT>72,900</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Assessment (Form S-11)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>2.25</ENT>
                        <ENT>72,900</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Assessment (Form S-11)—Child</ENT>
                        <ENT>65,000</ENT>
                        <ENT>1.0</ENT>
                        <ENT>2.25</ENT>
                        <ENT>146,250</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Assessment (Form S-11)—Interpreter</ENT>
                        <ENT>300</ENT>
                        <ENT>217.0</ENT>
                        <ENT>2.25</ENT>
                        <ENT>146,475</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Case Review (Form S-12)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>217.0</ENT>
                        <ENT>0.50</ENT>
                        <ENT>32,550</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Case Review (Form S-12)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>217.0</ENT>
                        <ENT>0.50</ENT>
                        <ENT>32,550</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">UAC Case Review (Form S-12)—Unification Specialist</ENT>
                        <ENT>680</ENT>
                        <ENT>96.0</ENT>
                        <ENT>0.50</ENT>
                        <ENT>32,640</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Individual Service Plan (Form S-13)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>10,692</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Individual Service Plan (Form S-13)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>108.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>10,692</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Individual Service Plan (Form S-13)—Interpreter</ENT>
                        <ENT>300</ENT>
                        <ENT>217.0</ENT>
                        <ENT>0.33</ENT>
                        <ENT>21,483</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Category 4 Reunification Case Review and Staffing (Form TBD-#)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>98.0</ENT>
                        <ENT>1.88</ENT>
                        <ENT>55,125</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Category 4 Reunification Case Review and Staffing (Form TBD-#)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>49.0</ENT>
                        <ENT>2.50</ENT>
                        <ENT>36,750</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22302"/>
                        <ENT I="01">Family Finding and Mobility Mapping (Form TBD-#)—Child</ENT>
                        <ENT>23,400</ENT>
                        <ENT>2.0</ENT>
                        <ENT>1.50</ENT>
                        <ENT>70,200</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Family Finding and Mobility Mapping (Form TBD-#)—Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>117.0</ENT>
                        <ENT>1.50</ENT>
                        <ENT>52,650</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Family Finding and Mobility Mapping (Form TBD-#)—Clinician</ENT>
                        <ENT>300</ENT>
                        <ENT>59.0</ENT>
                        <ENT>1.50</ENT>
                        <ENT>26,550</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Estimated Annual Burden Hours Total</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT/>
                        <ENT>1,355,439</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     6 U.S.C. 279; 8 U.S.C. 1232.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09370 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-45-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review; Prevention Services Data Collection (Office of Management and Budget #0970-0529)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Children's Bureau, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Administration for Children and Families (ACF), Children's Bureau is requesting a 3-year extension of the Prevention Services Data Collection (Office of Management and Budget (OMB) #0970-0529, expiration May 31, 2025). There are no changes requested to the data collection.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     Section 471(e)(4)(E) of the Social Security Act (the Act) (42 U.S.C. 671), as amended by Public Law 115-123, requires State and Tribal child welfare agencies to collect and report to ACF information on children receiving prevention and family services and programs. Title IV-E Agencies must report the following on a bi-annual basis:
                </P>
                <P>• The specific services or programs provided;</P>
                <P>• The total expenditures for each of the services or programs provided;</P>
                <P>• The duration of the services or programs provided; and</P>
                <P>• If the child was identified in a prevention plan as a candidate for foster care:</P>
                <P>○ The child's placement status at the beginning, and at the end, of the 12-month period that begins on the date the child was identified as a candidate for foster care in a prevention plan; and</P>
                <P>○ Whether the child entered foster care during the initial 12-month period and during the subsequent 12-month period.</P>
                <P>To date, approximately 83 percent of the Title IV-E Agencies have chosen to provide these prevention services.</P>
                <P>The data collected will continue to inform Federal policy decisions, program management, and responses to Congressional and Departmental inquiries. Specifically, the data will provide information about the use and availability of prevention services to children to prevent the need for foster care placement. The data contains personally identifiable information (date of birth and race/ethnicity).</P>
                <P>
                    <E T="03">Respondents:</E>
                     Title IV-E Agencies.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,i1" CDEF="s50,12C,12C,12C,12C">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Prevention Services Data Collection</ENT>
                        <ENT>53</ENT>
                        <ENT>2</ENT>
                        <ENT>31</ENT>
                        <ENT>3,286</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     Section 471(e)(4)(E) of the Act (42 U.S.C. 671), as amended by Public Law 115-123.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09371 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="22303"/>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <DEPDOC>[Office of Management and Budget #: 0970-0611]</DEPDOC>
                <SUBJECT>Submission for Office of Management and Budget Review; Proposed Information Collection Activity; Tribal Maternal, Infant, and Early Childhood Home Visiting Program: Implementation Plan Guidance and Community Needs and Readiness Assessment Guidance</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Early Childhood Development, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Administration for Children and Families (ACF), Office of Early Childhood Development (ECD) is requesting revisions to the Tribal Maternal, Infant, and Early Childhood Home Visiting (MIECHV) Program: Implementation Plan Guidance and Community Needs and Readiness Assessment (CNRA) Guidance (Office of Management and Budget (OMB) #: 0970-0611; expiration June 30, 2026) and a 3-year extension of approval.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     Section 511(e)(8)(A) of Title V of the Social Security Act requires that grantees under the MIECHV program conduct a needs assessment. Section 511(d) requires that grantees collect and report on quantifiable, measurable 3- and 5-year benchmarks for demonstrating that the program results in improvements for the eligible families participating in the program across six benchmark areas, and section 511(d)(3) requires that grantees use the majority of funds to implement evidence-based home visiting models. Section 511(h)(2)(A) further states that the requirements for the MIECHV grants to tribes, tribal organizations, and urban Indian organizations (
                    <E T="03">i.e.,</E>
                     Tribal MIECHV grants) are to be consistent, to the greatest extent practicable, with the requirements for grantees under the MIECHV program for states and jurisdictions. ACF/ECD, in collaboration with the Health Resources and Services Administration Maternal and Child Health Bureau, awarded grants for the Tribal MIECHV Program to support cooperative agreements to conduct a (CNRA); plan for and implement high-quality, culturally-relevant, evidence-based home visiting programs in at-risk tribal communities; establish, measure, and report on progress toward meeting performance measures in the six legislatively-mandated benchmark areas; and participate in research and evaluation activities to build the knowledge base on home visiting among Native populations.
                </P>
                <P>During the first grant year, per the Notice of Funding Opportunity for these awards, Tribal Home Visiting grantees must comply with the requirement to conduct a CNRA and must also submit an implementation plan that should outline planned activities to be carried out under the program in years 2-5 of their cooperative agreements (including the evidence-based model to be implemented and the plan for collecting and reporting on benchmarks data). To assist grantees with meeting these requirements, ACF created a CNRA and implementation guidance for grantees to use when writing their plans. The CNRA Guidance and Implementation Plan Guidance specifies that grant recipients must provide a plan to address the following areas:</P>
                <FP SOURCE="FP-1">• CNRA</FP>
                <FP SOURCE="FP-1">• Program Design</FP>
                <FP SOURCE="FP-1">• Program Blueprint</FP>
                <FP SOURCE="FP-1">• Plan for Data Collection, Management, and Performance Measurement</FP>
                <FP SOURCE="FP-1">• Plan for Using Data for Quality Assurance, Fidelity Monitoring, and Program Improvement</FP>
                <P>
                    <E T="03">Respondents:</E>
                     Tribal Home Visiting Managers (information collection does not include direct interaction with individuals or families that receive the services).
                </P>
                <GPOTABLE COLS="5" OPTS="L2,i1" CDEF="s50,12,12,12,12">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Total 
                            <LI>number of </LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Total 
                            <LI>number of </LI>
                            <LI>responses per </LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average 
                            <LI>burden hours </LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Total 
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Tribal MIECHV Implementation Plan Guidance</ENT>
                        <ENT>27</ENT>
                        <ENT>1</ENT>
                        <ENT>450</ENT>
                        <ENT>12,150</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Tribal MIECHV CNRA</ENT>
                        <ENT>27</ENT>
                        <ENT>1</ENT>
                        <ENT>450</ENT>
                        <ENT>12,150</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Estimated Total Annual Burden Hours:</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT/>
                        <ENT>24,300</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     Title V of the Social Security Act, Sections 511(e)(8)(A) &amp; 511(h)(2)(A).
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09437 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4182-07-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="22304"/>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget (OMB) Review; National Youth in Transition Database (NYTD) Services and Youth Outcomes Survey (OMB #0970-0340)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Children's Bureau, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Administration for Children and Families (ACF) is requesting a three-year extension of the National Youth in Transition Database (NYTD) Services and Youth Outcomes Survey (OMB#: 0970-0340, expiration date 05/31/2025). There are no changes requested to the form.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must make a decision about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     The Foster Care Independence Act of 1999, Public Law 106-169 (42 U.S.C. 1305 
                    <E T="03">et seq.</E>
                    ), requires State child welfare agencies to collect and report to ACF data on the characteristics of youth receiving independent living services and information regarding their outcomes. The regulation implementing the National Youth in Transition Database, listed in 45 CFR 1356.80, contains standard data collection and reporting requirements for States to meet the law's requirements. Additionally, the Family First Prevention Services Act of 2017, Public Law 115-123 (42 U.S.C. 677(e)) further outlines the expectation of the collection and reporting of data and outcomes regarding youth who are in receipt of independent living services. ACF will continue to use the information collected under the regulation to track independent living services, assess the collective outcomes of youth, and potentially to evaluate State performance with regard to those outcomes consistent with the law's mandate.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     State agencies that administer the Chafee Foster Care Program for Successful Transition to Adulthood (Chafee program) report on the young people who are served by the program and who complete the youth outcomes survey.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,i1" CDEF="s50,12,12,12,12">
                    <TTITLE>Annual Burden Estimates for 2025</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Total
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                            <LI>(annually)</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annualized
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">State Data File</ENT>
                        <ENT>52</ENT>
                        <ENT>2</ENT>
                        <ENT>1,317</ENT>
                        <ENT>136,968</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Youth Outcomes Survey</ENT>
                        <ENT>9,300</ENT>
                        <ENT>1</ENT>
                        <ENT>0.5</ENT>
                        <ENT>4,650</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     141,618.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     NYTD is authorized by Public Law 106-169, enacted December 14, 1999. This public law establishes the John H. Chafee Foster Care Independence Program (CFCIP) now known as Chafee Foster Care Program for Successful Transition to Adulthood (Chafee program) at section 477 of the Social Security Act (the Act). NYTD data are collected pursuant to 45 CFR 1356.80.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09367 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <DEPDOC>[OMB #: 0970-0547]</DEPDOC>
                <SUBJECT>Submission for Office of Management and Budget Review; Unaccompanied Alien Children Bureau Administrative Activities</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Refugee Resettlement, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Refugee Resettlement (ORR), Administration for Children and Families (ACF), U.S. Department of Health and Human Services (HHS) is inviting public comment on revisions to an approved information collection, Office of Management and Budget (OMB) #0970-0547. The request consists of several forms that allow ORR to perform Unaccompanied Alien Children Bureau (UACB)-related administrative activities, such as facilitating stakeholder visits to care provider facilities; obtaining consent from children to share their case file information; and processing requests and waivers for the hiring of key and non-key personnel at care provider facilities.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <PRTPAGE P="22305"/>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     This request is to remove six forms, which will be transferred into a new information collection, and revise five existing forms in this collection. ORR also proposes retitling this information collection from “Administration and Oversight for the Unaccompanied Children Program” to “Unaccompanied Alien Children Bureau Administrative Activities” to better describe the types of forms in the information collection and to reflect with a recent name change for the program.
                </P>
                <HD SOURCE="HD1">Forms Being Removed and Transferred Into a New Information Collection</HD>
                <P>ORR UACB is in the process of reorganizing its information collections to create more unique information collections that will contain fewer forms under each OMB control number. This will promote operational efficiency for UACB by decreasing the burden associated with renewing large collections and enabling UACB to create more purpose-specific information collections. In addition, this will facilitate OMB review by ensuring the scope of the collection is targeted and narrower than existing collections, resulting in clearer requests.</P>
                <P>As part of that reorganization effort, ORR plans to move the Notification of Concern (Form A-7) into a new information collection titled “Home Study and Post-Release Services for Unaccompanied Alien Children.”</P>
                <P>ORR also plans to move the following forms into a new information collection titled “Incident Reporting for the Unaccompanied Alien Children Bureau.” This request and the request for the new Incident Reporting information collection will be submitted to OMB concurrently.</P>
                <FP SOURCE="FP-1">• Child-Level Event (Form A-9A)</FP>
                <FP SOURCE="FP-1">• Emergency Significant Incident Report (Form A-9B)</FP>
                <FP SOURCE="FP-1">• Significant Incident Report (Form A-9C)</FP>
                <FP SOURCE="FP-1">• Historical Disclosure (Form A-9D)</FP>
                <FP SOURCE="FP-1">• Behavioral Note (Form A-9E)</FP>
                <FP SOURCE="FP-1">• Program-Level Event Report (Form A-10)</FP>
                <HD SOURCE="HD1">Revisions to Existing Forms</HD>
                <P>ORR plans to make the following revisions to existing forms in this information collection:</P>
                <HD SOURCE="HD2">• Authorization for Release of Records (Form A-5)</HD>
                <P>○ Change “UC” and “unaccompanied child” to “UAC” and “unaccompanied alien child” throughout the form.</P>
                <P>○ Revise the burden estimate to account for an increase in the number records requests submitted and more accurately reflect how long it takes to complete the form. The annual number of respondents increased from 4,000 to 9,620 and the average burden hours per response increased from 0.25 to 0.5.</P>
                <HD SOURCE="HD2">• Notice to Unaccompanied Alien Children for Class Counsel Visits (Forms A-4)</HD>
                <P>○ Expand the scope of the form so it may be used for visits from any class counsel, not just Flores counsel.</P>
                <P>○ Change the title of the form from “Notice to UC for Flores Counsel Visits” to “Notice to Unaccompanied Alien Children for Class Counsel Visits”.</P>
                <P>○ Change “UC” and “unaccompanied child” to “UAC” and “unaccompanied alien child” throughout the form.</P>
                <P>○ Add a field for “Settlement Agreement” with dropdown options for active settlement agreements.</P>
                <P>○ Update the language describing what the settlement generally requires of the government so that there is language that corresponds with each option in the “Settlement Agreement” dropdown field.</P>
                <HD SOURCE="HD2">• Care Provider Facility Tour Request (Form A-1A)</HD>
                <P>○ Retitle the form from “Care Provider Facility Tour Request” to “Care Provider Facility Tour and Visit Request” to better represent the purpose of the form. In addition to tours, the form may also be used to request visits (requests to come onsite that do not involve a formal tour of the facility).</P>
                <P>○ Change “UC” and “unaccompanied child” to “UAC” and “unaccompanied alien child” throughout the form.</P>
                <P>○ Update the words “tour” or “visit” to read “tour or visit” wherever they appear by themselves in the form (as applicable).</P>
                <P>○ Reword parts of the introductory text at the top of the form and instructions throughout the form for clarity.</P>
                <P>○ Add “including HHS, ACF, ORR employees, and ORR contractors” in parentheses after the “Federal Agency” option for the “Type of Visitor” field to clarify which federal agencies must complete the form.</P>
                <P>○ Revise the burden estimate to account for an increase in the number of requests submitted and more accurately reflect how long it takes to complete the form. The annual number of respondents increased from 200 to 620 and the average burden hours per response increased from 0.17 to 0.33.</P>
                <HD SOURCE="HD2">• Key Personnel Minimum Qualifications Checklist and Attestation (Form A-14)</HD>
                <P>○ Change “UC” and “unaccompanied child” to “UAC” and “unaccompanied alien child” throughout the form.</P>
                <P>○ Revise the introductory text to the form to remove repetition and improve readability.</P>
                <P>○ Revise Section D: Candidate Minimum Qualifications to:</P>
                <P> Reorganize how the minimum qualifications for each position are displayed to make it easier for the respondent to understand the requirements.</P>
                <P> Change the “Candidate does not meet minimum qualification” checkbox into a question that asks “Does the candidate meet the minimum qualification?” with yes/no options so that the respondent may more clearly communicate whether the candidate meets minimum qualifications.</P>
                <P> Update the qualifications for each position and add two new positions (Background Check Specialist and Lead Medical Coordinator) to reflect revisions that are under consideration for ORR's residential services cooperative agreement.</P>
                <P>○ Revise the burden estimate to account for an increase in the number of care provider facilities, a decrease in the number of forms submitted, and more accurately reflect how long it takes to complete the form. The annual number of respondents increased from 235 to 300, the annual number of responses per respondent decreased from 9 to 6, and the average burden hours per response increased from 0.17 to 0.42.</P>
                <HD SOURCE="HD2">• ORR Waiver Request (Form A-15)</HD>
                <P>○ Change “UC” and “unaccompanied child” to “UAC” and “unaccompanied alien child” throughout the form.</P>
                <P>○ Add a burden statement at the top of the form.</P>
                <P>○ Break the form into several sections to make it more digestible for respondents.</P>
                <P>○ Rephrase several field labels for clarity and succinctness.</P>
                <P>○ Add a field for the respondent to specify whether they are a care provider facility or a home study or post-release service provider.</P>
                <P>○ Change the “Type of Facility/Provider” field label to “Level of Care” and update the related checkbox options to better reflect care provider facility levels of care.</P>
                <P>○ Add a place where respondents can upload a supervision or training plan when applicable for their request.</P>
                <P>
                    ○ Revise the burden estimate to account for an increase in the number 
                    <PRTPAGE P="22306"/>
                    of care provider facilities. The annual number of respondents increased from 235 to 300.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     ORR grantee and contractor staff; advocacy groups, faith-based organizations, researchers, and government officials; attorneys, legal service providers, child advocates, and government agencies; and other stakeholders.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,nj,i1" CDEF="s100,11,13,9,9">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Form</CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden</LI>
                            <LI>hours per</LI>
                            <LI>response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>total</LI>
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Care Provider Facility Tour Request (Form A-1A)</ENT>
                        <ENT>620</ENT>
                        <ENT>1</ENT>
                        <ENT>0.33</ENT>
                        <ENT>205</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Notice to Unaccompanied Alien Children for Flores Visits (Form A-4)</ENT>
                        <ENT>20</ENT>
                        <ENT>1</ENT>
                        <ENT>0.25</ENT>
                        <ENT>5</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Authorization for Release of Records (Form A-5)</ENT>
                        <ENT>9,620</ENT>
                        <ENT>1</ENT>
                        <ENT>0.50</ENT>
                        <ENT>4,810</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Key Personnel Minimum Qualifications Checklist and Attestation (Form A-14)</ENT>
                        <ENT>300</ENT>
                        <ENT>6</ENT>
                        <ENT>0.42</ENT>
                        <ENT>756</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">ORR Waiver Request (Form A-15)</ENT>
                        <ENT>300</ENT>
                        <ENT>2</ENT>
                        <ENT>0.33</ENT>
                        <ENT>198</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Estimated Annual Burden Hours Total:</E>
                     5,974.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     6 U.S.C. 279; 8 U.S.C. 1232; 45 CFR part 410; 
                    <E T="03">Flores</E>
                     v. 
                    <E T="03">Reno</E>
                     Settlement Agreement, No. CV85-4544-RJK (C.D. Cal. 1996)
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09374 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-45-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review; Federal Tax Refund Offset, Administrative Offset, and Passport Denial</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Child Support Enforcement, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Child Support Enforcement (OCSE), Administration for Children and Families (ACF), is requesting the Office of Management and Budget (OMB) to approve the Federal Tax Refund Offset, Administrative Offset, and Passport Denial for an additional three years, with minor updates incorporated. The current OMB approval expires on June 30, 2025.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     The Federal Tax Refund Offset and Administrative Offset programs collect past-due child and spousal support by intercepting certain federal payments, including federal tax refunds, of parents who have been ordered to pay support and are delinquent. The Federal Offset Program is a cooperative effort among the Department of the Treasury's Bureau of the Fiscal Service, OCSE, and state child support agencies (CSAs). The Passport Denial Program reports noncustodial parents who owe child and spousal support above a specified threshold to the U.S. Department of State, which will then deny passports to these individuals. State CSAs routinely submit the names, Social Security numbers, and the amount(s) of past-due child and spousal support of noncustodial parents who are delinquent in making payments to OCSE. The processing screens underwent minor formatting enhancements and OCSE removed the option to select gender.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Child Support Agencies.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,nj,i1" CDEF="s100,11,13,9,9">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Information collection instrument</CHED>
                        <CHED H="1">
                            Number of
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>annual</LI>
                            <LI>burden</LI>
                            <LI>hours per</LI>
                            <LI>response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Input Record Specifications</ENT>
                        <ENT>54</ENT>
                        <ENT>52</ENT>
                        <ENT>.3</ENT>
                        <ENT>842.4</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Output Record Specifications</ENT>
                        <ENT>54</ENT>
                        <ENT>52</ENT>
                        <ENT>.46</ENT>
                        <ENT>1,291.68</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Payment File (Charts 4-5)</ENT>
                        <ENT>54</ENT>
                        <ENT>52</ENT>
                        <ENT>.14</ENT>
                        <ENT>393.12</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Annual Certification Letter</ENT>
                        <ENT>54</ENT>
                        <ENT>1</ENT>
                        <ENT>.4</ENT>
                        <ENT>21.6</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Child Support Portal Processing Screens</ENT>
                        <ENT>173</ENT>
                        <ENT>281</ENT>
                        <ENT>.01</ENT>
                        <ENT>486.13</ENT>
                    </ROW>
                </GPOTABLE>
                <PRTPAGE P="22307"/>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     3,034.93.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     42 U.S.C. 652(b); 42 U.S.C. 664; 26 U.S.C. 6402(c); 31 CFR 285.3; 45 CFR 302.60; 45 CFR 303.72; 31 U.S.C. 3701 
                    <E T="03">et seq.;</E>
                     31 U.S.C. 3716(h); 31 CFR 285.1; 42 U.S.C. 652(k); 42 U.S.C. 654(31); 22 CFR 51.60; 42 U.S.C. 654(31); 42 U.S.C. 664; 31 CFR 285.1; and 31 CFR 285.3.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09378 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-41-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <DEPDOC>[OMB #: 0970-0NEW]</DEPDOC>
                <SUBJECT>Submission for Office of Management and Budget Review; Unaccompanied Alien Children Bureau Incident Reporting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Refugee Resettlement, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Refugee Resettlement (ORR), Administration for Children and Families (ACF), U.S. Department of Health and Human Services, is inviting public comments on the proposed information collection, including proposed changes. The request consists of several forms that will allow the Unaccompanied Alien Children Bureau (UAC Bureau) to ensure that serious issues are elevated to ORR and that all incidents and the response to such incidents are documented and resolved in a way that protects the interests of children.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. The Office of Management and Budget (OMB) must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     ORR UAC Bureau is in the process of reorganizing its information collections to create more unique information collections that will contain fewer forms under each OMB control number. This will promote operational efficiency for UAC Bureau by decreasing the burden associated with renewing large collections and enabling UAC Bureau to create more purpose-specific information collections. In addition, this will facilitate OMB review by ensuring the scope of the collection is targeted and narrower than existing collections, resulting in clearer requests. As part of that reorganization effort, ORR plans to move the following forms that are currently approved under OMB #0970-0547 into this new information collection:
                </P>
                <FP SOURCE="FP-1">• Child-Level Event (Form A-9A)</FP>
                <FP SOURCE="FP-1">• Emergency Significant Incident Report (eSIR) (Form A-9B)</FP>
                <FP SOURCE="FP-1">• Non-Emergency Significant Incident Report (non-eSIR) (Form A-9C)</FP>
                <FP SOURCE="FP-1">• Historical Disclosure (Form A-9D)</FP>
                <FP SOURCE="FP-1">• Behavioral Note (Form A-9E)</FP>
                <FP SOURCE="FP-1">• Program-Level Event (PLE) Report (Form A-10)</FP>
                <P>
                    In addition, ORR plans to revise the forms as follows to better align the forms with related reporting requirements and processes found in ORR agency guidance (
                    <E T="03">i.e.,</E>
                     regulations, policies, and procedures), as well as improve the forms' organization, clarity, and functionality:
                </P>
                <HD SOURCE="HD1">Child-Level Event (Form A-9A)</HD>
                <P>• Adjust the dropdown options for the “Location of Event” field to remove duplication and improve accuracy by:</P>
                <P>○ Removing “Group Home” and “Foster Home”;</P>
                <P>○ Rewording “Community (field trip or outside the foster home)” to “Community”;</P>
                <P>○ Rewording “U.S. Interior, not DHS or ORR custody” to “U.S. Interior (before entering DHS or ORR custody)”;</P>
                <P>• Adjust the dropdown options for “Specify Location” for accuracy by:</P>
                <P>○ Rewording options to clarify when they are referring to locations inside the care provider facility;</P>
                <P>○ Adding an option for “Individual Foster Home”;</P>
                <P>○ Adding the following options to select from if “Community” is selected in the “Location of Event” field:</P>
                <P> Hospital or other healthcare facility;</P>
                <P> School;</P>
                <P> Field Trip;</P>
                <P> Other.</P>
                <P>• Add the following fields:</P>
                <P>○ Level of Care;</P>
                <P>○ Specify Out-of-Network Facility;</P>
                <P>○ Specify Out-of-Network Level of Care.</P>
                <P>• Reword the Date/Time Event Reported to Care Provider fields as follows since provider staff may have directly witnessed the event, as opposed to having it reported to them by a third-party:</P>
                <P>○ Date Care Provider Became Aware of Event;</P>
                <P>○ Time Care Provider Became Aware of Event.</P>
                <HD SOURCE="HD1">Emergency Significant Incident Report (Form A-9B)</HD>
                <P>• Reword the subcategory “Molestation (penetration or touching unrelated to official job duties of a child's buttocks, breasts, or anal, oral, or genital area by a body part or object” to “Molestation (intentional penetration or touching unrelated to official job duties of a child's genitalia, anus, groin, breast, inner thigh, buttocks, or mouth by a body part or object, including kissing, with intent to abuse, arouse, or gratify sexual desire)” for added clarity.</P>
                <P>• Remove the option of “UC and UC consensual” from the “Type of Allegation” dropdown field to align with the related regulation.</P>
                <HD SOURCE="HD1">Non-Emergency Significant Incident Report (Form A-9C)</HD>
                <P>• Add “Gang affiliation reported” to the “External Threats to UAC” category.</P>
                <P>• For the “Staff Code of Conduct &amp; Boundary Violation” category:</P>
                <P>○ Reworded the subcategory “Failing to report any knowledge, suspicion, or information about sexual abuse, sexual harassment, or inappropriate sexual behavior” to “Failing to report any knowledge, suspicion, or information about sexual abuse, sexual harassment, inappropriate sexual behavior, or any other form of abuse/neglect” to clarify that other forms of abuse/neglect are also reportable.</P>
                <P>○ Added the following subcategories to better align with ORR agency guidance:</P>
                <P> Failing to report a code of conduct violation;</P>
                <P> Engaging in sexual contact with anyone while on duty or while acting in the official capacity of their position;</P>
                <P> Threatening a child with incident reporting or behavioral notes to regulate their behavior or for any other reason;</P>
                <P>
                     Threatening a child with legal, immigration, sponsor unification, or asylum case consequences to regulate their behavior or for any other reason.
                    <PRTPAGE P="22308"/>
                </P>
                <HD SOURCE="HD1">Historical Disclosure (Form A-9D)</HD>
                <P>• Reword the “Abuse Neglect in DHS Custody” category to “Violation of Civil Rights/Liberties in DHS Custody” and replace the current subcategories with the following options to better reflect the types of reportable incidents:</P>
                <P>○ Conditions of detention;</P>
                <P>○ Disability accommodation;</P>
                <P>○ Excessive force or inappropriate use of force;</P>
                <P>○ Fourth Amendment (confiscation of documents/property);</P>
                <P>○ Intimidation, threat, or improper coercion;</P>
                <P>○ Legal access/Due Process rights;</P>
                <P>○ Undocumented separation from parent/legal guardian;</P>
                <P>○ Undocumented separation from minor sibling;</P>
                <P>○ Medical/mental health care;</P>
                <P>○ Privacy Violation;</P>
                <P>○ Religious Accommodation;</P>
                <P>○ Retaliation;</P>
                <P>○ Restraints or isolation;</P>
                <P>○ Sexual abuse, sexual harassment, or inappropriate sexual behavior;</P>
                <P>○ Previous enrollment in Department of Homeland Security (DHS) Migrant Protection Protocols program.</P>
                <P>• Add a “Notifications” section to document notifications made to parties other than ORR.</P>
                <HD SOURCE="HD1">Behavioral Note (Form A-9E)</HD>
                <P>• Change the title of the “Incident Information” section to “Behavior Information” and added the following fields:</P>
                <P>○ Type of Behavior, with the following options:</P>
                <P> Positive behavior, habit, resilience, personal growth, skill-building, or another meritorious action/trait;</P>
                <P> Behavior that merits monitoring in the event a behavioral pattern emerges that requires intervention or support.</P>
                <P>○ Is the behavior part of an established behavioral pattern?</P>
                <P>○ Is intervention or support required?</P>
                <P>• In the Actions Taken section:</P>
                <P>○ Reword “Staff Response and Intervention” to “Staff Response (if applicable)”;</P>
                <P>○ Reword “Follow-up and/or Resolution” to “Potential Consequence(s) of Continued Behavior”;</P>
                <P>○ Reword “Recommendations” to “Staff Intervention or Support”.</P>
                <HD SOURCE="HD1">Program-Level Event Report (Form A-10)</HD>
                <P>• Reword “Program/Facility” to “Specify Program”.</P>
                <P>• Add a field for “Level of Care”.</P>
                <P>• Reword “Synopsis of Event” to “Short Synopsis”.</P>
                <P>• Remove the category for “Other”.</P>
                <P>• Reword the category “Death (non-UC)” to “Death of an Adult or non-UAC Child”.</P>
                <P>• Reword the category “Major Disturbance” to “Threats to Safety” and replace the current subcategories with:</P>
                <P>○ Trespassing/Intruder;</P>
                <P>○ Threats to Children or Staff;</P>
                <P>○ Weapon Found;</P>
                <P>○ Vehicle Accident;</P>
                <P>○ Cyber Breech, Attack, or Threat.</P>
                <P>• Reword the category “Natural Disaster” to “Natural Disaster or Weather Event” and replace the “Other” subcategory with “Storm”.</P>
                <P>• Add the following categories and subcategories:</P>
                <P>○ Facilities Issues, with subcategories for:</P>
                <P> Environmental</P>
                <P> Mechanical Malfunction</P>
                <P> Imminent Risk to Safety</P>
                <P> Maintenance</P>
                <P> Staffing Shortage</P>
                <P>○ Video Monitoring Disruption;</P>
                <P>○ Infectious Disease/Health and Safety Incident;</P>
                <P>○ Power Outage/Disruption of Utilities (External);</P>
                <P>○ Staff, Contractor, or Stakeholder Criminal Activity:</P>
                <P> Fraud</P>
                <P> Extortion</P>
                <P> Smuggling</P>
                <P> Trafficking</P>
                <P> Other Criminal Activity</P>
                <P>○ Incident Involving Unidentified Child, with subcategories for:</P>
                <P> Code of Conduct Violation</P>
                <P> Safety or Abuse/Neglect Concern</P>
                <P>○ Code of Conduct Violation Not Involving a Child, with subcategories for:</P>
                <P> Failing to disclose staff misconduct witnessed on or off duty</P>
                <P> Failing to self-disclose misconduct occurring on or off duty</P>
                <P>○ Unauthorized Photography, Video, or Surveillance;</P>
                <P>○ Media Requests/External Questions;</P>
                <P>○ IT Disruption/internet Outage;</P>
                <P>○ Records Issues, with subcategories for:</P>
                <P> Damaged Records</P>
                <P> Unauthorized Destruction of Records</P>
                <P> Lost Records</P>
                <P>• Remove the following fields from the Incident Information section:</P>
                <P>○ Location of Incident (and specify);</P>
                <P>○ Was the UAC or Anyone Else Injured? (If Yes, SIR must be created) (and specify);</P>
                <P>○ Internal Investigation?</P>
                <P>○ Results/Findings of Investigation.</P>
                <P>• Reword the following fields from the Incident Information section:</P>
                <P>○ “Description of Incident” to “Describe the event and explain the effect on the program's operations.”</P>
                <P>○ “Was the UAC or Anyone Else Evacuated?” to “Were or are children being evacuated?”</P>
                <P>○ “Staff Response and Intervention” to “Describe actions taken to mitigate the impact on children in care”.</P>
                <P>• Reword the field “Follow-up and/or Resolution” to “Updates, Follow-up, and/or Resolution” and move it into a new “Addendum” section.</P>
                <P>• Add the following fields from the Incident Information section:</P>
                <P>○ Does the program need immediate guidance or resources?</P>
                <P>○ Was or is the facility locked down or sheltered in place?</P>
                <P>○ Has or will the program's ability to provide healthcare services be affected?</P>
                <P>○ Does the program have adequate resources to provide care for children for duration of the event?</P>
                <P>○ Did or will the event affect the program's bed capacity?</P>
                <P>○ Specify Effect on Bed Capacity, with options for:</P>
                <P> Beds need to come offline;</P>
                <P> Unable to receive additional children;</P>
                <P> Children need to be transferred to another program.</P>
                <P>• Add new areas to document reporting to and the outcome of investigations conducted by the following parties:</P>
                <P>○ Child Protective Services;</P>
                <P>○ Office of the Inspector General (OIG);</P>
                <P>○ Department of Homeland Security (DHS);</P>
                <P>○ Office on Trafficking in Persons.</P>
                <HD SOURCE="HD1">Revisions Applied to Multiple Forms</HD>
                <P>• Change “UC” and “unaccompanied child” to “UAC” and “unaccompanied alien child” [all forms].</P>
                <P>• Update the fields in the “UAC Basic Information” section as follows to align with how information is currently displayed [Child-Level Event, eSIR, non-eSIR, Historical Disclosure, and Behavioral Note]:</P>
                <P>○ Remove the following fields:</P>
                <P> LOC</P>
                <P> Age</P>
                <P> Current Location</P>
                <P>○ Add system-generated “Portal ID” field;</P>
                <P>○ Reword fields as follows:</P>
                <P> “A No.” to “A#”</P>
                <P> “Child's Country of Birth” to “Country of Birth”</P>
                <P> “LOS” to “Length of Stay”</P>
                <P>○ Reorganized the order in which the fields appear.</P>
                <P>
                    • Change the field label for “Gender” to “Sex” and auto-populate the field with either Male or Female [Child-Level Event, eSIR, non-eSIR, Historical Disclosure, and Behavioral Note].
                    <PRTPAGE P="22309"/>
                </P>
                <P>• Add a field for “Physical Location of the Child” in the “UAC Basic Information Section” [Child-Level Event, eSIR, non-eSIR, Historical Disclosure, and Behavioral Note].</P>
                <P>• Add the following fields to track the status of each incident report [eSIR, non-eSIR, Historical Disclosure, Behavioral Note, and PLE Report]:</P>
                <P>○ Report Status;</P>
                <P>○ Date Report Opened;</P>
                <P>○ Date Report Closed.</P>
                <P>• Add a field for “Did someone other than this child initially reported the incident?” with a corresponding table to list individuals that includes the following columns [eSIR, non-eSIR, Historical Disclosure, Behavioral Note, and PLE Report (phrased as “Who initially reported/observed the behavior?” for Behavioral Notes, and “Who initially reported the incident?” for PLE Reports)]:</P>
                <P>○ Name;</P>
                <P>○ Type;</P>
                <P>○ A#;</P>
                <P>○ Title;</P>
                <P>○ Specify.</P>
                <P>• For the “How was this child involved?” and “Were other unaccompanied children involved” fields [eSIR and non-eSIR]:</P>
                <P>○ Use terms better aligned with child welfare best practices for incidents involving children by rewording “Victim” to “Impacted” and “Perpetrator” to “Exhibiting.”</P>
                <P>○ Allow users to select multiple options since a child may play multiple roles in an incident. This includes situations where the child is both exhibiting problematic behaviors and impacted due to past trauma or victimization.</P>
                <P>• Add a “Disciplinary Action for Staff” column in the table that appears below the “Were staff present or involved in the incident?” field [eSIR and non-eSIR].</P>
                <P>• In the Actions Taken section:</P>
                <P>○ Add the following fields to better track compliance with requirements in ORR agency guidance [eSIR, non-eSIR, and Historical Disclosure]:</P>
                <P> Was or will the child be referred to the local legal service provider for a follow-up legal consultation?</P>
                <P> Was or will the child be referred for appointment of a child advocate?</P>
                <P>○ Add the following fields to better track what healthcare services may be required because of the incident [eSIR, non-eSIR, Historical Disclosure, and Behavioral Note]:</P>
                <P> Was the child hospitalized and/or receive serious medical services? [eSIR only]</P>
                <P> Was or will the child be referred for healthcare services?</P>
                <P> Specify Type(s) of Healthcare Services (with options for Medical, Mental Health/Behavioral, and Dental).</P>
                <P> Describe the healthcare services that were or will be provided.</P>
                <P>○ Replace the “Follow-up Regarding Individuals Involved” field, which is duplicative of other fields in the section, with “Actions Taken for Witnesses” [eSIR and non-eSIR].</P>
                <P>○ Remove the “Recommendations” field where it appears and add an “ORR Recommendations” field to give ORR staff a place to document their recommendations within the form [eSIR, non-eSIR, Historical Disclosure, Behavioral Note, and PLE Report].</P>
                <P>• Add a new “Immediate Phone Call Notifications” section to better track compliance with policy requirements [eSIR and PLE Report].</P>
                <P>• In the Reporting section:</P>
                <P>○ Replace the yes/no radio button options for fields that ask if the incident was investigated with a dropdown field that includes the following options: “Yes,” “No,” “To Be Determined,” “Unknown” [eSIR, non-eSIR, Historical Disclosure, and PLE Report].</P>
                <P>○ Add a “Disposition of Investigation” field for reports made to state licensing, child protective services, and local law enforcement to better track outcomes when the incident is investigated by those parties [eSIR, non-eSIR, Historical Disclosure, and PLE Report].</P>
                <P>○ Add a new area to document reports to and the outcome of investigations conducted by the ORR Division of Child Protection Investigations [eSIR, non-eSIR, Historical Disclosure, and PLE Report].</P>
                <P>○ Add a new area to document when an Incident Review form (currently approved under OMB# 0970-0564) must be completed and a place to upload the completed form [eSIR and non-eSIR].</P>
                <P>• Update the auto-populated information in the “ORR Notifications” table to align with policy and replace the “Email” and “Phone” columns with columns for “Method of Notification” and “Specify” (for when “Other” is selected) [eSIR and PLE Report].</P>
                <P>• Remove the “ORR Notifications” table since notifications are made by ORR's SIR Triage Team, not the care provider [non-eSIR and Historical Disclosure].</P>
                <P>• Update the auto-populated information in the “Other Notifications” table to align with policy and add options for “Messaging app” and “Mail” for the “Method of Notification” field [eSIR and non-eSIR].</P>
                <HD SOURCE="HD1">Revisions to Burden Estimates</HD>
                <P>
                    • 
                    <E T="03">Child-Level Event (Form A-9A):</E>
                     Revise the burden estimate to account for an increase in the number of care provider facilities and to align with the actual number of forms submitted per year. The annual number of respondents increased from 216 to 300 and the annual number of responses per response increased from 160 to 262.
                </P>
                <P>
                    • 
                    <E T="03">Emergency Significant Incident Report (eSIR) (Form A-9B):</E>
                     Revise the burden estimate to account for an increase in the number of care provider facilities and to align with the actual number of forms submitted per year. The annual number of respondents increased from 216 to 300 and the annual number of responses per response decreased from 26 to 10.
                </P>
                <P>
                    • 
                    <E T="03">Non-Emergency Significant Incident Report (non-eSIR) (Form A-9C):</E>
                     Revise the burden estimate to account for an increase in the number of care provider facilities and to align with the actual number of forms submitted per year. The annual number of respondents increased from 216 to 300 and the annual number of responses per response decreased from 261 to 62.
                </P>
                <P>
                    • 
                    <E T="03">Historical Disclosure (Form A-9D):</E>
                     Revise the burden estimate to account for an increase in the number of care provider facilities and to align with the actual number of forms submitted per year. The annual number of respondents increased from 216 to 300 and the annual number of responses per response decreased from 163 to 139.
                </P>
                <P>
                    • 
                    <E T="03">Behavioral Note (Form A-9E):</E>
                     Revise the burden estimate to account for an increase in the number of care provider facilities and to align with the actual number of forms submitted per year. The annual number of respondents increased from 216 to 300 and the annual number of responses per response decreased from 137 to 90.
                </P>
                <P>
                    • 
                    <E T="03">Program-Level Event (PLE) Report (Form A-10):</E>
                     Revise the burden estimate to account for an increase in the number of care provider facilities and to align with the actual number of forms submitted per year. The annual number of respondents increased from 216 to 300 and the annual number of responses per response decreased from 7 to 6.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Care provider programs.
                </P>
                <HD SOURCE="HD2">
                    Annual Burden Estimates
                    <PRTPAGE P="22310"/>
                </HD>
                <GPOTABLE COLS="5" OPTS="L2,nj,i1" CDEF="s50,12,12,12,12">
                    <TTITLE>Estimated Total Annual Burden Hours</TTITLE>
                    <BOXHD>
                        <CHED H="1">Form</CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual total
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Child-Level Event (Form A-9A)</ENT>
                        <ENT>300</ENT>
                        <ENT>262.0</ENT>
                        <ENT>0.17</ENT>
                        <ENT>13,362</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Emergency Significant Incident Report (Form A-9B)</ENT>
                        <ENT>300</ENT>
                        <ENT>10.0</ENT>
                        <ENT>1.50</ENT>
                        <ENT>4,500</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Non-Emergency Significant Incident Report (Form A-9C)</ENT>
                        <ENT>300</ENT>
                        <ENT>62.0</ENT>
                        <ENT>1.50</ENT>
                        <ENT>27,900</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Historical Disclosure (Form A-9D)</ENT>
                        <ENT>300</ENT>
                        <ENT>139.0</ENT>
                        <ENT>1.50</ENT>
                        <ENT>62,550</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Behavioral Note (Form A-9E)</ENT>
                        <ENT>300</ENT>
                        <ENT>90.0</ENT>
                        <ENT>0.50</ENT>
                        <ENT>13,500</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Program Level Event (Form A-10D)</ENT>
                        <ENT>300</ENT>
                        <ENT>6.0</ENT>
                        <ENT>1.00</ENT>
                        <ENT>1,800</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Estimated Annual Burden Hours Total</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT/>
                        <ENT>123,612</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     6 U.S.C. 279; 8 U.S.C. 1232; 45 CFR part 410; 45 CFR part 411; 45 CFR part 412.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09375 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-45-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <DEPDOC>[Office of Management and Budget #: 0970-0320]</DEPDOC>
                <SUBJECT>Submission for Office of Management and Budget Review; OCSE-75 Tribal Child Support Enforcement Annual Data Report</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Child Support Enforcement, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Child Support Enforcement (OCSE), Administration for Children and Families (ACF), U.S. Department of Health and Human Services, is requesting a 3-year extension of the form OCSE-75—Tribal Child Support Enforcement Annual Data Report (Office of Management and Budget (OMB) #0970-0320, expiration May 31, 2025). We are requesting minor changes to this form.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     The data collected by form OCSE-75 are used to prepare the OCSE preliminary and annual data reports. In addition, tribes administering OCSE programs under Title IV-D of the Social Security Act are required to report program status and accomplishments in an annual narrative report as part of the OCSE-75 report and submit it annually. The only changes to this report include updating an email address.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Tribal Child Support Services Organizations or the Department/Agency/Bureau responsible for Child Support Enforcement in each tribe.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,i1" CDEF="s50,12C,12C,12C,12C">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Total
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">OCSE-75</ENT>
                        <ENT>63</ENT>
                        <ENT>1</ENT>
                        <ENT>40</ENT>
                        <ENT>2,520</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     Title IV-D of the Social Security Act as required by CFR 45 309.170(b).
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09369 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-41-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review; ACF-800: Child Care and Development Fund (CCDF) Annual Aggregate Report (Office of Management and Budget #0970-0150)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Child Care, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Office of Child Care (OCC), Administration for Children and Families (ACF) is requesting a 3-year extension of the form ACF-800: CCDF Annual Aggregate Report (Office of Management and Budget (OMB) #0970-0150, expiration March 31, 2025). OCC proposes to delete questions related to COVID-19 supplemental funding that are no longer relevant. OCC had previously proposed additional changes to the form but has dropped those proposals to be responsive to public 
                        <PRTPAGE P="22311"/>
                        comment and limit administrative burden.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         All emailed requests should be identified by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     The ACF-800 provides annual aggregate data on the children and families receiving direct child care services under CCDF and is used by OCC to analyze and evaluate the CCDF program and the extent to which State and Territory Lead Agencies are assisting families in addressing child care needs.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     State and Territory Lead Agencies.
                </P>
                <GPOTABLE COLS="5" OPTS="L2,nj,i1" CDEF="s100,11C,13C,9C,9C">
                    <TTITLE>Annual Burden Estimates</TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">
                            Total
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden</LI>
                            <LI>hours per</LI>
                            <LI>response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual
                            <LI>burden</LI>
                            <LI>hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">ACF-800: CCDF Annual Aggregate Report</ENT>
                        <ENT>56</ENT>
                        <ENT>1</ENT>
                        <ENT>40</ENT>
                        <ENT>2,240</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     The Child Care and Development Block Grant Act (42 U.S.C. 9857 
                    <E T="03">et seq.</E>
                    ); regulations at 45 CFR 98.70 and 98.71.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09377 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-87-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review: Home Study and Post Release Services Provided to Unaccompanied Alien Children (0970-NEW)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Refugee Resettlement; Administration for Children and Families; U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Refugee Resettlement (ORR), Administration for Children and Families (ACF), U.S. Department of Health and Human Services, requests approval from the Office of Management and Budget (OMB) and invites public comments on the proposed information collection, including proposed changes. The request consists of several forms that will allow the Unaccompanied Alien Children (UAC) Bureau to continue providing statutorily mandated and discretionary services to promote safe reunifications between sponsors and unaccompanied alien children (children/child) released from ORR care and custody.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB is required to decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     ORR has undertaken a reorganization of its information collections to promote operational efficiency. The reorganization will result in more collections that contain fewer forms under a single OMB number. This request is to create a new information collection that contains forms associated with the provision of home study and post-release services (HS/PRS) to children and their sponsors. This information collection will contain a total of six revised forms transferred from three existing information collections. The forms and the information collections under which they are currently approved are as follows:
                </P>
                <P>
                    • 
                    <E T="03">Administration and Oversight of the Unaccompanied Alien Children Program (OMB #0970-0547):</E>
                </P>
                <FP SOURCE="FP-1">○ Notification of Concern (Form A-7)</FP>
                <P>
                    • 
                    <E T="03">Services Provided to Unaccompanied Alien Children (OMB #0970-0553):</E>
                </P>
                <FP SOURCE="FP-1">○ Home Study Assessment (Form S-6)</FP>
                <FP SOURCE="FP-1">○ Post-Release Service Referral (Form S-19)</FP>
                <FP SOURCE="FP-1">○ Post-Release Services Report (Form S-22)</FP>
                <FP SOURCE="FP-1">○ Home Study Referral (Form S-26)</FP>
                <P>
                    • 
                    <E T="03">Release of Unaccompanied Alien Children from ORR Custody (OMB #0970-0552):</E>
                </P>
                <FP SOURCE="FP-1">○ Virtual Check-in Questionnaire (Form R-6)</FP>
                <P>These forms are completed by care provider case managers at care provider facilities to initiate the referral process for children and sponsors to receive HS/PRS and to document the outcome of safety and well-being follow-up calls to sponsors and released children; by PRS caseworkers to document the provision of PRS, to capture high-level milestones in the child's case after reunification; and to notify ORR of concerning situations that affect a child's safety and well-being, post-release; by home study caseworkers to document and assess the conditions present in the sponsor's home that may impact the released child's safety and wellbeing. These forms are documentary in nature and a critical component of the child's case file.</P>
                <P>In addition to grouping forms related to HS/PRS together in this information collection, ORR is proposing the following revisions:</P>
                <P>
                    • 
                    <E T="03">Global Changes across all currently approved forms:</E>
                </P>
                <P>
                    ○ Replace “Minor” with “Child”; replace “UC” or “Unaccompanied Child” with “UAC” or “Unaccompanied Alien Child” wherever they appear in conformance with terminology 
                    <PRTPAGE P="22312"/>
                    originating in the Homeland Security Act of 2002.
                </P>
                <P>○ Replace “Gender” with “Sex”; “male” and “female” as the only menu options in conformance with Executive Order (E.O.) 14168 (Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government).</P>
                <P>
                    ○ Remove sponsor categories “2A” and “2B”; Replace with “Category 2” to conform with updates to Unaccompanied Alien Children policy Field Guidance #26—
                    <E T="03">Fingerprint Background Checks and Acceptable Supporting Documentation for a Family Reunification Application</E>
                     which eliminates the past primary caregiver (“2A”) sponsor category distinction.
                </P>
                <P>○ Change all fields that capture both date and time to only capture the date where time of completion is immaterial.</P>
                <P>○ Add Physical Location of the Child field to the Unaccompanied Alien Children Basic Information section which populates across many forms in the Unaccompanied Alien Children Portal case management system.</P>
                <P>
                    • 
                    <E T="03">Notification of Concern (Form A-7):</E>
                </P>
                <P>○ Add fields to document gang affiliation including the sub-fields:</P>
                <P> Gang Affiliation: Child—</P>
                <P>• Child self-admission;</P>
                <P>• Suspected.</P>
                <P> Gang Affiliation: Sponsor—</P>
                <P>• Sponsor self-admission;</P>
                <P>• Suspected.</P>
                <P>○ Adjust the burden estimate to account for a decrease in the number of children placed in ORR care, reflect that the form is completed by three different groups of respondents, and to reflect an increase in the overall number of fields the respondent will need to complete. The annual number of respondents increased from 60 HS/PRS providers to include 60 HS/PRS providers, 300 care provider case managers, and 78 ORR National Call Center (NCC) call specialists. The annual number of responses per respondent decreased from 75 responses per HS/PRS Caseworker to 41, with the average number of responses per care provider case manager increasing from 0 to 8 and the average number of responses per ORR NCC call specialist increasing from 0 to 31. The average burden hours per response increased from 0.25 hours to 0.33 hours to reflect the addition of new fields described above.</P>
                <P>
                    • 
                    <E T="03">Home Study Assessment (Form S-6):</E>
                     ORR currently has two approved version of this form-one in Word and one that was designed for the Unaccompanied Children Path system, which was never implemented. ORR proposes discontinuing the Word version and converting the Unaccompanied Children Path version into a PDF form with the following revisions:
                </P>
                <P>○ Add the following fields to the “Sponsor Identifying Information” section.</P>
                <P> Phone Number;</P>
                <P> Relationship to Child;</P>
                <P> Marital Status.</P>
                <P>○ Reword existing field labels and add the following fields to the “Case Information” section:</P>
                <P> Date Referred for Home Study;</P>
                <P> Current Care Provider Facility Name;</P>
                <P> Care Provider Staff Name;</P>
                <P> Care Provider Staff Phone;</P>
                <P> Care Provider Staff email;</P>
                <P> Supervisor Phone;</P>
                <P> Supervisor email;</P>
                <P> Caseworker Phone;</P>
                <P> Caseworker email;</P>
                <P> Subcontractor Phone;</P>
                <P> Subcontractor email.</P>
                <P>○ Under the “Reason for Referral” section:</P>
                <P> Change the “Referral Type” field from open text to a dropdown with options for “TVPRA,” “Mandated,” and “Discretionary”.</P>
                <P> Change the “Reason for Referral” field from open text to a list of checkbox options that align with reasons a child's case would be referred for a home study per 45 CFR 410.1204.</P>
                <P> Add an open text field for “Additional Information Supporting Referral (if Necessary)”.</P>
                <P> Remove “Concerns to investigate during visit” field.</P>
                <P>○ Under the “Household Members” section:</P>
                <P> Change the “Relationship to Sponsor” and “Relationship to Child” from open text to dropdown fields.</P>
                <P> Add the following fields with “Yes”/“No” dropdown:</P>
                <P>• Age;</P>
                <P>• Present during home study?;</P>
                <P>• Child Abuse/Neglect (CA/N) Check?;</P>
                <P>• Sex Offender Registry Check?;</P>
                <P>• Fingerprinted?</P>
                <P> Remove the following fields:</P>
                <P>• Current Household Member;</P>
                <P>• Record ID;</P>
                <P>• Related HS Assessment;</P>
                <P>• Entry ID.</P>
                <P>○ Remove the following fields from the “Community Resources” section:</P>
                <P> HS Assessment;</P>
                <P> Entry.</P>
                <P>○ Under the “Unaccompanied Alien Child Background” section:</P>
                <P> Expand a single question concerning a child's individualized needs impacting their daily function into six discreet questions pertaining to physical disabilities, developmental disabilities (including intellectual or cognitive disabilities), serious health conditions (including mental health conditions) which may be considered disabilities, current medication regimen, special dietary needs, and the routine use of medical equipment. Each new question includes “Yes/No” radio buttons and an open text field for further elaboration if applicable.</P>
                <P> Add “Does the child have an Individualized Section 504 Plan?” with instructions to summarize if yes, concerning the services or accommodations that will need to be maintained post-release. This question was added in response to comments received during the 60-day public comment period.</P>
                <P> Add a field to document the child's perceived benefits of being released to the sponsor in response to comments received during the 60-day public comment period.</P>
                <P> Change the type of response solicited by a question concerning the child's need for support due to criminal, substance use, and gang affiliation histories from “yes/no” radio buttons to checkboxes for each type of history, and add an open text field for further elaboration, if needed.</P>
                <P>○ Under the “Sponsor Background” section:</P>
                <P> Add the following questions:</P>
                <P>• Does the sponsor have a disability? If yes, describe what reasonable accommodations, if any, are required to facilitate the child's safe release to the sponsor. This addition is the result of a suggestion ORR received during the 60-day public comment period.</P>
                <P>• How does the sponsor manage the concerns reported above?</P>
                <P>• Ask the sponsor to list any local resources they rely on or consider to be an asset to the community (ex: libraries, parks, clinics, church, community center, nonprofit organizations, social/affinity groups, etc.).</P>
                <P>• Follow up: Does the sponsor appear knowledgeable about their community? (Yes/No).</P>
                <P> Reorganize the three checkboxes confirming that the sponsor was provided certain information into five checkboxes.</P>
                <P>○ Under the Information Provided to the Sponsor sub-section, add “For a child with an identified disability: The sponsor was provided information regarding the child's disability-related needs and specific post-release services and supports available in the sponsor's community. This addition is the result of a suggestion ORR received during the 60-day public comment period.</P>
                <P>
                    ○ In the Sponsor's Motivation and Relationship to the Child Section, add 
                    <PRTPAGE P="22313"/>
                    two open text boxes that will allow for further elaboration when the user selects “yes” for one of the following questions:
                </P>
                <P> Does the sponsor have a family support system in the U.S.?</P>
                <P> Was the sponsor aware or involved in the child's plan to migrate to the U.S.?</P>
                <P>○ Under the Sponsor's Parenting Ability section:</P>
                <P> Add the following fields:</P>
                <P>• Is the sponsor aware of state and local laws on supervision of children?</P>
                <P>• If yes, describe the life changes and plans to accommodate the child. (Follow-up to a question concerning expected major life changes for the sponsor) What is the sponsor's understanding of the child's health needs?</P>
                <P>• What is the sponsor's understanding of the child's mental health needs?</P>
                <P> Revise the question “Is the sponsor aware of any special needs, mental health or complex needs of the child” to “Is the sponsor prepared to support the health needs of the child?”</P>
                <P> Under the Legal Services section, replace the abbreviation “LOPC” with “Legal Orientation Program for Custodians presentation.”</P>
                <P> Under the Financial section, add “Does the sponsor understand that they are not authorized to charge the child or their family any fees or be reimbursed for their costs?”</P>
                <P>○ Add the following under the Home and Community Section:</P>
                <P> Which of the following accessible features are present in the sponsor home? (Checkboxes: Exterior ramps, Elevator, Grab bars, Wide hallways and doorways, Motion-sensitive lighting, Walk/roll-in shower or tub, Low countertops, Raised-height toilet, Other (Please Describe). An open textbox to provide more information if the user selects “Other” is also included.)</P>
                <P> Are Sleeping Quarters and common areas handicapped accessible?</P>
                <P> Does the sponsor have knowledge on how to access public transportation?</P>
                <P>○ Under the Summary section:</P>
                <P> Clarify the summary question by breaking it into three distinct questions</P>
                <P>• “Summarize any new concerns raised during the home study.”</P>
                <P>• “How can these issues or concerns be mitigated and how much time is needed to address these concerns?</P>
                <P>• “Is there an active plan in place to address the above concerns? YES/NO”.</P>
                <P> Add “If the outstanding concerns are related to the child's disability, what affirmative support and assistance should ORR provide to enable the child's safe release? Describe the post-release community-based services and supports the sponsor may need help accessing and address whether these services will help enable the child's safe release” This addition is the result of a suggestion ORR received during the 60-day public comment period.</P>
                <P> Add “What are the potential benefits of releasing the child to this sponsor in this community setting?” This addition is the result of a suggestion ORR received during the 60-day public comment period.</P>
                <P>○ Adjust the burden estimate to reflect a decrease in the number of home studies conducted resulting from an overall decrease in the projected number of referrals, and an increase in the overall number of fields the respondent will need to complete. The annual number of respondents is unchanged at 60, the annual number of responses per respondent increased from 81 to 82, and the average burden hours per response increased from 0.75 hours to 1.0 hours.</P>
                <P>
                    • 
                    <E T="03">Post-Release Services Referral (Form S-19):</E>
                </P>
                <P>○ Move the following fields to appear closer to the top of the form:</P>
                <P> Referral ID;</P>
                <P> Referral Status;</P>
                <P> Acceptance Date;</P>
                <P> Expected Closure Date.</P>
                <P>○ Add the following fields to both the “PRS-TVPRA” section and “PRS” sections under Sponsor Information:</P>
                <P> Sponsor Phone Number;</P>
                <P> Sponsor relationship to Child;</P>
                <P> Sponsor email.</P>
                <P>○ Add the following fields under both the “PRS-TVPRA” section and “PRS” sections under the “Referring Facility Information” section:</P>
                <P> Case Manager Name;</P>
                <P> Unification Specialist Name;</P>
                <P> Unification Specialist email.</P>
                <P>○ Add a new section header called “Referral Information” and group the following fields under the new header:</P>
                <P> What Provider Conducted the Home Study;</P>
                <P> Reason for Referral;</P>
                <P> Special Instructions.</P>
                <P>○ Add “Additional Details” field with open text next to the “Special Instructions” field.</P>
                <P>○ For the “Reason for Referral” field under the PRS-TVPRA section, remove the “ORR Discretionary” option and rephrase the “Physical or Sexual Abuse by Caregiver (TVPRA)” field to “Physical or Sexual Abuse (TVPRA)”.</P>
                <P>○ For the “Reason for Referral” field under the “PRS” section:</P>
                <P> Rephrase the “Non-relative Sponsor, Multiple Sponsorship (ORR Mandated)” field to “Multiple concurrent sponsorships with at least one unrelated child (ORR Mandated)”.</P>
                <P> Add an option for “Previously sponsored two or more children (ORR Mandated)”.</P>
                <P> Rephrase the “UC Going to Non-Relative Sponsor (ORR Mandated No Home Study)” field to “Child Going to Non-Relative Sponsor (No Home Study)”.</P>
                <P>○ Adjust the burden estimate to account for an increase in the number of care provider facilities completing the form since it's last renewal and a projected decrease in the number of children placed in ORR care, as well as the expansion of Post-Release Services, which are now offered to every child. These changes also reflect a slight increase in the overall number of fields the respondent will need to complete. The annual number of respondents increased from 216 to 300, the annual number of responses per respondent increased from 46 to 217 and the average burden hours per response increased from 0.33 hours to 0.5 hours.</P>
                <P>
                    • 
                    <E T="03">Post-Release Services Report (S-22):</E>
                     ORR plans to digitize and incorporate this form into its new interactive, web-based application for PRS. The digitized version of the form collects that same information as the currently approved version with some minor modifications as follows:
                </P>
                <P>○ Change the form title from “Post-Release Services Event” to “Post-Release Services Report”.</P>
                <P>○ Change manual entry fields to auto-populate wherever possible.</P>
                <P>○ Reword field labels for clarity where needed.</P>
                <P>○ Add instructional text to help the user navigate the form.</P>
                <P>○ Adjust the burden estimate to account for a projected decrease in the number of children placed in ORR care while concurrently expanding post-release services by offering them to every child. Additionally, the revised burden estimate reflects a slight increase in the overall number of fields the respondent will need to complete. The annual number of respondents remains unchanged at 60, and the annual number of responses per respondent increased from 968 to 2,722. The average burden hours per response increased from 1.0 to 1.08 hours.</P>
                <P>
                    • 
                    <E T="03">Home Study Referral (S-26):</E>
                </P>
                <P>○ Add radio buttons at the top of the form with the following options:</P>
                <P> TVPRA;</P>
                <P> ORR-Mandated;</P>
                <P> Discretionary.</P>
                <P>○ Move the following fields to appear closer to the top of the form:</P>
                <P> Referral ID;</P>
                <P> Referral Status;</P>
                <P> Acceptance Date;</P>
                <P>
                     Expected Closure Date;
                    <PRTPAGE P="22314"/>
                </P>
                <P>○ Add the following fields to both the PRS-TVPRA section and PRS sections under Sponsor Information:</P>
                <P> Sponsor Phone Number;</P>
                <P> Sponsor relationship to Child;</P>
                <P> Sponsor email.</P>
                <P>○ Add the following fields under both the PRS-TVPRA section and PRS sections under the Referring Facility Information section:</P>
                <P> Case Manager Name;</P>
                <P> Unification Specialist Name;</P>
                <P> Unification Specialist email.</P>
                <P>○ Add a new section header called “Referral Information” and group the following fields under the new header:</P>
                <P> What Provider Conducted the Home Study;</P>
                <P> Reason for Referral;</P>
                <P> Special Instructions.</P>
                <P>○ Add “Additional Details” field with open text next to the “Special Instructions” field.</P>
                <P>○ For the “Reason for Referral” field:</P>
                <P> Rephrase the “Non-relative Sponsor, Multiple Sponsorship (ORR Mandated)” field to “Multiple concurrent sponsorships with at least one unrelated child (ORR Mandated)”.</P>
                <P> Add an option for “Previously sponsored two or more children (ORR Mandated)”.</P>
                <P> Rephrase the “UC Going to Non-Relative Sponsor (ORR Mandated No Home Study)” field to “Child Going to Non-Relative Sponsor (No Home Study)”.</P>
                <P>○ Adjust the burden estimate to account for an increase in the number of care provider facilities completing the form and a projected decrease in the number of children placed in ORR care. These changes also reflect a slight increase in the overall number of fields the respondent will need to complete. The annual number of respondents increased from 216 to 300, the annual number of responses per respondent increased from 46 to 217 and the average burden hours per response increased from 0.33 hours to 0.5 hours.</P>
                <P>
                    • 
                    <E T="03">Virtual Check-In Questionnaire (Form R-6):</E>
                     ORR currently has two approved versions of this form—one in Excel and one that was designed for a web-based application. ORR proposes discontinuing the Excel version and plans to incorporate the other version into its new interactive, web-based application for PRS with some minor modifications as follows:
                </P>
                <P>○ Change manual entry fields to auto-populate wherever possible.</P>
                <P>○ Reword field labels for clarity where needed.</P>
                <P>○ Add instructional text to help the user navigate the form.</P>
                <P>○ Adjust the burden estimate to account for an increase in the number of PRS providers completing the form and to better estimate the number of children and sponsors responding to the questionnaire. The annual number of respondents decreased from 128,487 to 65,000 for both children and sponsors and increased from 40 to 60 for PRS providers. The annual number of responses per respondent decreased from 19,273 to 3,250 for PRS providers, and remains unchanged at 3 each for sponsors and children completing all three of the scheduled check-ins.</P>
                <P>
                    <E T="03">Respondents:</E>
                     ORR grantee and contractor staff, released children, and their sponsors.
                </P>
                <P>
                    <E T="03">Annual Burden Estimates:</E>
                </P>
                <GPOTABLE COLS="5" OPTS="L2,nj,i1" CDEF="s50,12,12,12,12">
                    <TTITLE>Annual Burden Estimate for Respondents</TTITLE>
                    <BOXHD>
                        <CHED H="1">Form</CHED>
                        <CHED H="1">
                            Annual
                            <LI>number of</LI>
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses per</LI>
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>burden hours</LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">
                            Annual total
                            <LI>burden hours</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Notification of Concern (Form A-7)—HSPRS Caseworker</ENT>
                        <ENT>60</ENT>
                        <ENT>41</ENT>
                        <ENT>0.33</ENT>
                        <ENT>811.80</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Notification of Concern (Form A-7)—Care Provider Case Manager</ENT>
                        <ENT>300</ENT>
                        <ENT>8</ENT>
                        <ENT>0.33</ENT>
                        <ENT>792.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Notification of Concern (Form A-7)—ORR NCC Staff</ENT>
                        <ENT>78</ENT>
                        <ENT>31</ENT>
                        <ENT>0.33</ENT>
                        <ENT>797.94</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Home Study Assessment (Form S-6)</ENT>
                        <ENT>60</ENT>
                        <ENT>82</ENT>
                        <ENT>1.00</ENT>
                        <ENT>4,920.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Post-Release Services Referral (Form S-19)</ENT>
                        <ENT>300</ENT>
                        <ENT>217</ENT>
                        <ENT>0.50</ENT>
                        <ENT>32,550.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Post-Release Services Report (Form S-22)</ENT>
                        <ENT>60</ENT>
                        <ENT>2,722</ENT>
                        <ENT>1.08</ENT>
                        <ENT>176,385.60</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Home Study Referral (Form S-26)</ENT>
                        <ENT>300</ENT>
                        <ENT>217</ENT>
                        <ENT>0.50</ENT>
                        <ENT>32,550.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Virtual Check-in Questionnaire (Form R-6)—Sponsor</ENT>
                        <ENT>65,000</ENT>
                        <ENT>3.0</ENT>
                        <ENT>0.25</ENT>
                        <ENT>48,750.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Virtual Check-in Questionnaire (Form R-6)—Child</ENT>
                        <ENT>65,000</ENT>
                        <ENT>3.0</ENT>
                        <ENT>0.25</ENT>
                        <ENT>48,750.00</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Virtual Check-in Questionnaire (Form R-6)—Provider</ENT>
                        <ENT>60</ENT>
                        <ENT>3,250</ENT>
                        <ENT>0.58</ENT>
                        <ENT>113,100.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Estimated Annual Burden Hours Total</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT/>
                        <ENT>459,407.34</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     6 U.S.C. 279; 8 U.S.C. 1232.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09372 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-45-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Administration for Children and Families</SUBAGY>
                <SUBJECT>Submission for Office of Management and Budget Review; American Relief Act 2025 Disaster Supplemental Funds for Child Care (New Collection)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>The Office of Child Care, Administration for Children and Families, U.S. Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for public comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of Child Care (OCC), Administration for Children and Families (ACF) is requesting applications for disaster relief funding. OCC will be requesting information from eligible Lead Agencies who are interested in receiving these funds.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments due</E>
                         June 26, 2025. OMB must decide about the collection of information between 30 and 60 days after publication of this document in the 
                        <E T="04">Federal Register</E>
                        . Therefore, a comment is best assured of having its full effect if OMB receives it within 30 days of publication.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Find this information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search 
                        <PRTPAGE P="22315"/>
                        function. You can also obtain copies of the proposed collection of information by emailing 
                        <E T="03">infocollection@acf.hhs.gov.</E>
                         Identify all emailed requests by the title of the information collection.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Description:</E>
                     The American Relief Act, 2025 provided $250,000,000 in disaster relief funding to OCC to distribute to eligible states, territories, and tribes in response to the consequences of major disasters and emergencies declared pursuant to the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 
                    <E T="03">et seq.</E>
                    ) occurring in 2023 and 2024.
                </P>
                <P>OCC will be requesting information from eligible Child Care and Development Fund (CCDF) Lead Agencies who are interested in receiving these funds. The information requested includes the relevant major disaster or emergency declaration; a detailed description of the affected area; a detailed description of the impact on children, families, staff, and child care services; a description of each proposed activity; information on previous expenses incurred related to the disaster or emergency; and the total amount of funds requested. OCC will use the information received to inform decisions about distribution of funds.</P>
                <P>
                    <E T="03">Respondents:</E>
                     State, territory, and Tribal Lead Agencies.
                </P>
                <HD SOURCE="HD1">Annual Burden Estimates</HD>
                <P>Respondents would provide one response to this request and information. The following burden estimates reflect the total estimated burden, which is expected within the first year of approval.</P>
                <GPOTABLE COLS="5" OPTS="L2,nj,tp0,i1" CDEF="s100,12C,12C,12C,12C">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Instrument</CHED>
                        <CHED H="1">Total number of respondents</CHED>
                        <CHED H="1">
                            Total number of responses per 
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Average 
                            <LI>burden hours </LI>
                            <LI>per response</LI>
                        </CHED>
                        <CHED H="1">Total burden hours</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">ACF-OCC-CCDF-PI-2025-X (Disaster Supplemental Funds for Child Care-2023 and 2024 major disasters and emergencies)</ENT>
                        <ENT>70</ENT>
                        <ENT>1</ENT>
                        <ENT>80</ENT>
                        <ENT>5,600</ENT>
                    </ROW>
                </GPOTABLE>
                <P>
                    <E T="03">Authority:</E>
                     Public Law 118-158.
                </P>
                <SIG>
                    <NAME>Mary C. Jones,</NAME>
                    <TITLE>ACF/OPRE Certifying Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09381 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4184-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Health Resources and Services Administration</SUBAGY>
                <SUBJECT>Children's Hospitals Graduate Medical Education Payment Program: Updated Methodology To Determine Full-Time Equivalent Resident Count</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Health Resources and Services Administration (HRSA), Department of Health and Human Services.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final response.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        HRSA published a notice in the 
                        <E T="04">Federal Register</E>
                         on December 30, 2024, soliciting feedback for a proposed update to the Children's Hospitals Graduate Medical Education (CHGME) Payment Program's method of determining an eligible children's hospital's (as defined within the Public Health Service Act) weighted allopathic and osteopathic full-time equivalent (FTE) resident count when this count exceeds its direct graduate medical education (GME) FTE resident cap. This proposed change is being made to be consistent with the methodology used by the Centers for Medicare &amp; Medicaid Services (CMS) consistent with CHGME Payment Program's long-standing practice of using the same methodology in calculating FTE counts as CMS does in Medicare GME and to minimize administrative burden on hospital who participate in both programs. This notice summarizes and responds to the comments received during the 30-day comment period.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The proposed update to the CHGME direct GME methodology will be implemented beginning in the fiscal year (FY) 2026 application cycle.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Robyn Duarte, Public Health Analyst, Bureau of Health Workforce, Division of Medicine and Dentistry, HRSA, 5600 Fishers Lane, Rockville, MD 20857, 
                        <E T="03">RDuarte1@hrsa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    On December 30, 2024, through a 
                    <E T="04">Federal Register</E>
                     Notice, HRSA announced a 30-day public comment period to solicit input on the proposed updated direct GME methodology. Starting in FY 2026, where both a CHGME participating hospital's unweighted and weighted allopathic and osteopathic FTE resident counts exceed the FTE resident cap, the respective weighted allopathic and osteopathic FTE resident count is adjusted to equal the FTE resident cap. Where the weighted allopathic and osteopathic FTE resident count does not exceed the FTE resident cap, then the adjusted weighted allopathic and osteopathic FTE resident count is the actual weighted allopathic and osteopathic FTE resident count.
                </P>
                <P>This proposed update to the methodology is intended to reconcile weighted FTE resident counts reported in Lines 4.13 (both Hospital Data columns), 5.13, and 6.13 of the HRSA Form 99-1 with Lines 9 and 22 of the CMS Form 2552-10, Worksheet E-4, respectively. Entries in Lines 4.13 (both Hospital Data columns), 5.13, and 6.13 report the weighted resident FTE count for allopathic and osteopathic programs following application of the direct GME FTE resident cap.</P>
                <P>This updated methodology may result in adjustments to the weighted FTE resident 3-year rolling average used to determine direct medical education payment amounts for the eligible children's hospitals participating in the CHGME Payment Program.</P>
                <P>
                    HRSA received seven comments in response to the 
                    <E T="04">Federal Register</E>
                     notice. HRSA carefully reviewed and considered the comments it received and has synthesized and summarized the comments below.
                </P>
                <HD SOURCE="HD1">Alignment of CHGME and CMS Direct GME Policy</HD>
                <HD SOURCE="HD2">Summary of Comments</HD>
                <P>Commenters supported the adoption of CMS' finalized new methodology for applying the direct GME FTE resident cap when a hospital's weighted allopathic and osteopathic FTE resident count is greater than its direct GME FTE resident cap because the proposed updated CHGME methodology provides an opportunity for CHGME participating children's hospitals to determine an increased number of weighted allopathic and osteopathic FTE residents and mirrors CMS' newly finalized methodology.</P>
                <HD SOURCE="HD2">Response</HD>
                <P>
                    HRSA agrees the adoption of CMS' modified direct GME payment methodology with respect to determining the number of weighted allopathic and osteopathic FTE residents (
                    <E T="03">i.e.,</E>
                     fellows) for all eligible children's hospitals participating in the CHGME Payment Program beginning in 
                    <PRTPAGE P="22316"/>
                    FY 2026 will ensure that a participating children's hospital that trains more fellows than included in its direct GME FTE resident cap does not have its GME FTE resident cap reduced and minimize burden for children's hospitals participating in the CHGME Payment Program that must also comply with CMS regulations.
                </P>
                <HD SOURCE="HD1">Impact of Updated CHGME Direct GME Policy</HD>
                <HD SOURCE="HD2">Summary of Comments</HD>
                <P>Commenters acknowledged CHGME's adoption of the new methodology will result in changes to weighted allopathic and osteopathic FTE resident counts and subsequent CHGME payments. Commenters stated that due to the CHGME payment structure, the updated methodology will affect each CHGME participating children's hospital's payments differently, and an increase for one hospital may result in changes to other hospitals' payments, and therefore the actual impact on individual children's hospital's payments is unclear.</P>
                <HD SOURCE="HD2">Response</HD>
                <P>HRSA cannot estimate payments until all the participating children's hospitals submit their application data and a final appropriation is provided, but acknowledges final payment amounts may be affected. The direct medical education and indirect medical education payments allocated to eligible children's hospitals are a function of the number of resident FTEs participating in approved medical residency programs (including the 3-year rolling average of weighted resident FTE counts), inpatient discharges, case mix index, and the number of inpatient available beds, as reported by children's hospitals in their applications for CHGME Payment Program funding, as well as the total funding appropriated for the program. Each of the payments is determined by a legislative payment formula, and a hospital receives its proportion of the total CHGME funding based on the calculation of the formula.</P>
                <P>The new method of calculating weighted allopathic and osteopathic FTE resident counts may result in adjustments to the weighted FTE resident 3-year rolling average used to calculate CHGME direct medical education payments for the 59 children's hospitals currently participating in the program. These adjustments are due to an increase in the number of FTE residents credited to those hospitals that had previously reported weighted allopathic and osteopathic FTE residents at less than a 0.50 weighting factor due to the prior direct GME method of calculating weighted allopathic and osteopathic FTE residents. As the payment amount calculated for each hospital is determined by multiple variables including FTE counts, and each hospital receives a share of the total funding available, it is not possible to determine the effect the updated methodology will have on the payment received by each children's hospital.</P>
                <HD SOURCE="HD1">Conclusion</HD>
                <P>HRSA thanks the public for their comments. After consideration of the public comments received, HRSA is implementing the modification to its direct GME methodology to adopt the CMS methodology described in the amended 42 CFR 413.79 in whole. HRSA anticipates implementing the updated methodology for determining the weighted allopathic and osteopathic FTE residents starting in the FY 2026 application cycle (project period October 1, 2025, through September 30, 2026).</P>
                <P>Starting in FY 2026, where both a CHGME participating hospital's unweighted and weighted allopathic and osteopathic FTE resident counts exceeds the FTE resident cap, the respective weighted allopathic and osteopathic FTE resident count is adjusted to equal the FTE resident cap. Where the weighted allopathic and osteopathic FTE resident count does not exceed the FTE resident cap, then the adjusted weighted allopathic and osteopathic FTE resident count is the actual weighted allopathic and osteopathic FTE resident count.</P>
                <P>
                    HRSA will ensure information about the updated methodology is available to the public and provide additional information regarding any future change in direct GME methodology on the CHGME Payment Program website at 
                    <E T="03">https://bhw.hrsa.gov/funding/apply-grant/childrens-hospitals-graduate-medical-education.</E>
                     In addition, if any changes to direct GME methodology are made, HRSA plans to address this methodology in a future technical assistance webinar should timing allow. HRSA has historically sought consistency with CMS regulations to minimize the burden for children's hospitals participating in the CHGME Payment Program, which must also comply with CMS regulations. Consistency reduces the potential challenges for CHGME participating hospitals reporting FTE resident counts to Medicare and CHGME.
                </P>
                <SIG>
                    <NAME>Thomas J. Engels,</NAME>
                    <TITLE>Administrator.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09364 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4165-15-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>National Institutes of Health</SUBAGY>
                <SUBJECT>Center for Scientific Review; Notice of Closed Meetings</SUBJECT>
                <P>Pursuant to section 1009 of the Federal Advisory Committee Act, as amended, notice is hereby given of the following meetings.</P>
                <P>The meetings will be closed to the public in accordance with the provisions set forth in sections 552b(c)(4) and 552b(c)(6), title 5 U.S.C., as amended. The grant applications and the discussions could disclose confidential trade secrets or commercial property such as patentable material, and personal information concerning individuals associated with the grant applications, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy.</P>
                <EXTRACT>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Center for Scientific Review Special Emphasis Panel; Immune Mechanisms of Hypersensitivity and Allergy.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 23-24, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:30 a.m. to 8:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Deanna C. Bublitz, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 594-4005, 
                        <E T="03">deanna.bublitz@nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Social and Community Influences on Health Integrated Review Group; Community Influences on Health Behavior Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 23-24, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         10:00 a.m. to 6:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Maria De Jesus Diaz Perez, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 1000G, Bethesda, MD 20892, (301) 496-4227, 
                        <E T="03">diazperezm2@csr.nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Center for Scientific Review Special Emphasis Panel; NIH Research Enhancement Award (R15) in Oncological Sciences.
                        <PRTPAGE P="22317"/>
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 24, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 7:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Elisaveta Ninova Voynova, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, 
                        <E T="03">voynovae@mail.nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Center for Scientific Review Special Emphasis Panel; Career Development.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 25-26, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 6:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Tushar Baran Deb, Ph.D., Scientific Review Officer, Resources and Training Review Branch, Division of Extramural Activities, National Cancer Institute, NIH, 9609 Medical Center Drive, Room 7W624, Rockville, MD 20850, (240) 276-6132, 
                        <E T="03">tushar.deb@nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Center for Scientific Review Special Emphasis Panel; Neuroimmune, Neuroinflammation, and Metabolic Factors Involved in Neurodegenerative Disorders.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 25-26, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:30 a.m. to 6:30 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Mariam Zaka, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 1009J, Bethesda, MD 20892, (301) 435-1042, 
                        <E T="03">zakam2@csr.nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Endocrinology, Metabolism, Nutrition and Reproductive Sciences Integrated Review Group; Integrative and Clinical Endocrinology and Reproduction Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 25-26, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         10:00 a.m. to 6:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Hui Chen, MD, Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 6164, Bethesda, MD 20892, 301-435-1044, 
                        <E T="03">chenhui@csr.nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Center for Scientific Review Special Emphasis Panel; Allergy, Immunology and Transplantation.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 25-26, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         10:00 a.m. to 6:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Thomas F. Conway, Ph.D., Scientific Review Officer, Scientific Review Program, Division of Extramural Activities, Room 3G51, National Institutes of Health, NIAID, 5601 Fishers Lane, MSC 9834, Bethesda, MD 20892-9834, 240-507-9685, 
                        <E T="03">thomas.conway@nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Biological Chemistry and Macromolecular Biophysics Integrated Review Group; Maximizing Investigators' Research Award—E Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 26-27, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         8:00 a.m. to 8:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Vandana Kumari, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 496-3290, 
                        <E T="03">vandana.kumari@nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Digestive, Kidney and Urological Systems Integrated Review Group; Digestive System Host Defense, Microbial Interactions and Immune and Inflammatory Disease Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 26-27, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         8:30 a.m. to 6:30 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Aiping Zhao, MD, Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 2188, Bethesda, MD 20892-7818, (301) 435-0682, 
                        <E T="03">zhaoa2@csr.nih.gov.</E>
                    </P>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Biobehavioral and Behavioral Processes Integrated Review Group; Adult Lifespan Psychopathology Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 26-27, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 6:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Benjamin G. Shapero, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 3182, MSC 7848, Bethesda, MD 20892, (301) 402-4786, 
                        <E T="03">shaperobg@mail.nih.gov.</E>
                    </P>
                    <FP>(Catalogue of Federal Domestic Assistance Program Nos. 93.306, Comparative Medicine; 93.333, Clinical Research, 93.306, 93.333, 93.337, 93.393-93.396, 93.837-93.844, 93.846-93.878, 93.892, 93.893, National Institutes of Health, HHS)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09385 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4140-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>National Institutes of Health</SUBAGY>
                <SUBJECT>Center for Scientific Review; Notice of Closed Meeting</SUBJECT>
                <P>Pursuant to section 1009 of the Federal Advisory Committee Act, as amended, notice is hereby given of the following meeting.</P>
                <P>The meeting will be closed to the public in accordance with the provisions set forth in sections 552b(c)(4) and 552b(c)(6), Title 5 U.S.C., as amended. The grant applications and the discussions could disclose confidential trade secrets or commercial property such as patentable material, and personal information concerning individuals associated with the grant applications, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy.</P>
                <EXTRACT>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Cardiovascular and Respiratory Sciences Integrated Review Group; Lung Immunology and Infection Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         June 17-18, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 7:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         To review and evaluate grant applications.
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Rockledge II, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Rupali Das, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 594-0023, 
                        <E T="03">rupali.das@nih.gov</E>
                        .
                    </P>
                    <FP>(Catalogue of Federal Domestic Assistance Program Nos. 93.306, Comparative Medicine; 93.333, Clinical Research, 93.306, 93.333, 93.337, 93.393-93.396, 93.837-93.844, 93.846-93.878, 93.892, 93.893, National Institutes of Health, HHS)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: May 20, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09412 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4140-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="22318"/>
                <AGENCY TYPE="N">DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT</AGENCY>
                <DEPDOC>[Docket No. 6516-N-01]</DEPDOC>
                <SUBJECT>Announcement of the Housing Counseling Federal Advisory Committee; Notice of Public Meeting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of the Assistant Secretary for Housing—Federal Housing Commissioner, Department of Housing and Urban Development (HUD).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of Housing Counseling Federal Advisory Committee public meeting.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This gives notice of a Housing Counseling Federal Advisory Committee (HCFAC) virtual meeting and sets forth the proposed agenda. The HCFAC virtual meeting will be held on Thursday, June 12, 2025. The meeting is open to the public and is accessible to individuals with disabilities.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The virtual meeting will be held on Thursday, June 12, 2025, starting at 1 p.m. eastern time (ET).</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Sheba Cousins, Acting Designated Federal Officer, Office of Housing Counseling, U.S. Department of Housing and Urban Development; telephone number (202) 402-2986 (this is not a toll-free number); email 
                        <E T="03">Sheba.Cousins@hud.gov.</E>
                         HUD welcomes and is prepared to receive calls from individuals who are deaf or hard of hearing, as well as individuals with speech and communication disabilities. To learn more about how to make an accessible telephone call, please visit: 
                        <E T="03">https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.</E>
                         Individuals may also email 
                        <E T="03">HCFACCommittee@hud.gov</E>
                         for information.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>HUD is convening a virtual meeting of the HCFAC on Thursday, June 12, 2025, from 1 p.m. to 4 p.m. ET. The virtual meeting will be held using Zoom. This meeting notice is provided in accordance with the Federal Advisory Committee Act, 5 U.S.C. 1009(a)(2).</P>
                <HD SOURCE="HD1">Draft Agenda—Housing Counseling Federal Advisory Committee Meeting</HD>
                <HD SOURCE="HD1">Thursday, June 12, 2025</HD>
                <HD SOURCE="HD2">Updates on Major Initiatives of the Office of Housing Counseling</HD>
                <FP SOURCE="FP-2">I. Welcome</FP>
                <FP SOURCE="FP-2">II. Presentations and HCFAC Member Discussion</FP>
                <FP SOURCE="FP-2">III. Public Comment</FP>
                <FP SOURCE="FP-2">IV. Next Steps</FP>
                <FP SOURCE="FP-2">V. Adjourn</FP>
                <HD SOURCE="HD2">Registration</HD>
                <P>
                    The public is invited to attend this 3-hour virtual meeting using Zoom for the virtual meeting. Advance registration is required to attend. To register, please visit 
                    <E T="03">https://www.zoomgov.com/meeting/register/810T-TA4Rdm7dtu6WU2FhQ</E>
                     and complete the registration form no later than June 9, 2025. Registration for virtual attendance will close on June 9, 2025. After submitting the registration form, registrants for the virtual meeting will receive a confirmation email with the meeting link and passcode needed to attend. If you have any questions about registration, please email 
                    <E T="03">HCFACCommittee@hud.gov.</E>
                </P>
                <HD SOURCE="HD2">Public Comments</HD>
                <P>
                    The public will have an opportunity to give written and oral comments relative to agenda topics for the HCFAC's consideration. Written comments can be provided on the registration form or by emailing 
                    <E T="03">HCFACCommittee@hud.gov.</E>
                     All written comments must be provided by June 9, 2025. Please note, written comments will not be read during the virtual meeting but will be provided to the HCFAC members.
                </P>
                <P>Oral comments may be provided during the virtual meeting. Comments from the public will be received at the end of the virtual meeting to ensure all agenda items can be completed. Each person providing oral comments will be allocated two minutes. This time will be allocated on a first-come first-served basis by HUD. The meeting registration confirmation will contain additional instructions for providing oral comments during the virtual meeting. The HCFAC will not respond to individual written or oral statements during the meeting but will take all public comments into account in its deliberations.</P>
                <HD SOURCE="HD2">Meeting Records</HD>
                <P>
                    Records and documents discussed during the meeting, as well as other information about the work of the HCFAC, will be available for public viewing as they become available on HUD Exchange at 
                    <E T="03">https://www.hudexchange.info/programs/housing-counseling/federal-advisory-committee/.</E>
                </P>
                <SIG>
                    <NAME>Frank Cassidy, </NAME>
                    <TITLE>Principal Deputy Assistant Secretary for Housing.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09382 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4210-67-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>Office of the Secretary</SUBAGY>
                <DEPDOC>[256D0102DM; DS6CS00000; DLSN00000.000000; DX6CS25; OMB Control Number 1093-0008]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Application and Reports for Paleontological Permits</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of the Secretary, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of information collection; request for comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In accordance with the Paperwork Reduction Act of 1995, we, the U.S. Department of the Interior (Interior, we), are proposing to revise an information collection.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Interested persons are invited to submit comments. To be considered, your comments must be received on or before July 28, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection should be sent to the Departmental Information Collection Clearance Officer (ICCO), 1849 C Street NW, Washington, DC 20240; or by email to 
                        <E T="03">DOI-PRA@ios.doi.gov.</E>
                         Please reference Office of Management and Budget (OMB) Control Number 1093-0008 in the subject line of your comments.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Jeffrey Parrillo, Departmental ICCO, 1849 C Street NW, Washington, DC 20240; by telephone, (202)-208-7072; or by email to 
                        <E T="03">DOI-PRA@ios.doi.gov.</E>
                         Individuals in the United States who are deaf, deafblind, hard of hearing, or have a speech disability may dial 711 (TTY, TDD, or TeleBraille) to access telecommunications relay services. Individuals outside the United States should use the relay services offered within their country to make international calls to the point-of-contact in the United States.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    In accordance with the Paperwork Reduction Act (PRA; 44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ) and its implementing regulations at 5 CFR part 1320, all information collections require approval under the PRA. We may not conduct or sponsor, and you are not required to respond to, a collection of information unless it displays a currently valid Office of Management and Budget (OMB) control number.
                </P>
                <P>
                    As part of our continuing effort to reduce paperwork and respondent burdens, we invite the public and other Federal agencies to comment on new, proposed, revised, and continuing collections of information. This helps us 
                    <PRTPAGE P="22319"/>
                    assess the impact of our information collection requirements and minimize the public's reporting burden. It also helps the public understand our information collection requirements and provide the requested data in the desired format.
                </P>
                <P>We are especially interested in public comment addressing the following:</P>
                <P>(1) Whether or not the collection of information is necessary for the proper performance of the functions of the agency, including whether or not the information will have practical utility;</P>
                <P>(2) The accuracy of our estimate of the burden for this collection of information, including the validity of the methodology and assumptions used;</P>
                <P>(3) Ways to enhance the quality, utility, and clarity of the information to be collected; and</P>
                <P>
                    (4) How might the agency minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, 
                    <E T="03">e.g.,</E>
                     permitting electronic submission of response.
                </P>
                <P>Comments that you submit in response to this notice are a matter of public record. We will include or summarize each comment in our request to OMB to approve this information collection request. Before including your address, phone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you can ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so.</P>
                <P>
                    <E T="03">Abstract:</E>
                     In 1999, the Senate Interior Appropriations Subcommittee requested that the Department of the Interior (we, DOI), the U.S. Department of Agriculture—Forest Service (USDA-FS), and the Smithsonian Institution prepare a report on fossil resource management on Federal lands (Sen. Rep. 105-227, at 60 (1998)). The request directed these entities to analyze the:
                </P>
                <P>• Need for a unified Federal policy for the collection, storage, and preservation of fossils.</P>
                <P>• Need for standards that would maximize the availability of fossils for scientific study.</P>
                <P>• Effectiveness of current methods for storing and preserving fossils collected from Federal lands.</P>
                <P>During the course of preparing the report, the agencies held a public meeting to gather public input. The DOI report to Congress, “Assessment of Fossil Management of Federal and Indian Lands,” was published in May 2000. After the report was released, the Paleontological Resources Preservation Act (PRPA) was introduced in the 107th Congress. PRPA was modeled after the Archaeological Resources Protection Act (ARPA) and emphasized the recommendations and guiding principles in the May 2000 report.</P>
                <P>The legislation was reintroduced in subsequent Congresses through the 111th Congress when it was included as a subtitle in the Omnibus Public Land Management Act, which became law on March 30, 2009. Legislative history demonstrates that PRPA (16 U.S.C. 470aaa-aaa-11) was enacted to preserve paleontological resources for current and future generations because these resources are nonrenewable and are an irreplaceable part of America's heritage. PRPA requires that implementation be coordinated between the Secretaries of the Interior and Agriculture and that DOI and USDA-FS issue regulations as appropriate to carry out the law.</P>
                <P>Accordingly, DOI and USDA-FS formed an interagency coordination team in April 2009 to draft the proposed regulations. Members of the team included program leads for paleontology, archaeology, and regulatory specialists from the Bureau of Land Management (BLM), the National Park Service (NPS), the Bureau of Reclamation (BOR), the U.S. Fish and Wildlife Service (USFWS) (the bureaus), and the USDA-FS.</P>
                <P>Information collected under this control number includes the following:</P>
                <P>
                    (1) 
                    <E T="03">DI Form 9002, “Paleontology Permit Application”</E>
                     (43 CFR 49.115)—Permit applicants proposing to work in areas administered by the BLM, BOR, or USFWS must provide the following information via DI form 9002:
                </P>
                <P>a. Applicant's name, affiliation, and contact information.</P>
                <P>b. Description of the applicant's qualifications, to include a current resume for the applicant and all other persons who will oversee fieldwork and other work, and information on the applicant's past performance on previous permits.</P>
                <P>c. Maps and other location information, and estimated start and end dates of proposed work.</P>
                <P>d. Description, purpose and methodology of proposed work, including a detailed scope of work or research plan for the proposed activity, logistical information, methods that will be employed to explore for or remove the paleontological resources, proposed content and nature of any collection to be made under the permit.</P>
                <P>e. Information about the proposed repository.</P>
                <P>f. Description of anticipated costs, including bonding information.</P>
                <P>
                    (2) 
                    <E T="03">DI Form 9003, “Paleontology Permit”</E>
                     (43 CFR 49.125(a)).
                </P>
                <P>
                    (3) 
                    <E T="03">DI Form 9004, “Paleontology Locality Record”</E>
                     (43 CFR 49.125(a)(1) &amp; (6))—Permittee will record locality information on DI form 9004 or in another format approved by the bureau in the permit that captures the same information.
                </P>
                <P>
                    (4) 
                    <E T="03">DI Form 9006, Reports</E>
                     (43 CFR 49.125(a)(14))—Permittees conducting activities on lands administered by the BLM, BOR, or USFWS must submit reports to the bureaus using DI form 9006 as a cover sheet. Under some permits, one report may be required summarizing all activities; while other permits may require multiple reports for separate activities under the permit. We use the reports to track and manage the resources and contribute to scientific research.
                </P>
                <P>
                    (5) 
                    <E T="03">DI Form 9007, Repository Receipt</E>
                     (43 CFR 49.125(a)(10) &amp; (11))—Permittee must deposit the collection in the approved repository named in the permit by the date specified in the permit and provide the bureau with DI form 9007, which includes a certification by the permittee that the collection and other associated records were transferred to the repository and a certification by the approved repository's authorized official that the collection was received.
                </P>
                <P>
                    (6) 
                    <E T="03">Resource damage or theft</E>
                     (43 CFR 49.75(a)(8))—Permittee must report suspected or apparent resource damage or theft of paleontological or other resources to the Federal land manager as soon as possible, but not to exceed 48 hours, after learning of the suspected or apparent damage or theft.
                </P>
                <P>
                    (7) 
                    <E T="03">List and description of paleontological resources</E>
                     (43 CFR 49.125(a)(12))—If the permittee has not transferred the collection to the approved repository named in the permit by the date specified in the permit, the permittee must provide the Federal land manager a complete list and description of all paleontological resources collected and the current location of the paleontological resources.
                </P>
                <P>
                    (8) 
                    <E T="03">Amendments to permits</E>
                     (43 CFR 49.130(a))—Permittees may request a modification to a permit. Modification requests will include permittee name, permit number, and the reason(s) for the modification request.
                </P>
                <P>
                    (9) 
                    <E T="03">Objecting to a notice of violation</E>
                     (43 CFR 49.515(a) &amp; (b))—When a 
                    <PRTPAGE P="22320"/>
                    person receives a notice of violation, the person has 30 days from the date the notice was received to object by submitting to the Federal land manager documentation to support the position that the person did not commit a violation or that the proposed penalty should be reduced or eliminated.
                </P>
                <P>
                    (10) 
                    <E T="03">Responding to a civil penalty</E>
                     (43 CFR 49.535(a) &amp; (b))—A person may request a hearing on the Federal land manager's final assessment of a civil penalty by filing a request for hearing via registered or certified mail (return receipt requested or other delivery method, delivery receipt requested) to the Departmental Cases Hearings Division, Office of Hearings and Appeals, Department of the Interior, at the address specified in the final assessment of civil penalty. A copy of the request must be served on the Solicitor of the Department of the Interior at the address specified in the final assessment of civil penalty. The request for hearing must include the following information:
                </P>
                <P>a. The reasons for challenging the final assessment;</P>
                <P>b. The relief sought and the basis for the relief;</P>
                <P>c. A copy of the original notice of civil violation and proposed civil penalty assessment;</P>
                <P>d. A copy of any objection and supporting documentation filed under 43 CFR 49.515(a) &amp; (b);</P>
                <P>e. A copy of the final assessment of civil penalty; and</P>
                <P>f. A certificate of service acknowledging service of the request for hearing with the accompanying documentation on the Office of the Solicitor.</P>
                <HD SOURCE="HD1">Proposed Revisions</HD>
                <P>With this submission, we propose to revise the following currently approved information collections:</P>
                <P>
                    (1) 
                    <E T="03">DI Form 9002, “Paleontology Permit Application”</E>
                     (43 CFR 49.115)—New fields proposed:
                </P>
                <P>
                    a. Provide State or administrative area (
                    <E T="03">i.e.,</E>
                     forest or NPS unit) where proposed work will occur. This will allow DOI offices to assign local contacts to assist applicants and to track work for administrative accountability.
                </P>
                <P>b. Is the proposed work identified as hazardous? (Yes/No). For example, work in caves, with helicopters, or using high angle rigging or ropes. This will allow bureau offices to learn if an applicant's proposed work might be identified as hazardous to either the applicant or the public.</P>
                <P>c. RAPTOR account creation. This field will provide electronic access to the BLM Recreation and Permit Tracking &amp; Online Reporting (RAPTOR) system. The information will be collected during RAPTOR account creation and then used to autofill all forms. This additional burden hours expended while setting up a RAPTOR account will be offset by the autofill feature of the system. Applicants who are unable to use the RAPTOR system will continue to use the original DI 9002 format.</P>
                <P>
                    (2) 
                    <E T="03">DI Form 9004, “Paleontology Locality Record”</E>
                     (43 CFR 49.125(a)(1) &amp; (6))—The original DI 9004 form will remain unchanged, but BLM proposes an additional format that allows permittees to report multiple localities in a single spreadsheet. Applicants requested the capability for a single spreadsheet upload which has proven to expedite data submission for permittees while also reducing administrative burden to the bureau.
                </P>
                <P>
                    (3) 
                    <E T="03">DI Form 9007, Repository Receipt</E>
                     (43 CFR 49.125(a)(10) &amp; (11))—We are not proposing changes to the currently approved fields on the DI 9007; however, we plan to update the instructions to state that permittees may substitute this form with a copy of the approved repository's museum accession record. This record, provided by the repository, follows a museum best practice and industry standard and so may be submitted in place of DI 9007 in order to reduce duplication of effort.
                </P>
                <P>
                    <E T="03">Title of Collection:</E>
                     Application and Reports for Paleontological Permits, 43 CFR part 49.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1093-0008.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     Forms DI-9002, DI-9003, DI-9004, DI-9005, DI-9006, and DI-9007.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Revision of a currently approved collection.
                </P>
                <P>
                    <E T="03">Respondents/Affected Public:</E>
                     Individuals; organizations; businesses (museums and universities); State, Tribal, or local governments that collect paleontological resources or disturb paleontological sites on DOI lands.
                </P>
                <P>
                    <E T="03">Total Estimated Number of Annual Respondents:</E>
                     1,845.
                </P>
                <P>
                    <E T="03">Estimated Completion Time per Response:</E>
                     Varies from 1 to 10 hours.
                </P>
                <P>
                    <E T="03">Total Estimated Number of Annual Burden Hours:</E>
                     5,060 hours.
                </P>
                <P>
                    <E T="03">Respondent's Obligation:</E>
                     Required to obtain or retain a benefit.
                </P>
                <P>
                    <E T="03">Frequency of Collection:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Total Estimated Annual Nonhour Burden Cost:</E>
                     $288,876 (associated with curation agreements).
                </P>
                <P>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 OMB control number.</P>
                <P>
                    The authority for this action is the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ).
                </P>
                <SIG>
                    <NAME>Jeffrey Parrillo,</NAME>
                    <TITLE>Departmental Information Collection Clearance Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09444 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4334-CC-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>Bureau of Land Management</SUBAGY>
                <DEPDOC>[PO #4820000251; Order #02412-014-004-047181.0]</DEPDOC>
                <SUBJECT>Filing of Survey Plats: Alaska</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Bureau of Land Management, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of official filing.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The plats of survey of lands described in this notice are scheduled to be officially filed in the Bureau of Land Management (BLM), Alaska State Office, Anchorage, Alaska. The surveys, which were executed at the request of the BLM, are necessary for the management of these lands.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The BLM must receive protests by June 26, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may buy a copy of the plats from the BLM Alaska Public Information Center, 222 W 7th Avenue, Mailstop 13, Anchorage, AK 99513. Please use this address when filing written protests. You may also view the plats at the BLM Alaska Public Information Center, Fitzgerald Federal Building, 222 West 7th Avenue, Anchorage, Alaska, at no cost.</P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Nathan C. Erickson, Chief, Branch of Cadastral Survey, Alaska State Office, Bureau of Land Management, 222 West 7th Avenue, Anchorage, AK 99513; telephone 907-271-5770; email 
                        <E T="03">n05erick@blm.gov.</E>
                         Individuals in the United States who are deaf, blind, hard of hearing, or have a speech disability may dial 711 (TTY, TDD, or TeleBraille) to access telecommunications relay services. Individuals outside the United States should use the relay services offered within their country to make international calls to the point-of-contact in the United States.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>The lands surveyed are:</P>
                <EXTRACT>
                    <HD SOURCE="HD1">Copper River Meridian, Alaska</HD>
                    <FP SOURCE="FP-1">U.S. Survey No. 14502, accepted April 2, 2025, situated in T. 13 N., R. 18 E.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14598, accepted April 2, 2025, situated in T. 17 S., R. 4W.</FP>
                    <FP SOURCE="FP-1">
                        U.S. Survey No. 14612, accepted April 2, 2025, situated in T. 22 S., R. 6 E.
                        <PRTPAGE P="22321"/>
                    </FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14648, accepted April 2, 2025, situated in T. 14 N., R. 12 E.,</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14651, accepted April 2, 2025, situated in T. 23 N., R. 11 E., and T. 24 N., R. 11 E.</FP>
                    <FP SOURCE="FP-1">T. 1 S., R. 2 W., accepted April 2, 2025.</FP>
                    <HD SOURCE="HD1">Fairbanks Meridian, Alaska</HD>
                    <FP SOURCE="FP-1">U.S. Survey No. 14595, accepted January 8, 2025, situated in T. 8 N., R. 4 W.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14653, accepted April 2, 2025, situated in T. 4 S., R. 29 E.</FP>
                    <FP SOURCE="FP-1">T. 1 S., R. 2 E., accepted April 2, 2025.</FP>
                    <FP SOURCE="FP-1">T. 1 N., R. 3 W., accepted April 2, 2025.</FP>
                    <FP SOURCE="FP-1">T. 19 S., R. 8 W., accepted March 28, 2025.</FP>
                    <HD SOURCE="HD1">Kateel River Meridian, Alaska</HD>
                    <FP SOURCE="FP-1">U.S. Survey No. 14642, accepted April 2, 2025, situated in T. 22 N., R. 5 E.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14664, accepted December 20, 2024, situated in T. 12 S., R. 5 W.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14670, accepted December 20, 2024, situated in T. 12 N., R. 14 W.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14672, accepted April 2, 2025, situated in T. 6 S., R. 22 W.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14676, accepted April 2, 2025, situated in T. 4 S., R. 30 W.</FP>
                    <HD SOURCE="HD1">Seward Meridian, Alaska</HD>
                    <FP SOURCE="FP-1">U.S. Survey No. 14597, accepted April 2, 2025, situated in T. 10 N., R. 8 E.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14609, accepted April 2, 2025, situated in T. 8 N., R. 10 E.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14644, accepted April 2, 2025, situated in T. 15 S., R. 44 W.</FP>
                    <FP SOURCE="FP-1">U.S. Survey No. 14671, accepted April 2, 2025, situated in T. 13 S., R. 43 W.</FP>
                    <FP SOURCE="FP-1">T. 1 S., R. 12 W., accepted November 27, 2024.</FP>
                    <HD SOURCE="HD1">Umiat Meridian, Alaska</HD>
                    <FP SOURCE="FP-1">T. 7 S., R. 1 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 1 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 2 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 2 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 3 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 3 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 4 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 4 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 12 S., R. 4 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 5 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 5 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 9 S., R. 5 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 10 S., R. 5 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 9 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 10 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 11 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 12 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 13 S., R. 6 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 13 S., R. 7 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 11 S., R. 8 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 11 S., R. 9 E., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 6 S., R. 1 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 1 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 1 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 5 S., R. 2 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 6 S., R. 2 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 2 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 8 S., R. 2 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 5 S., R. 3 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 6 S., R. 3 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 3 W., accepted November 29, 2024</FP>
                    <FP SOURCE="FP-1">T. 5 S., R. 4 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 6 S., R. 4 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 4 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 6 S., R. 5 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 7 S., R. 5 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 9 S., R. 5 W., accepted November 29, 2024.</FP>
                    <FP SOURCE="FP-1">T. 10 S., R. 5 W., accepted November 29, 2024</FP>
                </EXTRACT>
                <P>A person or party who wishes to protest one or more plats of survey identified above must file a written notice of protest with the State Director for the BLM in Alaska. The protest may be filed by mailing to BLM State Director, Alaska State Office, Bureau of Land Management, 222 West 7th Avenue, Anchorage, AK 99513 or by delivering it in person to BLM Alaska Public Information Center, Fitzgerald Federal Building, 222 West 7th Avenue, Anchorage, Alaska. The notice of protest must identify the plat(s) of survey that the person or party wishes to protest. You must file the notice of protest before the scheduled date of official filing for the plat(s) of survey being protested. The BLM will not consider any notice of protest filed after the scheduled date of official filing. A notice of protest is considered filed on the date it is received by the State Director for the BLM in Alaska during regular business hours; if received after regular business hours, a notice of protest will be considered filed the next business day. A written statement of reasons in support of a protest, if not filed with the notice of protest, must be filed with the State Director for the BLM in Alaska within 30 calendar days after the notice of protest is filed.</P>
                <P>If a notice of protest against a plat of survey is received prior to the scheduled date of official filing, the official filing of the plat of survey identified in the notice of protest will be stayed pending consideration of the protest. A plat of survey will not be officially filed until the dismissal or resolution of all protests of the plat.</P>
                <P>Before including your address, phone number, email address, or other personally identifiable information in a notice of protest or statement of reasons, you should be aware that the documents you submit, including your personally identifiable information, may be made publicly available in their entirety at any time. While you can ask the BLM to withhold your personally identifiable information from public review, we cannot guarantee that we will be able to do so.</P>
                <EXTRACT>
                    <FP>(Authority: 43 U.S.C. ch. 3)</FP>
                </EXTRACT>
                <SIG>
                    <NAME>Nathan C. Erickson,</NAME>
                    <TITLE>Chief Cadastral Surveyor, Alaska.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09380 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4331-10-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>National Park Service</SUBAGY>
                <DEPDOC>[NPS-NERO-CACO-39875; PPNECACOS0, PPMPSPD1Z.YM0000]</DEPDOC>
                <SUBJECT>Cape Cod National Seashore Advisory Commission; Notice of Public Meetings</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Park Service, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Meeting notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In accordance with the Federal Advisory Committee Act of 1972, as amended, the National Park Service (NPS) is hereby giving notice of the 316th and 317th meetings of the Cape Cod National Seashore Advisory Commission (Commission).</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The Commission will meet via teleconference and in person on Monday, June 16, 2025, and Monday, September 15, 2025. All scheduled meetings will begin at 1 p.m. and will end by 4:30 p.m. (eastern).</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The meetings will be held at the Salt Pond Visitors Center, 50 Nauset Road, Eastham, Massachusetts 02642. Information on joining the teleconference will be available to the public on the Cape Cod National Seashore website at least two weeks prior to the meetings at 
                        <E T="03">https://www.nps.gov/caco/learn/management/advisory-commission.htm.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Jennifer Flynn, Superintendent and Designated Federal Officer, Cape Cod National Seashore, 99 Marconi Site Road, Wellfleet, Massachusetts 02667, or at (508) 771-2144 or 
                        <E T="03">jennifer_flynn@nps.gov.</E>
                         Individuals in the United States who are deaf, deafblind, hard of hearing, or have a speech disability may dial 711 (TTY, TDD, or TeleBraille) to access telecommunications relay services. Individuals outside the United States should use the relay services offered within their country to make international calls to the point-of-contact in the United States.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The Commission was established by section 8 of Public Law 87-126, as amended, and expired on September 26, 2018. The Commission was reestablished by Div. DD, title VI, subtitle B, section 613 of Public Law 117-328, the Consolidated Appropriations Act, 2023. The Commission's new termination date is 
                    <PRTPAGE P="22322"/>
                    September 26, 2029. The purpose of the Commission is to consult with the Secretary of the Interior, or his designee, with respect to matters relating to the development of Cape Cod National Seashore, and with respect to carrying out the provisions of the Act establishing the Seashore. The meeting is open to the public. Interested persons may make oral presentations to the Commission. Such requests should be made to the Superintendent at the beginning of the meeting. Depending on the number of persons wishing to speak, and the time available, the time for individual comments may be limited. Written comments can be sent to Jennifer Flynn [see 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    ]. All comments received will be provided to the Commission.
                </P>
                <P>The Commission meeting location may change based on inclement weather or exceptional circumstances. If a meeting location is changed, the Superintendent will issue a press release and use local newspapers to announce the change. Detailed minutes of the meeting will be available for public inspection within 90 days of the meeting.</P>
                <P>
                    <E T="03">Purpose of the Meeting:</E>
                     The Commission will discuss the following:
                </P>
                <P>June—Accessory Dwelling Units (ADU) Subcommittee Report.</P>
                <P>Updates and progress reports on 2024 focus areas: Fresh Water, Wildland Fire, Zoning.</P>
                <P>September—ADU Subcommittee Report.</P>
                <P>State of Park Presentation by Superintendent.</P>
                <P>Identification of issues and topics for 2026 action by members.</P>
                <P>
                    <E T="03">Meeting Accessibility/Special Accommodations:</E>
                     The meeting is open to the public. Please make requests in advance for sign language interpreter services, assistive listening devices, language translation services, or other reasonable accommodations. We ask that you contact the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this notice at least seven (7) business days prior to the meeting to give the Department of the Interior sufficient time to process your request. All reasonable accommodation requests are managed on a case-by-case basis.
                </P>
                <P>
                    <E T="03">Public Disclosure of Information:</E>
                     Before including your address, phone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you can ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     5 U.S.C. ch 10.
                </P>
                <SIG>
                    <NAME>Alma Ripps,</NAME>
                    <TITLE>Chief, Office of Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09474 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4312-52-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>National Park Service</SUBAGY>
                <DEPDOC>[NPS-NERO-CEBE-39882; PPNECEBE00, PPMPSPD1Z.YM0000]</DEPDOC>
                <SUBJECT>Cedar Creek and Belle Grove National Historical Park Advisory Commission; Notice of Public Meeting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Park Service, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Meeting notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In accordance with the Federal Advisory Committee Act of 1972, as amended, the National Park Service is hereby giving notice that the Cedar Creek and Belle Grove National Historical Park Advisory Commission (Commission) will meet as indicated below.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The Commission will meet via teleconference and in person on Thursday, June 12, 2025; Thursday, September 18, 2025; and Thursday, December 18, 2025. All scheduled meetings will begin at 9 a.m. and will end by 11 a.m. (eastern).</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Commission will meet via teleconference and in person at Middletown Town Hall Council Chambers, 7875 Church Street, Middletown, Virginia 22645 on June 12, 2025, and September 18, 2025. The December 18, 2025, meeting will be held at the Warren County Government Center, 220 North Commerce Avenue, Front Royal, Virginia 22630. Information on joining the teleconference will be available on the Cedar Creek and Belle Grove National Historical Park website at 
                        <E T="03">https://www.nps.gov/cebe/learn/management/park-advisory-commission.htm.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Karen Beck-Herzog, Site Manager, Cedar Creek and Belle Grove National Historical Park, P.O. Box 700, Middletown, Virginia 22645, telephone (540) 868-9176, email 
                        <E T="03">karen_beck_herzog@nps.gov,</E>
                         or visit the park website: 
                        <E T="03">https://www.nps.gov/cebe/index.htm.</E>
                         Individuals in the United States who are deaf, deafblind, hard of hearing, or have a speech disability may dial 711 (TTY, TDD, or TeleBraille) to access telecommunications relay services. Individuals outside the United States should use the relay services offered within their country to make international calls to the point-of-contact in the United States.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The Commission was designated by Congress to provide advice to the Secretary of the Interior on the preparation and implementation of the park's general management plan and to advise on land protection (16 U.S.C. 410iii-7). The meeting is open to the public. Individuals who are interested in the park, the implementation of the plan, or the business of the Commission are encouraged to attend the meeting. Interested members of the public may present, either orally or through written comments, information for the Commission to consider during the public meeting. Attendees and those wishing to provide comment are strongly encouraged to preregister through the contact information provided. Written comments may be sent to Karen Beck-Herzog (see 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    ). All comments received will be provided to the Commission. A detailed final agenda will be posted 48 hours in advance of the meeting on the Commission's website at 
                    <E T="03">https://www.nps.gov/cebe/learn/management/park-advisory-commission.htm.</E>
                     If a meeting date and location are changed, the Superintendent will issue a press release and use local newspapers and/or radio stations to announce the rescheduled meeting. Detailed minutes of the meeting will be available for public inspection within 90 days of the meeting.
                </P>
                <P>
                    <E T="03">Purpose of the Meeting:</E>
                     The topics to be discussed include: general management plan next steps, visitor services and interpretation, land protection planning, historic preservation, and natural resource protection.
                </P>
                <P>Commission meetings consist of the following:</P>
                <FP SOURCE="FP-2">1. General Introductions</FP>
                <FP SOURCE="FP-2">2. Park Operations Briefing</FP>
                <FP SOURCE="FP-2">3. Reports and Discussions</FP>
                <FP SOURCE="FP-2">4. Old Business</FP>
                <FP SOURCE="FP-2">5. New Business</FP>
                <FP SOURCE="FP-2">6. Public Comments</FP>
                <FP SOURCE="FP-2">7. Closing Remarks</FP>
                <P>
                    <E T="03">Meeting Accessibility/Special Accommodations:</E>
                     The meeting is open to the public. Please make requests in advance for sign language interpreter services, assistive listening devices, language translation services, or other reasonable accommodations. We ask that you contact the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this notice at least seven (7) 
                    <PRTPAGE P="22323"/>
                    business days prior to the meeting to give the Department of the Interior sufficient time to process your request. All reasonable accommodation requests are managed on a case-by-case basis.
                </P>
                <P>
                    <E T="03">Public Disclosure of Comments:</E>
                     Before including your address, phone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you can ask us in your comment to withhold your personal identifying information from public view, we cannot guarantee that we will be able to do so.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     5 U.S.C. ch. 10.
                </P>
                <SIG>
                    <NAME>Alma Ripps,</NAME>
                    <TITLE>Chief, Office of Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09469 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4312-52-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>National Park Service</SUBAGY>
                <DEPDOC>[NPS-WASO-NAGPRA-40091; PPWOCRADN0-PCU00RP16.R50000]</DEPDOC>
                <SUBJECT>Native American Graves Protection and Repatriation Review Committee Notice of Public Meeting</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Park Service, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Meeting notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The National Park Service is hereby giving notice that the Native American Graves Protection and Repatriation Review Committee (Committee) will hold a virtual meeting as indicated below.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The Committee will meet via video conference on Tuesday, June 10, 2025, from 2 p.m. until approximately 6 p.m. (eastern). All meetings are open to the public.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Melanie O'Brien, Designated Federal Officer, National Native American Graves Protection and Repatriation Act Program (2253), National Park Service, telephone (202) 354-2201, or email 
                        <E T="03">nagpra_info@nps.gov.</E>
                    </P>
                    <P>Individuals in the United States who are deaf, deafblind, hard of hearing, or have a speech disability may dial 711 (TTY, TDD, or TeleBraille) to access telecommunications relay services. Individuals outside the United States should use the relay services offered within their country to make international calls to the point-of-contact in the United States.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The Committee was established in section 8 of the Native American Graves Protection and Repatriation Act of 1990 (NAGPRA). Information about NAGPRA, the Committee, and Committee meetings is available on the National NAGPRA Program website at 
                    <E T="03">https://www.nps.gov/subjects/nagpra/review-committee.htm.</E>
                </P>
                <P>The Committee is responsible for monitoring the NAGPRA inventory and identification process; reviewing and making findings related to the identity or cultural affiliation of cultural items, or the return of such items; facilitating the resolution of disputes; compiling an inventory of culturally unidentifiable human remains that are in the possession or control of each Federal agency and museum, and recommending specific actions for developing a process for disposition of such human remains; consulting with Indian Tribes and Native Hawaiian organizations and museums on matters affecting such Tribes or organizations lying within the scope of work of the Committee; consulting with the Secretary of the Interior on the development of regulations to carry out NAGPRA; and making recommendations regarding future care of repatriated cultural items. The Committee's work is carried out during the course of meetings that are open to the public. Detailed minutes of the meeting will be available for public inspection within 90 days of the meeting.</P>
                <P>
                    The agenda for the meeting may include a report from the National NAGPRA Program; the discussion of the Review Committee Report to Congress; subcommittee reports and discussion; and other topics related to the Committee's responsibilities under section 8 of NAGPRA. In addition, the agenda may include presentations by Indian tribes, Native Hawaiian organizations, museums, Federal agencies, associations, and individuals; and public comment. The agenda and materials for this meeting will be posted on or before May 27, 2025, at 
                    <E T="03">https://www.nps.gov/orgs/1335/events.htm.</E>
                </P>
                <P>
                    To submit a request or comment, see 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                    . Information on joining the meeting by internet or telephone will be available on the National NAGPRA Program website at 
                    <E T="03">https://www.nps.gov/orgs/1335/events.htm.</E>
                </P>
                <P>
                    <E T="03">Meeting Accessibility/Special Accommodations:</E>
                     The meeting is open to the public. Please make requests in advance for sign language interpreter services, assistive listening devices, or other reasonable accommodations. We ask that you contact the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this notice at least seven (7) business days prior to the meeting to give the Department of the Interior sufficient time to process your request. All reasonable accommodation requests are managed on a case-by-case basis.
                </P>
                <P>
                    <E T="03">Public Disclosure of Comments:</E>
                     Before including your address, telephone number, email address, or other personal identifying information in your comments, you should be aware that your entire comment—including your personal identifying information—may be made publicly available at any time. While you can ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     5 U.S.C. ch. 10; 25 U.S.C. 3006.
                </P>
                <SIG>
                    <NAME>Alma Ripps,</NAME>
                    <TITLE>Chief, Office of Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09470 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4312-52-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 731-TA-1435-1436, and 1438-1440 (Review)]</DEPDOC>
                <SUBJECT>Acetone From Belgium, Singapore, South Africa, South Korea, and Spain; Scheduling of a Full Five-Year Review</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>United States International Trade Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Commission hereby gives notice of the scheduling of full reviews pursuant to the Tariff Act of 1930 (“the Act”) to determine whether revocation of the antidumping duty orders on acetone from Belgium, Singapore, South Africa, South Korea, and Spain would be likely to lead to continuation or recurrence of material injury within a reasonably foreseeable time. The Commission has determined to exercise its authority to extend the review period by up to 90 days.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>May 20, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Stamen Borisson (202-205-3125), Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Hearing-impaired persons can obtain information on this matter by contacting the Commission's TDD terminal on 202-205-1810. Persons with mobility impairments who will need special assistance in gaining access to the Commission should contact the Office of the Secretary at 202-205-2000. 
                        <PRTPAGE P="22324"/>
                        General information concerning the Commission may also be obtained by accessing its internet server (
                        <E T="03">https://www.usitc.gov</E>
                        ). The public record for this review may be viewed on the Commission's electronic docket (EDIS) at 
                        <E T="03">https://edis.usitc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Background.</E>
                    —On February 4, 2025, the Commission determined that responses to its notice of institution of the subject five-year reviews were such that full reviews should proceed (90 FR 9553, February 13, 2025); accordingly, full reviews are being scheduled pursuant to section 751(c)(5) of the Tariff Act of 1930 (19 U.S.C. 1675(c)(5)). A record of the Commissioners' votes, the Commission's statement on adequacy, and any individual Commissioner's statements are available from the Office of the Secretary and at the Commission's website.
                </P>
                <P>
                    <E T="03">Participation in the reviews and public service list.</E>
                    —Persons, including industrial users of the subject merchandise and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in these reviews as parties must file an entry of appearance with the Secretary to the Commission, as provided in section 201.11 of the Commission's rules, by 45 days after publication of this notice. A party that filed a notice of appearance following publication of the Commission's notice of institution of the reviews need not file an additional notice of appearance. The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the reviews.
                </P>
                <P>For further information concerning the conduct of these reviews and rules of general application, consult the Commission's Rules of Practice and Procedure, part 201, subparts A and B (19 CFR part 201), and part 207, subparts A, D, E, and F (19 CFR part 207).</P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings during this time. Filings must be made through the Commission's Electronic Document Information System (EDIS, 
                    <E T="03">https://edis.usitc.gov</E>
                    ). No in-person paper-based filings or paper copies of any electronic filings will be accepted until further notice.
                </P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and BPI service list.</E>
                    —Pursuant to section 207.7(a) of the Commission's rules, the Secretary will make BPI gathered in these reviews available to authorized applicants under the APO issued in the reviews, provided that the application is made by 45 days after publication of this notice. Authorized applicants must represent interested parties, as defined by 19 U.S.C. 1677(9), who are parties to the reviews. A party granted access to BPI following publication of the Commission's notice of institution of the reviews need not reapply for such access. A separate service list will be maintained by the Secretary for those parties authorized to receive BPI under the APO.
                </P>
                <P>
                    <E T="03">Staff report.</E>
                    —The prehearing staff report in the review will be placed in the nonpublic record on September 19, 2025, and a public version will be issued thereafter, pursuant to section 207.64 of the Commission's rules.
                </P>
                <P>
                    <E T="03">Hearing.</E>
                    —The Commission will hold an in-person hearing in connection with the reviews beginning at 9:30 a.m. on October 7, 2025. Requests to appear at the hearing should be filed in writing with the Secretary to the Commission on or before 5:15 p.m. on September 30, 2025. Any requests to appear as a witness via videoconference must be included with your request to appear. Requests to appear via videoconference must include a statement explaining why the witness cannot appear in person; the Chairman, or other person designated to conduct the reviews, may in their discretion for good cause shown, grant such a request. Requests to appear as remote witness due to illness or a positive COVID-19 test result may be submitted by 3 p.m. the business day prior to the hearing. Further information about participation in the hearing will be posted on the Commission's website at 
                    <E T="03">https://www.usitc.gov/calendarpad/calendar.html.</E>
                </P>
                <P>
                    A nonparty who has testimony that may aid the Commission's deliberations may request permission to present a short statement at the hearing. All parties and nonparties desiring to appear at the hearing and make oral presentations should attend a prehearing conference, if deemed necessary, to be held at 9:30 a.m. on Wednesday, October 1, 2025. Parties shall file and serve written testimony and presentation slides in connection with their presentation at the hearing by no later than noon on October 6, 2025. Oral testimony and written materials to be submitted at the public hearing are governed by sections 201.6(b)(2), 201.13(f), and 207.24 of the Commission's rules. Parties must submit any request to present a portion of their hearing testimony 
                    <E T="03">in camera</E>
                     no later than 7 business days prior to the date of the hearing.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Each party to the reviews may submit a prehearing brief to the Commission. Prehearing briefs must conform with the provisions of section 207.65 of the Commission's rules; the deadline for filing is 5:15 p.m. on September 29, 2025. Parties shall also file written testimony in connection with their presentation at the hearing, and posthearing briefs, which must conform with the provisions of section 207.67 of the Commission's rules. The deadline for filing posthearing briefs is 5:15 p.m. on October 16, 2025. In addition, any person who has not entered an appearance as a party to the review may submit a written statement of information pertinent to the subject of the review on or before 5:15 p.m. on October 16, 2025. On November 5, 2025, the Commission will make available to parties all information on which they have not had an opportunity to comment. Parties may submit final comments on this information on or before 5:15 p.m. on November 7, 2025, but such final comments must not contain new factual information and must otherwise comply with section 207.68 of the Commission's rules. All written submissions must conform with the provisions of section 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of sections 201.6, 207.3, and 207.7 of the Commission's rules. The Commission's 
                    <E T="03">Handbook on Filing Procedures,</E>
                     available on the Commission's website at 
                    <E T="03">https://www.usitc.gov/documents/handbook_on_filing_procedures.pdf,</E>
                     elaborates upon the Commission's procedures with respect to filings.
                </P>
                <P>Additional written submissions to the Commission, including requests pursuant to section 201.12 of the Commission's rules, shall not be accepted unless good cause is shown for accepting such submissions, or unless the submission is pursuant to a specific request by a Commissioner or Commission staff.</P>
                <P>In accordance with sections 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the reviews must be served on all other parties to the reviews (as identified by either the public or BPI service list), and a certificate of service must be timely filed. The Secretary will not accept a document for filing without a certificate of service.</P>
                <P>
                    The Commission has determined that these reviews are extraordinarily complicated and therefore has determined to exercise its authority to extend the review period by up to 90 days pursuant to 19 U.S.C.1675(c)(5)(B).
                    <PRTPAGE P="22325"/>
                </P>
                <P>
                    <E T="03">Authority:</E>
                     These reviews are being conducted under authority of title VII of the Tariff Act of 1930; this notice is published pursuant to section 207.62 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: May 20, 2025.</DATED>
                    <NAME>Lisa Barton,</NAME>
                    <TITLE>Secretary to the Commission.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09399 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation No. 337-TA-1450]</DEPDOC>
                <SUBJECT>Certain Integrated Circuits, Electronic Devices Containing the Same, and Components Thereof; Notice of Institution of Investigation</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. International Trade Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Notice is hereby given that a complaint was filed with the U.S. International Trade Commission on April 18, 2025, under section 337 of the Tariff Act of 1930, as amended, on behalf of Onesta IP, LLC of Wayne, Pennsylvania. A letter supplementing the complaint was filed on May 8, 2025. The complaint, as supplemented, alleges violations of section 337 based upon the importation into the United States, the sale for importation, and the sale within the United States after importation of certain integrated circuits, electronic devices containing the same, and components thereof by reason of the infringement of certain claims of U.S. Patent No. 8,854,381 (“the '381 patent”); U.S. Patent No. 9,519,943 (“the '943 patent”); U.S. Patent No. 7,717,350 (“the '350 patent”); U.S. Patent No.11,741,019 (“the '019 patent”); U.S. Patent No. 11,841,803 (“the '803 patent”); and U.S. Patent No. 9,116,809 (“the `809 patent”). The complaint further alleges that an industry in the United States exists or is in the process of being established as required by the applicable Federal Statute. The complainant requests that the Commission institute an investigation and, after the investigation, issue a limited exclusion order and cease and desist orders.</P>
                </SUM>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The complaint, except for any confidential information contained therein, may be viewed on the Commission's electronic docket (EDIS) at 
                        <E T="03">https://edis.usitc.gov.</E>
                         For help accessing EDIS, please email 
                        <E T="03">EDIS3Help@usitc.gov.</E>
                         Hearing impaired individuals are advised that information on this matter can be obtained by contacting the Commission's TDD terminal on (202) 205-1810. Persons with mobility impairments who will need special assistance in gaining access to the Commission should contact the Office of the Secretary at (202) 205-2000. General information concerning the Commission may also be obtained by accessing its internet server at 
                        <E T="03">https://www.usitc.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Pathenia Proctor, The Office of Unfair Import Investigation, U.S. International Trade Commission, telephone (202) 205-2560.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">Authority:</E>
                     The authority for institution of this investigation is contained in section 337 of the Tariff Act of 1930, as amended, 19 U.S.C. 1337, and in section 210.10 of the Commission's Rules of Practice and Procedure, 19 CFR 210.10 (2025).
                </P>
                <P>
                    <E T="03">Scope of Investigation:</E>
                     Having considered the complaint, the U.S. International Trade Commission, on May 20, 2025, 
                    <E T="03">ordered that</E>
                    —
                </P>
                <P>(1) Pursuant to subsection (b) of section 337 of the Tariff Act of 1930, as amended, an investigation be instituted to determine whether there is a violation of subsection (a)(1)(B) of section 337 in the importation into the United States, the sale for importation, or the sale within the United States after importation of certain products identified in paragraph (2) by reason of infringement of one or more of claims 5-8, 19, and 20 of the '381 patent; claims 1-24 of the '943 patent; claims 1-25 of the '350 patent; claims 1-20 of the '019 patent; claims 1-3 and 7-10 of the '803 patent; and claims 1-25 of the '809 patent, and whether an industry in the United States exists or is in the process of being established as required by subsection (a)(2) of section 337;</P>
                <P>(2) Pursuant to section 210.10(b)(1) of the Commission's Rules of Practice and Procedure, 19 CFR 210.10(b)(1), the plain language description of the accused products or category of accused products, which defines the scope of the investigation, is “(a) integrated circuits that incorporate processors; (b) electronic devices containing such integrated circuits, consisting of circuit board assemblies, graphics cards, smartphones, tablets, smartwatches, and computers; and (c) components thereof, consisting of subassemblies of such integrated circuits and electronic devices”;</P>
                <P>(3) Pursuant to Commission Rule 210.50(b)(l), 19 CFR 210.50(b)(1), the presiding administrative law judge shall take evidence or other information and hear arguments from the parties or other interested persons with respect to the public interest in this investigation, as appropriate, and provide the Commission with findings of fact and a recommended determination on this issue, which shall be limited to the statutory public interest factors set forth in 19 U.S.C. l337(d)(l), (f)(1), (g)(1);</P>
                <P>(4) For the purpose of the investigation so instituted, the following are hereby named as parties upon which this notice of investigation shall be served:</P>
                <P>(a) The complainant is:</P>
                <FP SOURCE="FP-1">Onesta IP, LLC, 230 Sugartown Road, Suite 100, Wayne, PA 19087</FP>
                <P>(b) The respondents are the following entities alleged to be in violation of section 337, and are the parties upon which the complaint is to be served:</P>
                <FP SOURCE="FP-1">NVIDIA Corporation, 2701 San Tomas Express Way, Santa Clara, CA 95050</FP>
                <FP SOURCE="FP-1">Qualcomm Incorporated, 5775 Morehouse Drive, San Diego, CA 92121</FP>
                <FP SOURCE="FP-1">OnePlus Technology (Shenzhen) Co., Ltd., 18C02, 18C03, 18C04, 18C05, Shum Yip Terra Building, Binhe Avenue North, Futian District, Shenzhen, China 518000</FP>
                <FP SOURCE="FP-1">Nothing Technology Limited, Bedford House, 21A John Street, London, WC1N 2BF, United Kingdom</FP>
                <P>(c) The Office of Unfair Import Investigations, U.S. International Trade Commission, 500 E Street SW, Suite 401, Washington, DC 20436; and</P>
                <P>(5) For the investigation so instituted, the Chief Administrative Law Judge, U.S. International Trade Commission, shall designate the presiding Administrative Law Judge.</P>
                <P>Responses to the complaint and the notice of investigation must be submitted by the named respondents in accordance with section 210.13 of the Commission's Rules of Practice and Procedure, 19 CFR 210.13. Pursuant to 19 CFR 201.16(e) and 210.13(a), such responses will be considered by the Commission if received not later than 20 days after the date of service by the Commission of the complaint and the notice of investigation. Extensions of time for submitting responses to the complaint and the notice of investigation will not be granted unless good cause therefor is shown.</P>
                <P>
                    Failure of a respondent to file a timely response to each allegation in the complaint and in this notice may be deemed to constitute a waiver of the right to appear and contest the allegations of the complaint and this notice, and to authorize the administrative law judge and the Commission, without further notice to 
                    <PRTPAGE P="22326"/>
                    the respondent, to find the facts to be as alleged in the complaint and this notice and to enter an initial determination and a final determination containing such findings, and may result in the issuance of an exclusion order or a cease and desist order or both directed against the respondent.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: May 20, 2025.</DATED>
                    <NAME>Lisa Barton,</NAME>
                    <TITLE>Secretary to the Commission.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09413 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF JUSTICE</AGENCY>
                <DEPDOC>[OMB Number 1105-0084]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Proposed eCollection eComments Requested; Revisions of Previously Approved Collection</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>United States Trustee Program, Department of Justice.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>60-Day notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Justice, United States Trustee Program, is submitting the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The Department of Justice encourages public comment and will accept input until July 28, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have additional comments especially on the estimated public burden or associated response time, suggestions, or need a copy of the proposed information collection instrument with instructions or additional information, please contact Juliet Drake, Deputy Assistant Director, Executive Office for United States Trustees, 441 G Street NW, Suite 6150, Washington, DC 20548, 
                        <E T="03">Juliet.Drake@usdoj.gov,</E>
                         (202) 307-3698.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>Written comments and suggestions from the public and affected agencies concerning the proposed collection of information are encouraged. Your comments should address one or more of the following four points:</P>
                <FP SOURCE="FP-1">—Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the United States Trustee Program, including whether the information will have practical utility;</FP>
                <FP SOURCE="FP-1">—Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;</FP>
                <FP SOURCE="FP-1">—Evaluate whether and if so how the quality, utility, and clarity of the information to be collected can be enhanced; and</FP>
                <FP SOURCE="FP-1">
                    —Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, 
                    <E T="03">e.g.,</E>
                     permitting electronic submission of responses.
                </FP>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    1. 
                    <E T="03">Type of Information Collection:</E>
                     revision of previous approved collection.
                </P>
                <P>
                    2. 
                    <E T="03">The Title of the Form/Collection:</E>
                     Application for Approval as a Nonprofit Budget and Credit Counseling Agency (Application).
                </P>
                <P>
                    3. 
                    <E T="03">The agency form number, if any, and the applicable component of the Department sponsoring the collection:</E>
                     There is no agency form number for this collection. The applicable component within the Department of Justice is the United States Trustee Program.
                </P>
                <P>
                    4. 
                    <E T="03">Affected public who will be asked or required to respond, as well as a brief abstract:</E>
                     Nonprofit agencies that wish to offer credit counseling services pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), Public Law 109-8, 119 Stat. 23, 37, 38 (April 20, 2005), and codified at 11 U.S.C. 109(h) and 111, and Application Procedures and Criteria for Approval of Nonprofit Budget and Credit Counseling Agencies by United States Trustees, 78 FR 16138 (March 14, 2013) (Rule).
                </P>
                <P>The BAPCPA requires any individual who wishes to file for bankruptcy to obtain credit counseling, within 180 days before filing for bankruptcy relief, from a nonprofit budget and credit counseling agency that has been approved by the United States Trustee. The Application collects information from such agencies in order to ensure compliance with the law and the Rule.</P>
                <P>
                    5. 
                    <E T="03">An estimate of the total number of respondents and the amount of time estimated for an average respondent to respond:</E>
                     It is estimated that 74 respondents will complete the Application; initial applicants will complete the Application in approximately ten (10) hours, standard renewal applicants will complete the Application in approximately four (4) hours and refreshed renewal applicants will complete the Application in approximately nine (9) hours.
                </P>
                <P>
                    6. 
                    <E T="03">An estimate of the total public burden (in hours) associated with the collection:</E>
                     The estimated public burden associated with this collection is 391 hours.
                </P>
                <P>
                    <E T="03">If additional information is required contact:</E>
                     Darwin Arceo, Department Clearance Officer, United States Department of Justice, Justice Management Division, Policy and Planning Staff, Two Constitution Square, 145 N Street NE, 3E.405A, Washington, DC 20530.
                </P>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>Darwin Arceo,</NAME>
                    <TITLE>Department Clearance Officer for PRA, U.S. Department of Justice.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09472 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4410-40-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF JUSTICE</AGENCY>
                <DEPDOC>[OMB Number 1121-0277]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Proposed Collection and Comments Requested; Extension Without Change, of a previously Approved Collection #1121-0277: OJJDP National Training and Technical Assistance Center (NTTAC) Feedback Form Package</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Juvenile Justice and Delinquency Prevention, Office of Justice Programs, Department of Justice.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>60-Day notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Justice (DOJ), Office of Justice Programs (OJP), will be submitting the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments are encouraged and will be accepted for 60 days until July 28, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have comments, especially on the estimated public burden or associated response time, suggestions, or need a copy of the proposed information collection instrument with instructions or additional information please contact Jill Molter, Digital Communications and Training and Technical Assistance Coordinator, OJJDP's NTTAC COR at 202-514-8871, Office of Juvenile Justice and Delinquency Prevention, Office of Justice Programs, Department of Justice, 999 North Capitol Street NE, Washington, DC 20002 or by email at 
                        <E T="03">jill.molter@usdoj.gov.</E>
                         Written comments and/or suggestions can also be sent to the Office of Management and Budget, Office of Information and Regulatory 
                        <PRTPAGE P="22327"/>
                        Affairs, Attention Department of Justice Desk Officers, Washington, DC 20503 or sent to 
                        <E T="03">OIRA_submissions@omb.eop.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>Written comments and suggestions from the public and affected agencies concerning the proposed collection of information are encouraged. Your comments should address one or more of the following four points:</P>
                <FP SOURCE="FP-1">—Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the Office of Juvenile Justice and Delinquency Prevention, including whether the information will have practical utility;</FP>
                <FP SOURCE="FP-1">—Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;</FP>
                <FP SOURCE="FP-1">—Evaluate whether and if so how the quality, utility, and clarity of the information to be collected can be enhanced; and</FP>
                <FP SOURCE="FP-1">
                    —Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, 
                    <E T="03">e.g.,</E>
                     permitting electronic submission of responses.
                </FP>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    1. 
                    <E T="03">Type of Information Collection:</E>
                     Extension of a currently approved collection.
                </P>
                <P>
                    2. 
                    <E T="03">The Title of the Form/Collection:</E>
                     OJJDP NTTAC Feedback Form Package.
                </P>
                <P>
                    3. 
                    <E T="03">The Agency Form Number:</E>
                     OJJDP NTTAC, all forms included in package #1121-0277.
                </P>
                <P>
                    4. 
                    <E T="03">Affected public who will be asked or required to respond, as well as a brief abstract:</E>
                </P>
                <P>
                    <E T="03">Primary:</E>
                     Individuals or households.
                </P>
                <P>
                    <E T="03">Other:</E>
                     Federal Government, State, local or Tribal government; Not-for-profit institutions; Businesses or other for-profit.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     The Office of Juvenile Justice and Delinquency Prevention National Training and Technical Assistance Center (NTTAC) Feedback Form Package is designed to collect in-person and online data necessary to continuously assess the outcomes of the assistance provided for both monitoring and accountability purposes and for continuously assessing and meeting the needs of the field. OJJDP's NTTAC will send these forms to technical assistance (TA) recipients; conference attendees; training and TA providers; online meeting participants; in-person meeting participants; and focus group participants to capture important feedback on the recipients' satisfaction with the quality, efficiency, referrals, information and resources provided and assess the recipients' additional training and TA needs. The data will then be used to advise NTTAC on ways to improve the support provided to its users; the juvenile justice field at-large; and ultimately improve services and outcomes for youth.
                </P>
                <P>
                    5. 
                    <E T="03">An estimate of the total number of respondents and the amount of time estimated for an average respondent to respond:</E>
                     It is estimated that 4,756 respondents will complete forms, and the response time will range from .03 hours to 1.5 hours.
                </P>
                <P>
                    6. 
                    <E T="03">An estimate of the total public burden (in hours) associated with the collection:</E>
                     There are an estimated 430.5 total annual burden hours associated with this collection.
                </P>
                <P>If additional information is required, contact Darwin Arceo, Department Clearance Officer, Policy and Planning Staff, Justice Management Division, United States Department of Justice, Two Constitution Square, 145 N Street NE, 4W-218 Washington, DC 20530.</P>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>Darwin Arceo,</NAME>
                    <TITLE>Department Clearance Officer for PRA, U.S. Department of Justice.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09463 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4410&amp;ndash13-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF JUSTICE</AGENCY>
                <DEPDOC>[OMB Number 1105-0085]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Proposed eCollection eComments Requested; Revisions of Currently Approved Collection</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>United States Trustee Program, Department of Justice.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>60-Day notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Justice, United States Trustee Program, is submitting the following information collection request to the Office of Management and Budget (OMB) for review and approval in accordance with the Paperwork Reduction Act of 1995.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The Department of Justice encourages public comment and will accept input until July 28, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have additional comments especially on the estimated public burden or associated response time, suggestions, or need a copy of the proposed information collection instrument with instructions or additional information, please contact Juliet Drake, Deputy Assistant Director, Executive Office for United States Trustees, 441 G Street NW, Suite 6150, Washington, DC 20548, 
                        <E T="03">Juliet.Drake@usdoj.gov,</E>
                         (202) 307-3698.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>Written comments and suggestions from the public and affected agencies concerning the proposed collection of information are encouraged. Your comments should address one or more of the following four points:</P>
                <FP SOURCE="FP-1">—Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the United States Trustee Program, including whether the information will have practical utility;</FP>
                <FP SOURCE="FP-1">—Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information, including the validity of the methodology and assumptions used;</FP>
                <FP SOURCE="FP-1">—Evaluate whether and if so how the quality, utility, and clarity of the information to be collected can be enhanced; and</FP>
                <FP SOURCE="FP-1">
                    —Minimize the burden of the collection of information on those who are to respond, including through the use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, 
                    <E T="03">e.g.,</E>
                     permitting electronic submission of responses.
                </FP>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    1. 
                    <E T="03">Type of Information Collection:</E>
                     Revisions of a currently approved collection.
                </P>
                <P>
                    2. 
                    <E T="03">The Title of the Form/Collection:</E>
                     Application for Approval as a Provider of a Personal Financial Management Instructional Course (Application).
                </P>
                <P>
                    3. 
                    <E T="03">The agency form number, if any, and the applicable component of the Department sponsoring the collection:</E>
                     There is no agency form number for this collection. The applicable component within the Department of Justice is the United States Trustee Program.
                </P>
                <P>
                    4. 
                    <E T="03">Affected public who will be asked or required to respond, as well as a brief abstract:</E>
                     Individuals and businesses that wish to offer instructional courses to debtors concerning personal financial management pursuant to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“BAPCPA”), Public Law 109-8, 119 Stat. 23, 37, 38 (April 20, 2005), and codified at 11 U.S.C. 109(h) and 111, and Application Procedures and Criteria 
                    <PRTPAGE P="22328"/>
                    for Approval of Providers of a Personal Financial Management Instructional Course by United States Trustees, 78 FR 16159 (March 14, 2013) (Rule).
                </P>
                <P>The BAPCPA requires individual debtors in bankruptcy cases to complete a personal financial management instructional course given by a provider that has been approved by the United States Trustee as a condition of receiving a discharge. The Application collects information from such providers in order to ensure compliance with the law and the Rule.</P>
                <P>
                    5. 
                    <E T="03">An estimate of the total number of respondents and the amount of time estimated for an average respondent to respond:</E>
                     It is estimated that 135 respondents will complete the Application; initial applicants will complete the Application in approximately ten (10) hours, standard renewal applicants will complete the Application in approximately four (4) hours and refreshing renewal applicants will complete the Application in approximately nine (9) hours. In addition, it is estimated that approximately 468,238 debtors will complete a survey evaluating the effectiveness of an instructional course in approximately one (1) minute.
                </P>
                <P>
                    6. 
                    <E T="03">An estimate of the total public burden (in hours) associated with the collection:</E>
                     The estimated total annual public burden associated with this collection is 8,498 hours: the applicants' burden is 694 hours and the debtors' burden is 7,804 hours.
                </P>
                <P>
                    <E T="03">If additional information is required contact:</E>
                     Darwin Arceo, Department Clearance Officer, United States Department of Justice, Justice Management Division, Policy and Planning Staff, Two Constitution Square, 145 N Street NE, 3E.405A, Washington, DC 20530.
                </P>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>Darwin Arceo,</NAME>
                    <TITLE>Department Clearance Officer for PRA, U.S. Department of Justice.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09473 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4410-40-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">POSTAL REGULATORY COMMISSION</AGENCY>
                <DEPDOC>[Docket Nos. MC2025-1414 and K2025-1413; MC2025-1415 and K2025-1414; MC2025-1416 and K2025-1415; MC2025-1417 and K2025-1416; MC2025-1418 and K2025-1417; MC2025-1419 and K2025-1418; MC2025-1420 and K2025-1419; MC2025-1421 and K2025-1420; MC2025-1422 and K2025-1421; MC2025-1423 and K2025-1422; MC2025-1424 and K2025-1423; MC2025-1425 and K2025-1424; MC2025-1426 and K2025-1425; MC2025-1427 and K2025-1426; MC2025-1428 and K2025-1427]</DEPDOC>
                <SUBJECT>New Postal Products</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Postal Regulatory Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Commission is noticing a recent Postal Service filing for the Commission's consideration concerning a negotiated service agreement. This notice informs the public of the filing, invites public comment, and takes other administrative steps.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        <E T="03">Comments are due:</E>
                         May 29, 2025.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit comments electronically via the Commission's Filing Online system at 
                        <E T="03">https://www.prc.gov.</E>
                         Those who cannot submit comments electronically should contact the person identified in the 
                        <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                         section by telephone for advice on filing alternatives.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>David A. Trissell, General Counsel, at 202-789-6820.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Table of Contents</HD>
                <EXTRACT>
                    <FP SOURCE="FP-2">I. Introduction</FP>
                    <FP SOURCE="FP-2">II. Public Proceeding(s)</FP>
                    <FP SOURCE="FP-2">III. Summary Proceeding(s)</FP>
                </EXTRACT>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>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.</P>
                <P>
                    The public portions of the Postal Service's request(s) can be accessed via the Commission's website (
                    <E T="03">http://www.prc.gov</E>
                    ). 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.
                    <SU>1</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See</E>
                         Docket No. RM2018-3, Order Adopting Final Rules Relating to Non-Public Information, June 27, 2018, Attachment A at 19-22 (Order No. 4679).
                    </P>
                </FTNT>
                <P>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). The Public Representative does not represent any individual person, entity or particular point of view, and, when Commission attorneys are appointed, no attorney-client relationship is established. Section II also establishes comment deadline(s) pertaining to each such request.</P>
                <P>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.</P>
                <P>
                    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. 
                    <E T="03">See</E>
                     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.
                </P>
                <HD SOURCE="HD1">II. Public Proceeding(s)</HD>
                <P>
                    1. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1414 and K2025-1413; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Express, Priority 
                    <PRTPAGE P="22329"/>
                    Mail &amp; USPS Ground Advantage Contract 1369 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Samuel Robinson; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    2. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1415 and K2025-1414; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 826 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Maxine Bradley; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    3. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1416 and K2025-1415; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 827 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Almaroof Agoro; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    4. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1417 and K2025-1416; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 828 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Jennaca Upperman; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    5. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1418 and K2025-1417; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail &amp; USPS Ground Advantage Contract 757 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Arif Hafiz; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    6. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1419 and K2025-1418; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail &amp; USPS Ground Advantage Contract 758 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Arif Hafiz; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    7. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1420 and K2025-1419; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail &amp; USPS Ground Advantage Contract 759 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Maxine Bradley; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    8. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1421 and K2025-1420; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail &amp; USPS Ground Advantage Contract 760 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Arif Hafiz; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    9. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1422 and K2025-1421; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 829 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Jennaca Upperman; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    10. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1423 and K2025-1422; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 830 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Christopher Mohr; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    11. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1424 and K2025-1423; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail &amp; USPS Ground Advantage Contract 761 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Cherry Yao; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    12. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1425 and K2025-1424; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 831 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Christopher Mohr; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    13. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1426 and K2025-1425; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Contract 832 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Alain Brou; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    14. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1427 and K2025-1426; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail Express, Priority Mail &amp; USPS Ground Advantage Contract 1370 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Cherry Yao; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <P>
                    15. 
                    <E T="03">Docket No(s).:</E>
                     MC2025-1428 and K2025-1427; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add Priority Mail &amp; USPS Ground Advantage Contract 762 to the Competitive Product List and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     May 20, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642, 39 CFR 3035.105, and 39 CFR 3041.310; 
                    <E T="03">Public Representative:</E>
                     Kenneth Moeller; 
                    <E T="03">Comments Due:</E>
                     May 29, 2025.
                </P>
                <HD SOURCE="HD1">III. Summary Proceeding(s)</HD>
                <P>None. See Section II for public proceedings.</P>
                <P>
                    This Notice will be published in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <SIG>
                    <NAME>Erica A. Barker,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09503 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7710-FW-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103073; File No. SR-CboeBYX-2025-010]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Regarding Dedicated Cores</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, Cboe BYX Exchange, Inc. (“Exchange” or “BYX”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>
                    The Exchange proposes to amend its fee schedule to adopt fees for Dedicated 
                    <PRTPAGE P="22330"/>
                    Cores. The text of the proposed rule change is provided in Exhibit 5.
                </P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://markets.cboe.com/us/equities/regulation/rule_filings/BYX/</E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially adopted pricing for Dedicated Cores on May 6, 2024 (SR-CboeBYX-2024-014). On July 1, 2024, the Exchange withdrew that filing and submitted SR-CboeBYX-2024-024. On August 1, 2024, the Exchange withdrew that filing and submitted SR-CboeBYX-2024-028. On business date September 30, 2024, the Exchange withdrew that filing and submitted SR-CboeBYX-2024-036. On November 26, 2024, the Exchange withdrew that filing and submitted SR-CboeBYX-2024-043 and subsequently withdrew that filing and submitted SR-CboeBYX-2024-044. On November 27, 2024, the Exchange withdraw that filing and submitted SR-CboeBYX-2024-045. On December 4, 2024, the Exchange withdrew that filing and submitted SR-CboeBYX-2024-047. On January 24, 2025, the Exchange withdrew that filing and submitted SR-CboeBYX-2025-001. On March 13, 2025, the Exchange withdrew that filing and submitted SR-CboeBYX-2025-005. On May 7, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    By way of background, the Exchange recently began to allow Users 
                    <SU>4</SU>
                    <FTREF/>
                     to assign a Single Binary Order Entry (“BOE”) logical order entry port 
                    <SU>5</SU>
                    <FTREF/>
                     to a single dedicated Central Processing Unit (CPU Core) (“Dedicated Core”). Historically, CPU Cores had been shared by logical order entry ports (
                    <E T="03">i.e.,</E>
                     multiple logical ports from multiple firms may connect to a single CPU Core). Use of Dedicated Cores however, can provide reduced latency, enhanced throughput, and improved performance since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core instead of sharing that power with other firms. This offering is completely voluntary and is available to all Users that wish to purchase Dedicated Cores. Users may utilize BOE logical order entry ports on shared CPU Cores, either in lieu of, or in addition to, their use of Dedicated Core(s). As such, Users are able to operate across a mix of shared and dedicated CPU Cores which the Exchange believes provides additional risk and capacity management. Further, Dedicated Cores are not required nor necessary to participate on the Exchange and as such Users may opt not to use Dedicated Cores at all.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         A User may be either a Member or Sponsored Participant. The term “Member” shall mean any registered broker or dealer that has been admitted to membership in the Exchange, limited liability company or other organization which is a registered broker or dealer pursuant to Section 15 of the Act, and which has been approved by the Exchange. A Sponsored Participant may be a Member or non-Member of the Exchange whose direct electronic access to the Exchange is authorized by a Sponsoring Member subject to certain conditions. See Exchange Rule 11.3.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         Users may currently connect to the Exchange using a logical port available through an application programming interface (“API”), such as the Binary Order Entry (“BOE”) protocol. A BOE logical order entry port is used for order entry.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to assess the following monthly fees for Users that wish to use Dedicated Cores and adopt a maximum limit. First, the Exchange proposes to provide up to two Dedicated Cores to all Users who wish to use Dedicated Cores, at no additional cost. In the event that a User voluntarily chooses to use more than two Dedicated Cores, only then would the Exchange assess the following fees: $650 per Dedicated Core for 3-10 Dedicated Cores; $850 per Dedicated Core for 11-15 Dedicated Cores; and $1,050 per Dedicated Core for 16 or more Dedicated Cores. The proposed fees are progressive and the Exchange proposes to include the following example in the Fees Schedule to provide clarity as to how the fees will be applied. Particularly, the Exchange will provide the following example: if a User were to purchase 11 Dedicated Cores, it will be charged a total of $6,050 per month ($0 * 2) + ($650 * 8) + ($850 * 1). The Exchange also proposes to make clear in the Fees Schedule that the monthly fees are assessed and applied in their entirety and are not prorated. The Exchange notes the current standard fees assessed for BOE Logical Ports, whether used with Dedicated or shared CPU cores, will remain applicable and unchanged.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange currently assesses $550 per port per month. Port fees will also continue to be assessed on the first two Dedicated Cores that Users receive at no additional cost. 
                        <E T="03">See</E>
                         Cboe BYX Equities Fee Schedule.
                    </P>
                </FTNT>
                <P>
                    Since the Exchange currently has a finite amount of physical space in its data centers in which its servers (and therefore corresponding CPU Cores) are located, the Exchange also proposes to prescribe a maximum limit on the number of Dedicated Cores that Users may purchase each month. The purpose of establishing these limits is to manage the allotment of Dedicated Cores in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an unlimited number of Dedicated Cores. The Exchange previously established a limit for Members of a maximum number of 60 Dedicated Cores and Sponsoring Members a limit of a maximum number of 25 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>7</SU>
                    <FTREF/>
                     The Exchange has since been able to procure additional servers with CPU Cores and also has a better understanding of User demand relative to its available space since the initial launch of Dedicated Cores. After seeing increased User demand, the Exchange proposed to increase that cap and provided that Members will be limited to a maximum number of 80 Dedicated Cores and Sponsoring Members will be limited to a maximum number of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange noted at that time that it would continue monitoring Dedicated Core interest by all Users and allotment availability with the goal of increasing these limits to meet Users' needs if and when the demand is there and/or the Exchange is able to accommodate additional Dedicated Cores. Since then, the Exchange has determined that it is able to accommodate an increased cap relative to current demand. As such, the Exchange proposed to increase the cap to 120 Dedicated Cores for Members, effective December 1, 2024.
                    <SU>9</SU>
                    <FTREF/>
                     Sponsoring Members will continue to be limited to a maximum of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100476 (July 9, 2024), 89 FR 57482 (July 15, 2024) (SR-CboeBYX-2024-024).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101303 (October 10, 2024), 89 FR 83740 (October 17, 2024) (SR-CboeBYX-2024-036).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The prescribed maximum quantity of Dedicated Cores for Members applies regardless of whether that Member purchases the Dedicated Cores directly from the Exchange and/or through a Service Bureau. In a Service Bureau relationship, a customer allows its MPID to be used on the ports of a technology provider, or Service Bureau. One MPID may be allowed on several different Service Bureaus.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The fee tier(s) applicable to Sponsoring Members are determined on a per Sponsored Access relationship basis and not on the combined 
                        <PRTPAGE/>
                        total of Dedicated Cores across Sponsored Users. For example, under the proposed changes, a Sponsoring Member that has three Sponsored Access relationships is entitled to a total of 105 Dedicated Cores for those 3 Sponsored Access relationships but would be assessed fees separately based on the 35 Dedicated Cores for each Sponsored User (instead of combined total of 105 Dedicated Cores). For example, a Sponsoring Member with 3 Sponsored Access relationships would pay $30,450 per month if each Sponsored Access relationship purchased the maximum 35 Dedicated Cores. More specifically, the Sponsoring Member would be provided 2 Dedicated Cores at no additional cost for each Sponsored User under Tier 1 (total of 6 Dedicated Cores at no additional cost) and provided an additional 8 Dedicated Cores at $650 each for each Sponsored User, 5 Dedicated Cores at $850 each for each Sponsored User and 20 Dedicated Cores at $1,050 each for each Sponsored User (combined total of 99 additional Dedicated Cores).
                    </P>
                </FTNT>
                <PRTPAGE P="22331"/>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>12</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>13</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>14</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes the proposal is reasonable because the Exchange is offering 
                    <E T="03">all</E>
                     Users who voluntarily choose to utilize Dedicated Cores up to two Dedicated Cores at no additional cost. Notably, of the Members that currently maintain Dedicated Cores, 43% maintain only 1 or 2 Dedicated Cores and therefore pay no additional fees. The Exchange believes the proposed fees are reasonable because Dedicated Cores provide a valuable service in that it can provide reduced latency, enhanced throughput, and improved performance compared to use of a shared CPU Core since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core. The Exchange also emphasizes however, that the use of Dedicated Cores is not necessary for trading and as noted above, is entirely optional. Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Indeed, only 35% of the Exchange's Members currently use Dedicated Cores and as noted above, of those who do, only 43% take only 1 or 2 Dedicated Cores at no additional cost. Depending on a firm's specific business needs, the proposal enables Users to choose to use Dedicated Cores in lieu of, or in addition to, shared CPU Cores (or as emphasized, not use Dedicated Cores at all). If a User finds little benefit in having Dedicated Cores based on its business model and trading strategies, or determines Dedicated Cores are not cost-efficient for its needs or does not provide sufficient value to the firm, such User may continue its use of the shared CPU Cores, unchanged. The Exchange is not aware of any specific reason (operational or otherwise) why a firm would not partake in the use of the one to two free Dedicated Cores the Exchange offers. Indeed the Exchange does not believe that the set up a firm would undertake to use free Dedicated Cores offered by the Exchange is prohibitively difficult or burdensome; ultimately, whether or not a firm avails itself of the free Dedicated Cores is a business decision, and some firms may decide that the impact that Dedicated Cores may have is simply not beneficial or necessary to how that firm operates. The Exchange also has no plans to eliminate shared CPU Cores nor to require Users to purchase Dedicated Cores.
                </P>
                <P>
                    The Exchange has seen general interest in Dedicated Cores from a variety of market participants, with varying size and business models. Such market participants include proprietary trading firms (who tend to be more latency sensitive), as well as sell-side market participants and buy-side market participants (who tend to be less latency sensitive). For background, proprietary trading firms utilize their own capital to trade without taking outside money from clients. Due to the nature of their respective businesses, the Exchange has classified proprietary trading firms as latency sensitive, and other groups, such as buy-side hedge funds, sell-side banks and sell-side non-banks (such as agency brokers) as non-latency sensitive. Proprietary trading firms' strategies may range from, market making, to relative value trading and arbitrage- these all rely on profiting from general market activity and, generally, requires faster entry and exit into trades and positions making proprietary trading firms more latency sensitive than other market segments. Buy-side hedge funds, banks and agency brokers are not as latency sensitive as generally the strategy for hedge funds is based on overall long-term positioning in the market, and banks and agency brokers may profit from commissions of customer order flow; both are generally strategies that are not reliant on speed to the same extent proprietary trading firms are. Further, Users have various reasons for obtaining Dedicated Cores. Some Users for example, may be seeking to further reduce latency or increase execution determinism, whereas others may use Dedicated Cores as a general risk mitigation by siloing their respective activity. For example, by using the Dedicated Core(s) to silo its respective activity, a firm may be able to mitigate risk during periods of heightened volatility as the firm will not need to compete for a shared resource (
                    <E T="03">i.e.,</E>
                     the shared core). Of further note, only 64% of Members that are propriety trading firms (who again, generally tend to be more latency sensitive) utilize Dedicated Cores, and of that 64%, 43% are only utilizing the 1 to 2 free Dedicated Cores available to all Users. As mentioned above, some non-latency sensitive firms have chosen to also adopt Dedicated Cores. 19% of Members that are not latency sensitive utilize Dedicated Cores, and of that 19%, 38% are only utilizing the 1 to 2 free Dedicated Cores available to all Users.
                </P>
                <P>
                    The lack of universal, or even widespread, adoption by all such users therefore demonstrates that purchasing Dedicated Cores is not effectively a requirement to compete for any one type of market participant, including latency sensitive market participants. Instead, Dedicated Cores are an optional and voluntary connectivity offering, which market participants are free to choose whether or not to utilize based on whether they meet their unique business needs. Moreover, the Exchange has received overwhelming positive feedback and support for Dedicated Cores from the firms that have chosen to utilize these in furtherance of their respective needs, with some Users even noting that they have moved more of their order flow to the Exchange and its 
                    <PRTPAGE P="22332"/>
                    affiliated equities exchanges (the “Equities Exchanges”) as they have noticed both better fills and greater consistency of order execution at the Equities Exchanges. This demonstrates that despite any incurred costs for Users that choose to purchase Dedicated Cores, it is ultimately a net win for them as they benefit from better execution. The Exchange believes it also demonstrates that Users find the proposed fees to be both reasonable and have benefited from purchasing or, are alternatively benefiting from the proposed one or two free Dedicated Cores available at no additional cost. The Exchange believes this is shown by both the level of demand for Dedicated Cores and the feedback from market participants that have used the Dedicated Cores for its unique business needs, including as described above. The Exchange also believes it's notable that no negative comment letters in connection with the proposed pricing have been received since the Exchange first filed proposed fees for Dedicated Cores back on May 6, 2024. Additionally, as noted earlier, Users can (and many have) decide that utilizing even a free Dedicated Core is not needed for their business. The Exchange also notes it has not received any feedback for Users that raise concerns over the barrier to entry to use Dedicated Cores, including notably the free Dedicated Cores- nor is the Exchange aware of any reason why a firm would ultimately choose not to use the free Dedicated Cores, other than it is not necessary for its business. Ultimately, this is a business decision that each User must make and is best suited to determine and will ultimately depend on the priorities and strategies of that User's respective business needs.
                </P>
                <P>
                    The Exchange also notes that at least one other exchange also has a comparable offering.
                    <SU>15</SU>
                    <FTREF/>
                     The Nasdaq Stock Market, LLC (“Nasdaq”), introduced the Dedicated Ouch Port Infrastructure in 2014 
                    <SU>16</SU>
                    <FTREF/>
                     which allows a member firm to assign up to 30 of its OUCH ports to a dedicated server infrastructure for its exclusive use.
                    <SU>17</SU>
                    <FTREF/>
                     The Dedicated OUCH server handles only the subscribing member firm's message traffic sent through their ports on the Dedicated OUCH to Nasdaq's system.
                    <SU>18</SU>
                    <FTREF/>
                     Similarly, as previously described, a Dedicated Core only handles that subscribing firm's messaging activity. Nasdaq notes that with its Dedicated OUCH offering, member firms can develop a tailored solution by controlling their message traffic in order to optimize their trading strategies.
                    <SU>19</SU>
                    <FTREF/>
                     As described above with Dedicated Cores, one of the benefits is greater execution determinism as subscribers only need to account for their order flow when using a Dedicated Core, similar to the existing Nasdaq Dedicated OUCH offering. In addition to using Dedicated Cores and Dedicated OUCH for the purpose of greater execution determinism, firms may also use either offering for greater risk mitigation as, with either offering, the subscribing firm only needs to take their specific messaging traffic into account. Nasdaq notes as well that its Dedicated OUCH offering is wholly optional and therefore member firms are not compelled to subscribe and that its offering is pro-competitive as it adds an additional connectivity option available to Nasdaq members.
                    <SU>20</SU>
                    <FTREF/>
                     Similar to the Dedicated OUCH offering, the Exchange has noted that no User is required to purchase or to use the two free Dedicated Cores offered to all Users.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70693 (October 16, 2013), 78 FR 62761 (October 22, 2013) (SR-NASDAQ-2013-131).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See</E>
                         supra note 15.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70036 (July 25, 2013), 78 FR 45993 (July 30, 2013) (SR-NASDAQ-2013-097).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         Id.
                    </P>
                </FTNT>
                <P>
                    Despite these similarities, there are some differences. Specifically, with the Nasdaq OUCH offering, a member firm would need to purchase an entire server, of which, 30 OUCH ports could be utilized on the Dedicated OUCH server—a participant may purchase up to four Dedicated OUCH servers based on its needs.
                    <SU>21</SU>
                    <FTREF/>
                     In contrast, the Exchange's offering allows for a purchase by cores (as opposed to an entire server), allowing a participant to more efficiently scale its business by purchasing only the number of cores that it needs. Ultimately, the Exchange's offering is more akin to a service offering while the Nasdaq offering is more akin to an infrastructure offering (and as such, the pricing structure does differ)—both offerings better enable a firm to utilize the full processing power of a CPU Core.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         See 
                        <E T="03">https://nasdaqtrader.com/Trader.aspx?id=OUCH#:~:text=Each%20server%20can%20house%20up%20to%20a%20maximum,Nasdaq%20Market%20Sales%20at%20%2B1%20800%20846%200477.</E>
                    </P>
                </FTNT>
                <P>
                    A Dedicated OUCH Port Infrastructure subscription is available to a member firm for a fee of $5,000 per month, which is in addition to the standard fees assessed for each OUCH port. A one-time installation fee of $5,000 is assessed to subscribers for each Dedicated OUCH Port Server subscription.
                    <SU>22</SU>
                    <FTREF/>
                     In contrast, the Exchange offers 1-2 Dedicated Cores at no cost, making this widely available to any participant who may find a benefit from using this offering. Additionally, by the Exchange not charging an installation fee upfront, participants are able to try the offering at no cost, by receiving up to two Dedicated Cores at no cost to the User. The Exchange's model allows for widespread participation by all who wish to use Dedicated Cores—the steep initial cost of Nasdaq's model of spending, at a minimum, $10,000 for the first month requires a heavy investment, which in the case of smaller participants, may not be feasible. In contrast, the Exchange's model of providing up to two Dedicated Cores at no cost, allows participants to easily utilize this service if they believe it is helpful for their business needs. Moreover, the Exchange's service offering also provides more Users with more modest CPU capacity needs a zero-cost option, as well as the ability to buy only as many Dedicated Cores that they need, whereas Nasdaq's Dedicated OUCH offering requires a User to buy all cores offered on a single server (even if a firm does not have the corresponding full amount of 30 ports), with no discounted or fee waiver for the first two cores, as well as no ability to buy fewer cores than necessary.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         See The Nasdaq Stock Market Rulebook, Equity 7 Pricing Schedule.
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange emphasizes that order processing itself is not affected by the introduction of Dedicated Cores. No relevant changes are intended to the matching engine, which is, and remains, the main component of the Exchange's infrastructure being responsible for the actual processing of orders. While Users of Dedicated Cores may notice a latency reduction, this is an inherent byproduct of introducing improved technology.
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         Moreover, there has been a longstanding history of exchanges providing enhanced technology where the latency reduction that follows is a natural result. For example, other exchanges may offer a variety of co-location services where subscribers of these services may benefit from lower latency based on the specific offering they choose based on their business needs. 
                        <E T="03">See e.g.,</E>
                         The Nasdaq Stock Market General 8 Connectivity, Section 1 Co-Location Services (demonstrating a range of cabinet offerings).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that the proposed Dedicated Core fees are equitable and not unfairly discriminatory because they continue to be assessed uniformly to similarly situated Users in that all Users who 
                    <PRTPAGE P="22333"/>
                    choose to purchase Dedicated Cores will be subject to the same proposed tiered fee schedule. Moreover, all Users are entitled to up to 2 Dedicated Cores at no additional cost and as previously discussed, 43% of all Members that take Dedicated Cores (including both latency sensitive and non-latency sensitive Members) take only 1 or 2 Dedicated Cores at no additional cost. The Exchange believes the proposed ascending fee structure is also reasonable, equitable and not unfairly discriminatory as it is designed so that firms that use a higher allotment of the Exchange's finite number of Dedicated Cores pay higher rates, rather than placing that burden on market participants that have more modest needs who will have the flexibility of obtaining Dedicated Cores at lower price points in the lower tiers. As such, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the ascending fee structure reflects the (finite) resources consumed by the various needs of market participants—that is, the lowest Dedicated Core consuming Users pay the least, and highest Dedicated Core consuming Users pay the most. The Exchange believes that such pricing further creates a lower barrier to entry for all Users, making this service widely available to all who deem it helpful for their business, including those with more modest needs. Other exchanges similarly assess higher fees to those that consume more Exchange resources.
                    <SU>24</SU>
                    <FTREF/>
                     Moreover, those consuming more Dedicated Cores do so if they find a benefit in having higher quantities of Dedicated Cores based on their respective business needs. The proposed tier structure is also designed to encourage firms to manage their needs in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an additional number of Dedicated Cores or put the Exchange in a position that it cannot accommodate demand. Moreover, as discussed above and in more detail below, the Exchange cannot currently offer an unlimited number of Dedicated Cores due in part to physical space constraints in the third-party data center. The Exchange believes the proposed ascending fee structure is therefore another appropriate means, in conjunction with an established cap, to manage this finite resource and ensure the resource is apportioned more fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See e.g.,</E>
                         Cboe U.S. Options Fees Schedule, BZX Options, Options Logical Port Fees, Ports with Bulk Quoting Capabilities.
                    </P>
                </FTNT>
                <P>
                    The Exchange believes it is reasonable to limit the number of Dedicated Cores Users can purchase because the Exchange has a finite amount of space in its third-party data centers to accommodate CPU cores, including Dedicated Cores. The Exchange must also take into account timing and cost considerations in procuring additional Dedicated Cores and related hardware such as servers, switches, optics and cables, as well as the readiness of the Exchange's data center space to accommodate additional Dedicated Cores in the Exchange's respective Order Handler Cabinets.
                    <SU>25</SU>
                    <FTREF/>
                     Moreover, procuring data center space has grown to be more challenging than it was five years ago with the increased demand for data center space. For example, the U.S. colocation data center market has doubled in size in just four years. In addition to the Exchange's rollout of Dedicated Cores, the Exchange is mindful of its other business areas and the need to continue to be mindful of its existing, external restraints in procuring additional space in this area. The Exchange has, and will continue to, monitor market participant demand and space availability and endeavor to adjust the limit if and when the Exchange is able to acquire additional space and power within the third-party data centers and/or additional CPU Cores to accommodate additional Dedicated Cores.
                    <SU>26</SU>
                    <FTREF/>
                     The Exchange monitors its capacity and data center space and thus is in the best place to determine these limits and modify them as appropriate in response to changes to this capacity and space, as well as market demand. Indeed, the Exchange has already increased the prescribed maximum since the launch of Dedicated Cores on May 6, 2024 as a result of evaluating the demand relative to Dedicated Cores availability and proposes to increase the prescribed maximum again due to the Exchange's continued ability to support current demand relative to current availability.
                    <SU>27</SU>
                    <FTREF/>
                     As another example, the Exchange's affiliate Cboe EDGA Exchange, Inc. has increased the prescribed maximum limit three times since the launch of Dedicated Cores on its exchange on February 26, 2024 as a result of evaluating the demand relative to Dedicated Cores availability.
                    <SU>28</SU>
                    <FTREF/>
                     The proposed increased limits continue to apply uniformly to similarly situated market participants (
                    <E T="03">i.e.,</E>
                     all Members are subject to the same limit and all Sponsored Participants are subject to the same limit, respectively). The Exchange believes it's not unfairly discriminatory to provide for different limits for different types of Users. For example, the Exchange believes it's not unfairly discriminatory to provide for an initial lower limit to be allocated for Sponsored Participants because unlike Members, Sponsored Participants are able to access the Exchange without paying a Membership Fee. Members also have more regulatory obligations and risk that Sponsored Participants do not. For example, while Sponsored Participants must agree to comply with the Rules of the Exchange, it is the Sponsoring Member of that Sponsored Participant that remains ultimately responsible for all orders entered on or through the Exchange by that Sponsored Participant. The industry also has a history of applying fees differently to Members as compared to Sponsored Participants.
                    <SU>29</SU>
                    <FTREF/>
                     Lastly, the Exchange believes its proposed maximum limits, and distinction between Members and Sponsored Participants, is another appropriate means to help the Exchange manage its allotment of Dedicated Cores and better ensure this finite resource is apportioned fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         The Exchange notes that it cannot currently convert shared CPU cores into Dedicated Cores.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         The Exchange does not have any Users that take Dedicated Cores at or near the maximum limits and the average number of Dedicated Cores used for the Exchange is 12.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100476 (July 9, 2024), 89 FR 57482 (July 15, 2024) (SR-CboeBYX-2024-024).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 99983 (April 17, 2024), 89 FR 30418 (April 23, 2024) (SR-CboeEDGA-2024-014) Securities Exchange Act Release No. 100300 (June 10, 2024), 89 FR 50653 (June 14, 2024) (SR-CboeEDGA-2024-020); and Securities Exchange Act Release No. 100736 (August 21, 2024), 89 FR 67696 (August 15, 2024) (SR-CboeEDGA-2024-032).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See e.g.,</E>
                         Securities Exchange Act Release No. 68342 (December 3, 2012), 77 FR 73096 (December 7, 2012) (SR-CBOE-2012-114) and Securities Exchange Act Release No. 66082 (January 3, 2012), 77 FR 1101 (January 9, 2012) (SR-C2-2011-041).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary in furtherance of the purposes of the Act because the proposed tiered fee structure will apply equally to all similarly situated Users that choose to use Dedicated Cores. As discussed above, Dedicated Cores are optional and Users may choose to utilize Dedicated Cores, or not, based on their views of the additional benefits and added value provided by utilizing a Dedicated Core. The Exchange believes the proposed fee will be assessed proportionately to the potential 
                    <PRTPAGE P="22334"/>
                    value or benefit received by Users with a greater number of Dedicated Cores and notes that Users may determine at any time to cease using Dedicated Cores. As discussed, Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Finally, all Users will be entitled to two Dedicated Cores at no additional cost.
                </P>
                <P>
                    Next, the Exchange believes the proposed rule change does not impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As previously discussed, the Exchange operates in a highly competitive market, including competition for exchange memberships. Market Participants have numerous alternative venues that they may participate on, including 15 other equities exchanges, as well as off-exchange venues, where competitive products are available for trading. Indeed, participants can readily choose to submit their order flow to other exchange and off-exchange venues if they deem fee levels at those other venues to be more favorable. Further, as described above, Nasdaq also already provides a similar offering.
                    <SU>30</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <P>
                    Moreover, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system “has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.” 
                    <SU>31</SU>
                    <FTREF/>
                     The fact that this market is competitive has also long been recognized by the courts. In NetCoalition v. Securities and Exchange Commission, the D.C. Circuit stated as follows: “[n]o one disputes that competition for order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution'; [and] `no exchange can afford to take its market share percentages for granted' because `no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers'. . . .”.
                    <SU>32</SU>
                    <FTREF/>
                     Accordingly, the Exchange does not believe its proposed change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC,</E>
                         615 F.3d 525, 539 (D.C. Cir. 2010) (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>33</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>34</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-CboeBYX-2025-010 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeBYX-2025-010. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeBYX-2025-010 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>35</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>35</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09388 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103075; File No. SR-CboeBZX-2025-064]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Regarding Dedicated Cores</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, Cboe BZX Exchange, Inc. (“Exchange” or “BZX”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule 
                    <PRTPAGE P="22335"/>
                    change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/</E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially introduced pricing for Dedicated Cores on June 10, 2024 (SR-CboeBZX-2024-054). On August 1, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-075. On business date September 30, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-094. On November 26, 2024, the Exchange withdrew that filing and submitted this SR-CboeBZX-2024-122. On January 24, 2025, the Exchange withdrew that filing and submitted SR-CboeBZX-2025-009. On March 12, 2025, the Exchange withdrew that filing and submitted SR-CboeBZX-2025-041. On May 7, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    By way of background, the Exchange recently began to allow Users 
                    <SU>4</SU>
                    <FTREF/>
                     to assign a Single Binary Order Entry (“BOE”) logical order entry port 
                    <SU>5</SU>
                    <FTREF/>
                     to a single dedicated Central Processing Unit (CPU Core) (“Dedicated Core”). Historically, CPU Cores had been shared by logical order entry ports (
                    <E T="03">i.e.,</E>
                     multiple logical ports from multiple firms may connect to a single CPU Core). Use of Dedicated Cores however, can provide reduced latency, enhanced throughput, and improved performance since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core instead of sharing that power with other firms. This offering is completely voluntary and is available to all Users that wish to purchase Dedicated Cores. Users may utilize BOE logical order entry ports on shared CPU Cores, either in lieu of, or in addition to, their use of Dedicated Core(s). As such, Users are able to operate across a mix of shared and dedicated CPU Cores which the Exchange believes provides additional risk and capacity management. Further, Dedicated Cores are not required nor necessary to participate on the Exchange and as such Users may opt not to use Dedicated Cores at all.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         A User may be either a Member or Sponsored Participant. The term “Member” shall mean any registered broker or dealer that has been admitted to membership in the Exchange, limited liability company or other organization which is a registered broker or dealer pursuant to Section 15 of the Act, and which has been approved by the Exchange. A Sponsored Participant may be a Member or non-Member of the Exchange whose direct electronic access to the Exchange is authorized by a Sponsoring Member subject to certain conditions. See Exchange Rule 11.3.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         Users may currently connect to the Exchange using a logical port available through an application programming interface (“API”), such as the Binary Order Entry (“BOE”) protocol. A BOE logical order entry port is used for order entry.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to assess the following monthly fees for Users that wish to use Dedicated Cores and adopt a maximum limit. First, the Exchange proposes to provide up to two Dedicated Cores to all Users who wish to use Dedicated Cores, at no additional cost. In the event that a User voluntarily chooses to use more than two Dedicated Cores, only then would the Exchange assess the following fees: $650 per Dedicated Core for 3-15 Dedicated Cores; $850 per Dedicated Core for 16-30 Dedicated Cores; and $1,050 per Dedicated Core for 31 or more Dedicated Cores. The proposed fees are progressive and the Exchange proposes to include the following example in the Fees Schedule to provide clarity as to how the fees will be applied. Particularly, the Exchange will provide the following example: if a User were to purchase 16 Dedicated Cores, it will be charged a total of $9,300 per month ($0 * 2) + ($650 * 13) + ($850 * 1). The Exchange also proposes to make clear in the Fees Schedule that the monthly fees are assessed and applied in their entirety and are not prorated. The Exchange notes the current standard fees assessed for BOE Logical Ports, whether used with Dedicated or shared CPU cores, will remain applicable and unchanged.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange currently assesses $550 per port per month. Port fees will also continue to be assessed on the first two Dedicated Cores that Users receive at no additional cost. 
                        <E T="03">See</E>
                         Cboe BZX Equities Fee Schedule.
                    </P>
                </FTNT>
                <P>
                    Since the Exchange currently has a finite amount of physical space in its data centers in which its servers (and therefore corresponding CPU Cores) are located, the Exchange also proposes to prescribe a maximum limit on the number of Dedicated Cores that Users may purchase each month. The purpose of establishing these limits is to manage the allotment of Dedicated Cores in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an unlimited number of Dedicated Cores. The Exchange previously established a limit for Members of a maximum number of 60 Dedicated Cores and Sponsoring Members a limit of a maximum number of 25 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>7</SU>
                    <FTREF/>
                     The Exchange has since been able to procure additional physical space in its third-party data century as well as additional servers with CPU Cores and also has a better understanding of User demand relative to its available space and available Dedicated Cores since the initial launch of Dedicated Cores. After seeing increased User demand, the Exchange proposed to increase the cap and provided that Members will be limited to a maximum number of 80 Dedicated Cores and Sponsoring Members will be limited to a maximum number of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange noted at that time that it would continue monitoring Dedicated Core interest by all Users and allotment availability with the goal of increasing these limits to meet Users' needs if and when the demand is there and/or the Exchange is able to accommodate additional Dedicated Cores. Since then, the Exchange has determined that it is able to accommodate an increased cap relative to current demand. As such, the Exchange proposed to increase the cap to 120 Dedicated Cores for Members, effective December 1, 2024.
                    <SU>9</SU>
                    <FTREF/>
                     Sponsoring 
                    <PRTPAGE P="22336"/>
                    Members will continue to be limited to a maximum of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100395 (June 21, 2024), 89 FR 53687 (June 27, 2024) (SR-CboeBZX-2024-054).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101302 (October 10, 2024), 89 FR 83727 (October 17, 2024) (SR-CboeBZX-2024-094).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The prescribed maximum quantity of Dedicated Cores for Members applies regardless of whether that Member purchases the Dedicated Cores directly from the Exchange and/or through a Service 
                        <PRTPAGE/>
                        Bureau. In a Service Bureau relationship, a customer allows its MPID to be used on the ports of a technology provider, or Service Bureau. One MPID may be allowed on several different Service Bureaus.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The fee tier(s) applicable to Sponsoring Members are determined on a per Sponsored Access relationship basis and not on the combined total of Dedicated Cores across Sponsored Users. For example, under the proposed changes, a Sponsoring Member that has three Sponsored Access relationships is entitled to a total of 105 Dedicated Cores for those 3 Sponsored Access relationships but would be assessed fees separately based on the 35 Dedicated Cores for each Sponsored User (instead of combined total of 105 Dedicated Cores). For example, a Sponsoring Member with 3 Sponsored Access relationships would pay $30,450 per month if each Sponsored Access relationship purchased the maximum 35 Dedicated Cores. More specifically, the Sponsoring Member would be provided 2 Dedicated Cores at no additional cost for each Sponsored User under Tier 1 (total of 6 Dedicated Cores at no additional cost) and provided an additional 8 Dedicated Cores at $650 each for each Sponsored User, 5 Dedicated Cores at $850 each for each Sponsored User and 20 Dedicated Cores at $1,050 each for each Sponsored User (combined total of 99 additional Dedicated Cores).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>12</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>13</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>14</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes the proposal is reasonable because the Exchange is offering 
                    <E T="03">all</E>
                     User who voluntarily choose to utilize Dedicated Cores up to two Dedicated Cores at no additional cost. Notably, of the Members that currently maintain Dedicated Cores, 23% maintain only 1 or 2 Dedicated Cores and therefore pay no additional fees. The Exchange believes the proposed fees are reasonable because Dedicated Cores provide a valuable service in that it can provide reduced latency, enhanced throughput, and improved performance compared to use of a shared CPU Core since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core. The Exchange also emphasizes however, that the use of Dedicated Cores is not necessary for trading and as noted above, is entirely optional. Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Indeed, only 36% of the Exchange's Members currently use Dedicated Cores and as noted above, of that 36%, only 23% take 1 or 2 Dedicated Cores at no additional cost. Depending on a firm's specific business needs, the proposal enables Users to choose to use Dedicated Cores in lieu of, or in addition to, shared CPU Cores (or as emphasized, not use Dedicated Cores at all). If a User finds little benefit in having Dedicated Cores based on its business model and trading strategies, or determines Dedicated Cores are not cost-efficient for its needs or does not provide sufficient value to the firm, such User may continue its use of the shared CPU Cores, unchanged. The Exchange is not aware of any specific reason (operational or otherwise) why a firm would not partake in the use of the one to two free Dedicated Cores the Exchange offers. Indeed the Exchange does not believe that the set up a firm would undertake to use free Dedicated Cores offered by the Exchange is prohibitively difficult or burdensome; ultimately, whether or not a firm avails itself of the free Dedicated Cores is a business decision, and some firms may decide that the impact that Dedicated Cores may have is simply not beneficial or necessary to how that firm operates. The Exchange also has no plans to eliminate shared CPU Cores nor to require Users to purchase Dedicated Cores.
                </P>
                <P>
                    The Exchange has seen general interest in Dedicated Cores from a variety of market participants, with varying size and business models. Such market participants include proprietary trading firms (who tend to be more latency sensitive), as well as sell-side market participants and buy-side market participants (who tend to be less latency sensitive). For background, proprietary trading firms utilize their own capital to trade without taking outside money from clients. Due to the nature of their respective businesses, the Exchange has classified proprietary trading firms as latency sensitive, and other groups, such as buy-side hedge funds, sell-side banks and sell-side non-banks (such as agency brokers) as non-latency sensitive. Proprietary trading firms' strategies may range from, market making, to relative value trading and arbitrage—these all rely on profiting from general market activity and, generally, requires faster entry and exit into trades and positions making proprietary trading firms more latency sensitive than other market segments. Buy-side hedge funds, banks and agency brokers are not as latency sensitive as, generally, the strategy for hedge funds is based on overall long-term positioning in the market, and banks and agency brokers may profit from commissions of customer order flow; both are generally strategies that are not reliant on speed to the same extent proprietary trading firms are. Further, Users have various reasons for obtaining Dedicated Cores. Some Users for example, may be seeking to further reduce latency or increase execution determinism, whereas others may use Dedicated Cores as a general risk mitigation by siloing their respective activity. For example, by using the Dedicated Core(s) to silo its respective activity, a firm may be able to mitigate risk during periods of heightened volatility as the firm will not need to compete for a shared resource (
                    <E T="03">i.e.,</E>
                     the shared core). Of further note, only 64% of Members that are propriety trading firms (who again, generally tend to be more latency sensitive) utilize Dedicated Cores, and of that 64%, 25% are only utilizing the 1 to 2 free Dedicated Cores available to all Users. As mentioned above, some non-latency sensitive firms have chosen to also adopt Dedicated Cores. 21% of Members that are not latency sensitive utilize Dedicated Cores, and of that 21%, 20% are only utilizing the 1 to 2 free Dedicated Cores available to all Users.
                </P>
                <P>
                    The lack of universal, or even widespread, adoption by all such users therefore demonstrates that purchasing Dedicated Cores is not effectively a requirement to compete for any one type of market participant, including latency sensitive market participants. Instead, Dedicated Cores are an optional and voluntary connectivity offering, which market participants are free to choose 
                    <PRTPAGE P="22337"/>
                    whether or not to utilize based on whether they meet their unique business needs. Moreover, the Exchange has received overwhelming positive feedback and support for Dedicated Cores from the firms that have chosen to utilize these in furtherance of their respective needs, with some Users even noting that they have moved more of their order flow to the Exchange and its affiliated equities exchanges (the “Equities Exchanges”) as they have noticed both better fills and greater consistency of order execution at the Equities Exchanges. This demonstrates that despite any incurred costs for Users that choose to purchase Dedicated Cores, it is ultimately a net win for them as they benefit from better execution. The Exchange believes it also demonstrates that Users find the proposed fees to be both reasonable and have benefited from purchasing or, are alternatively benefiting from the proposed one or two free Dedicated Cores available at no additional cost. The Exchange believes this is shown by both the level of demand for Dedicated Cores and the feedback from market participants that have used the Dedicated Cores for its unique business needs, including as described above. The Exchange also believes it's notable that no negative comment letters in connection with the proposed pricing have been received since the Exchange first filed proposed fees for Dedicated Cores back on June 10, 2024. Additionally, as noted earlier, Users can (and many have) decide that utilizing even a free Dedicated Core is not needed for their business. The Exchange also notes it has not received any feedback for Users that raise concerns over the barrier to entry to use Dedicated Cores, including notably the free Dedicated Cores—nor is the Exchange aware of any reason why a firm would ultimately choose not to use the free Dedicated Cores, other than it is not necessary for its business. Ultimately, this is a business decision that each User must make and is best suited to determine and will ultimately depend on the priorities and strategies of that User's respective business needs.
                </P>
                <P>
                    The Exchange also notes that at least one other exchange also has a comparable offering.
                    <SU>15</SU>
                    <FTREF/>
                     The Nasdaq Stock Market, LLC (“Nasdaq”), introduced the Dedicated Ouch Port Infrastructure in 2014 
                    <SU>16</SU>
                    <FTREF/>
                     which allows a member firm to assign up to 30 of its OUCH ports to a dedicated server infrastructure for its exclusive use.
                    <SU>17</SU>
                    <FTREF/>
                     The Dedicated OUCH server handles only the subscribing member firm's message traffic sent through their ports on the Dedicated OUCH to Nasdaq's system.
                    <SU>18</SU>
                    <FTREF/>
                     Similarly, as previously described, a Dedicated Core only handles that subscribing firm's messaging activity. Nasdaq notes that with its Dedicated OUCH offering, member firms can develop a tailored solution by controlling their message traffic in order to optimize their trading strategies.
                    <SU>19</SU>
                    <FTREF/>
                     As described above with Dedicated Cores, one of the benefits is greater execution determinism as subscribers only need to account for their order flow when using a Dedicated Core, similar to the existing Nasdaq Dedicated OUCH offering. In addition to using Dedicated Cores and Dedicated OUCH for the purpose of greater execution determinism, firms may also use either offering for greater risk mitigation as, with either offering, the subscribing firm only needs to take their specific messaging traffic into account. Nasdaq notes as well that its Dedicated OUCH offering is wholly optional and therefore member firms are not compelled to subscribe and that its offering is pro-competitive as it adds an additional connectivity option available to Nasdaq members.
                    <SU>20</SU>
                    <FTREF/>
                     Similar to the Dedicated OUCH offering, the Exchange has noted that no User is required to purchase or to use the two free Dedicated Cores offered to all Users.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70693 (October 16, 2013), 78 FR 62761 (October 22, 2013) (SR-NASDAQ-2013-131).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See</E>
                         supra note 15.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70036 (July 25, 2013), 78 FR 45993 (July 30, 2013) (SR-NASDAQ-2013-097).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         Id.
                    </P>
                </FTNT>
                <P>
                    Despite these similarities, there are some differences. Specifically, with the Nasdaq OUCH offering, a member firm would need to purchase an entire server, of which, 30 OUCH ports could be utilized on the Dedicated OUCH server—a participant may purchase up to four Dedicated OUCH servers based on its needs.
                    <SU>21</SU>
                    <FTREF/>
                     In contrast, the Exchange's offering allows for a purchase by cores (as opposed to an entire server), allowing a participant to more efficiently scale its business by purchasing only the number of cores that it needs. Ultimately, the Exchange's offering is more akin to a service offering while the Nasdaq offering is more akin to an infrastructure offering (and as such, the pricing structure does differ)—both offerings better enable a firm to utilize the full processing power of a CPU Core.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         See 
                        <E T="03">https://nasdaqtrader.com/Trader.aspx?id=OUCH#:~:text=Each%20server%20can%20house%20up%20to%20a%20maximum,Nasdaq%20Market%20Sales%20at%20%2B1%20800%20846%200477.</E>
                    </P>
                </FTNT>
                <P>
                    A Dedicated OUCH Port Infrastructure subscription is available to a member firm for a fee of $5,000 per month, which is in addition to the standard fees assessed for each OUCH port. A one-time installation fee of $5,000 is assessed to subscribers for each Dedicated OUCH Port Server subscription.
                    <SU>22</SU>
                    <FTREF/>
                     In contrast, the Exchange offers 1-2 Dedicated Cores at no cost, making this widely available to any participant who may find a benefit from using this offering. Additionally, by the Exchange not charging an installation fee upfront, participants are able to try the offering at no cost, by receiving up to two Dedicated Cores at no cost to the User. The Exchange's model allows for widespread participation by all who wish to use Dedicated Cores—the steep initial cost of Nasdaq's model of spending, at a minimum, $10,000 for the first month requires a heavy investment, which in the case of smaller participants, may not be feasible. In contrast, the Exchange's model of providing up to two Dedicated Cores at no cost, allows participants to easily utilize this service if they believe it is helpful for their business needs. Moreover, the Exchange's service offering also provides more Users with more modest CPU capacity needs a zero-cost option, as well as the ability to buy only as many Dedicated Cores that they need, whereas Nasdaq's Dedicated OUCH offering requires a User to buy all cores offered on a single server (even if a firm does not have the corresponding full amount of 30 ports), with no discounted or fee waiver for the first two cores, as well as no ability to buy fewer cores than necessary.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         See The Nasdaq Stock Market Rulebook, Equity 7 Pricing Schedule.
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange emphasizes that order processing itself is not affected by the introduction of Dedicated Cores. No relevant changes are intended to the matching engine, which is, and remains, the main component of the Exchange's infrastructure being responsible for the actual processing of orders. While Users of Dedicated Cores may notice a latency reduction, this is an inherent byproduct of introducing improved technology.
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         Moreover, there has been a longstanding history of exchanges providing enhanced technology where the latency reduction that follows is a natural result. For example, other exchanges may offer a variety of co-location services where subscribers of these services may benefit from lower latency based on the specific offering they choose based on their business needs. 
                        <E T="03">See e.g.,</E>
                         The Nasdaq Stock Market General 8 Connectivity, Section 1 Co-
                        <PRTPAGE/>
                        Location Services (demonstrating a range of cabinet offerings).
                    </P>
                </FTNT>
                <PRTPAGE P="22338"/>
                <P>
                    The Exchange also believes that the proposed Dedicated Core fees are equitable and not unfairly discriminatory because they continue to be assessed uniformly to similarly situated Users in that all Users who choose to purchase Dedicated Cores will be subject to the same proposed tiered fee schedule. Moreover, all Users are entitled to up to 2 Dedicated Cores at no additional cost and, as previously discussed, 23% of all Members that take Dedicated Cores (including both latency sensitive and non-latency sensitive Users) take only 1 or 2 Dedicated Cores at no additional cost. The Exchange believes the proposed ascending fee structure is also reasonable, equitable and not unfairly discriminatory as it is designed so that firms that use a higher allotment of the Exchange's finite number of Dedicated Cores pay higher rates, rather than placing that burden on market participants that have more modest needs who will have the flexibility of obtaining Dedicated Cores at lower price points in the lower tiers. As such, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the ascending fee structure reflects the (finite) resources consumed by the various needs of market participants—that is, the lowest Dedicated Core consuming Users pay the least, and highest Dedicated Core consuming Users pay the most. The Exchange believes that such pricing further creates a lower barrier to entry for all Users, making this service widely available to all who deem it helpful for their business, including those with more modest needs. Other exchanges similarly assess higher fees to those that consume more Exchange resources, including the Exchange on its options platform.
                    <SU>24</SU>
                    <FTREF/>
                     Moreover, those consuming more Dedicated Cores do so if they find a benefit in having higher quantities of Dedicated Cores based on their respective business needs. The proposed tier structure is also designed to encourage firms to manage their needs in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an additional number of Dedicated Cores or put the Exchange in a position that it cannot accommodate demand. Moreover, as discussed above and in more detail below, the Exchange cannot currently offer an unlimited number of Dedicated Cores due in part to physical space constraints in the third-party data center. The Exchange believes the proposed ascending fee structure is therefore another appropriate means, in conjunction with an established cap, to manage this finite resource and ensure the resource is apportioned more fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See e.g.,</E>
                         Cboe U.S. Options Fee Schedule, BZX Options, Options Logical Port Fees, Ports with Bulk Quoting Capabilities.
                    </P>
                </FTNT>
                <P>
                    The Exchange believes it is reasonable to limit the number of Dedicated Cores Users can purchase because the Exchange has a finite amount of space in its third-party data centers to accommodate CPU cores, including Dedicated Cores. The Exchange must also take into account timing and cost considerations in procuring additional Dedicated Cores and related hardware such as servers, switches, optics and cables, as well as the readiness of the Exchange's data center space to accommodate additional Dedicated Cores in the Exchange's respective Order Handler Cabinets.
                    <SU>25</SU>
                    <FTREF/>
                     Moreover, procuring data center space has grown to be more challenging than it was five years ago with the increased demand for data center space. For example, the U.S. colocation data center market has doubled in size in just four years. In addition to the Exchange's rollout of Dedicated Cores, the Exchange is mindful of its other business areas and the need to continue to be mindful of its existing, external restraints in procuring additional space in this area. The Exchange has, and will continue to, monitor market participant demand and space availability and endeavor to adjust the limit if and when the Exchange is able to acquire additional space and power within the third-party data centers and/or additional CPU Cores to accommodate additional Dedicated Cores.
                    <SU>26</SU>
                    <FTREF/>
                     The Exchange monitors its capacity and data center space and thus is in the best place to determine these limits and modify them as appropriate in response to changes to this capacity and space, as well as market demand. For example, the Exchange's affiliate Cboe EDGA Exchange, Inc. has increased the prescribed maximum limit three times since the launch of Dedicated Cores on its exchange on February 26, 2024 as a result of evaluating the demand relative to Dedicated Cores availability.
                    <SU>27</SU>
                    <FTREF/>
                     The proposed increased limits continue to apply uniformly to similarly situated market participants (
                    <E T="03">i.e.,</E>
                     all Members are subject to the same limit and all Sponsored Participants are subject to the same limit, respectively). The Exchange believes it's not unfairly discriminatory to provide for different limits for different types of Users. For example, the Exchange believes it's not unfairly discriminatory to provide for an initial lower limit to be allocated for Sponsored Participants because unlike Members, Sponsored Participants are able to access the Exchange without paying a Membership Fee. Members also have more regulatory obligations and risk that Sponsored Participants do not. For example, while Sponsored Participants must agree to comply with the Rules of the Exchange, it is the Sponsoring Member of that Sponsored Participant that remains ultimately responsible for all orders entered on or through the Exchange by that Sponsored Participant. The industry also has a history of applying fees differently to Members as compared to Sponsored Participants.
                    <SU>28</SU>
                    <FTREF/>
                     Lastly, the Exchange believes its proposed maximum limits, and distinction between Members and Sponsored Participants, is another appropriate means to help the Exchange manage its allotment of Dedicated Cores and better ensure this finite resource is apportioned fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         The Exchange notes that it cannot currently convert shared CPU cores into Dedicated Cores.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         The Exchange noted that only User that has Dedicated Cores is at or near the maximum limits. The average number of Dedicated Cores used for the Exchange is 23.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 99983 (April 17, 2024), 89 FR 30418 (April 23, 2024) (SR-CboeEDGA-2024-014) Securities Exchange Act Release No. 100300 (June 10, 2024), 89 FR 50653 (June 14, 2024) (SR-CboeEDGA-2024-020); and Securities Exchange Act Release No. 100736 (August 21, 2024), 89 FR 67696 (August 15, 2024) (SR-CboeEDGA-2024-032).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See e.g.,</E>
                         Securities Exchange Act Release No. 68342 (December 3, 2012), 77 FR 73096 (December 7, 2012) (SR-CBOE-2012-114).and Securities Exchange Act Release No. 66082 (January 3, 2012), 77 FR 1101 (January 9, 2012) (SR-C2-2011-041).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary in furtherance of the purposes of the Act because the proposed tiered fee structure will apply equally to all similarly situated Users that choose to use Dedicated Cores. As discussed above, Dedicated Cores are optional and Users may choose to utilize Dedicated Cores, or not, based on their views of the additional benefits and added value provided by utilizing a Dedicated Core. The Exchange believes the proposed fees will be assessed proportionately to the potential value or benefit received by Users with a greater number of Dedicated Cores and notes that Users may determine at any time to cease using Dedicated Cores. As discussed, Users can also continue to 
                    <PRTPAGE P="22339"/>
                    access the Exchange through shared CPU Cores at no additional cost. Finally, all Users will be entitled to two Dedicated Cores at no additional cost.
                </P>
                <P>
                    Next, the Exchange believes the proposed rule change does not impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As previously discussed, the Exchange operates in a highly competitive market, including competition for exchange memberships. Market Participants have numerous alternative venues that they may participate on, including 15 other equities exchanges, as well as off-exchange venues, where competitive products are available for trading. Indeed, participants can readily choose to submit their order flow to other exchange and off-exchange venues if they deem fee levels at those other venues to be more favorable. Further, as described above, Nasdaq also already provides a similar offering.
                    <SU>29</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <P>
                    Moreover, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system “has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.” 
                    <SU>30</SU>
                    <FTREF/>
                     The fact that this market is competitive has also long been recognized by the courts. In NetCoalition v. Securities and Exchange Commission, the D.C. Circuit stated as follows: “[n]o one disputes that competition for order flow is ‘fierce.’ . . . As the SEC explained, ‘[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution’; [and] ‘no exchange can afford to take its market share percentages for granted’ because ‘no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers’. . . .”.
                    <SU>31</SU>
                    <FTREF/>
                     Accordingly, the Exchange does not believe its proposed change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC,</E>
                         615 F.3d 525, 539 (D.C. Cir. 2010) (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>32</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>33</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-CboeBZX-2025-064 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeBZX-2025-064. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeBZX-2025-064 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>34</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>34</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09390 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103076; File No. SR-LTSE-2025-08]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Adopt Certain Market Data Fees</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 12, 2025, Long-Term Stock Exchange, Inc. (“LTSE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission” or “SEC”) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to 
                    <PRTPAGE P="22340"/>
                    solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>
                    The Exchange is filing with the Securities and Exchange Commission (“Commission”) a proposed rule change to establish a new section (D. Market Data Fees) in the LTSE Fee Schedule for its proprietary market data feeds, Depth of Book, Top of Book and Last Sale (each an “Exchange Data Feed” and collectively, the “Exchange Data Feeds”) and adopt fees for the Depth of Book and Top of Book Feeds effective May 12, 2025.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 34-101226 (October 1, 2024), 89 FR 81587 (October 08, 2024) (SR-LTSE-2024-06). 
                        <E T="03">See</E>
                         also Securities Exchange Act Release No. 100783 (August 20, 2024), 89 FR 68481 (August 26, 2024) (SR-LTSE-2024-03) (Order Approving a Proposed Rule Change to Transition to a New Trading Platform and Amend its Trading Rules).
                    </P>
                </FTNT>
                <P>
                    The text of the proposed rule change is available at the Exchange's website at 
                    <E T="03">https://longtermstockexchange.com/,</E>
                     at the principal office of the Exchange, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange is proposing to establish a new section (D. Market Data Fees) in the Long-Term Stock Exchange Fee Schedule for its proprietary market data feeds, Depth of Book, Top of Book and Last Sale (each an “Exchange Data Feed” and collectively, the “Exchange Data Feeds”) and adopt fees for the Depth of Book and Top of Book Feeds. The Exchange is proposing to implement the proposed fees effective May 13, 2025.
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 34-102735 (March 27, 2025) 90 FR 14507 (April 2, 2025) (SR-LTSE-2025-05), which was filed on March 14, 2025, and replaced SR-LTSE-2025-02. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 34-102498 (February 27, 2025), 90 FR 11335 (March 5, 2025) (SR-LTSE-2025-02). SR-LTSE-2025-02 replaced SR-LTSE-2024-12 which was filed on December 20, 2024. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 34-102097 (January 3, 2025) 90 FR 2054 (January 10, 2025) (SR-LTSE-2024-12). The fees were initially adopted in SR-LTSE-2024-08, 
                        <E T="03">see</E>
                         Securities Exchange Act Release No. 34-101584 (November 12, 2024), 89 FR 90782 (November 18, 2024) (SR-LTSE-2024-08). The Exchange is now withdrawing and replacing this filing with SR-LTSE-2025-08.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Proposed Market Data Pricing</HD>
                <P>
                    The Exchange offers three separate data feeds to subscribers—Depth of Book, Top of Book and Last Sale.
                    <SU>5</SU>
                    <FTREF/>
                     The Exchange notes that there is no requirement that any market participant subscribe to a particular Exchange Data Feed or any Exchange Data Feed whatsoever, but instead, a market participant may choose to maintain subscriptions to those Exchange Data Feeds it deems appropriate based on the firm's business model. The proposed Exchange Data Feed fees will be the same for each subscriber regardless of size or type of market participant. The proposed pricing for each of the Exchange Data Feeds is set forth below.
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         LTSE Rule 11.330. Data Products. The Exchange notes that in the Rulebook these feeds are defined as the LTSE MEMOIR Depth, LTSE MEMOIR Top and LTSE MEMOIR Last Sale. However, the Exchange is simplifying these names for purposes of simplicity within the LTSE Fee Schedule.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Depth of Book</HD>
                <P>
                    The Depth of Book feed is an LTSE-only market data feed that contains all displayed orders for securities trading on the Exchange (
                    <E T="03">i.e.,</E>
                     top and depth-of-book order data), order executions (
                    <E T="03">i.e.,</E>
                     last sale data), order cancellations, order modifications, order identification numbers, and administrative messages.
                    <SU>6</SU>
                    <FTREF/>
                     For the receipt of access to the Depth of Book feed the Exchange proposes to charge $2,500 per data recipient per month. The proposed fee would be charged to any data recipient that receives the Depth of Book feed for the purpose of either internal use within the firm and/or external distribution to Affiliates 
                    <SU>7</SU>
                    <FTREF/>
                     or for External Use.
                    <SU>8</SU>
                    <FTREF/>
                     The proposed fee for Depth of Book will be charged only once per data recipient per month per subscribing entity.
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         LTSE Rule 11.330(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         “Affiliates” is defined as any Data Recipient meaning any entity that directly or indirectly Controls, is Controlled by, or is under common Control with Data Recipient. An Affiliate of Data Recipient is entitled to the same rights granted to Data Recipient hereunder including the right to use and distribute the Market Data to other Persons subject to the terms of the Exchange Data Agreement. 
                        <E T="03">See</E>
                         Long-Term Stock Exchange, Inc. Exchange Data Agreement. Internal distribution includes the sharing of any Exchange data product to other legal entities affiliated with the firm that have been disclosed to the Exchange.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         “External Use” is defined as the distribution of Market Data to Persons who are not officers, employees or Affiliates of the Distributor. 
                        <E T="03">See</E>
                         Long-Term Stock Exchange, Inc. Exchange Data Agreement. External distribution includes a firm that receives an Exchange data product and then distributes that data to a third-party or one or more data recipients outside the firm.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Top of Book</HD>
                <P>
                    The Top of Book feed is a LTSE-only market data feed that contains top of book quotations based on equity orders entered into the trading system as well as administrative messages and last sale data.
                    <SU>9</SU>
                    <FTREF/>
                     For the receipt of access to the Top of Book feed the Exchange proposes to charge $500 per data recipient per month. The proposed fee would be charged to any data recipient that receives the Top of Book feed for the purpose of either internal distribution within the Company and/or with Affiliates or external distribution for External Use. The proposed fee for Top of Book will be charged only once per month per subscribing entity.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         LTSE Rule 11.330(a)(2).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Last Sale</HD>
                <P>
                    The Last Sale feed is a LTSE-only market data feed that contains only execution information based on equity orders entered into the System as well as administrative messages.
                    <SU>10</SU>
                    <FTREF/>
                     For the receipt of access to the Last Sale feed the Exchange proposes to charge $0 per month.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         LTSE Rule 11.330(a)(3).
                    </P>
                </FTNT>
                <P>
                    In proposing to charge fees for Exchange Data Feeds, the Exchange has sought to be especially diligent in assessing those fees in a transparent way against its own aggregate costs of providing the related services. It has also sought to carefully and transparently assess the impact on Members—both generally and in relation to other Members, 
                    <E T="03">i.e.,</E>
                     to assure the fees will not create a financial burden on any participant and will not have an undue impact in particular on smaller Members and competition among Members in general. The Exchange believes that this level of diligence and transparency is called for by the requirements of Section 19(b)(1) under the Act,
                    <SU>11</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>12</SU>
                    <FTREF/>
                     with respect to the types of information self-regulatory organizations (“SROs”) should provide when filing fee changes, and Section 6(b) of the Act,
                    <SU>13</SU>
                    <FTREF/>
                     which requires, among other things, that exchange fees be reasonable and equitably allocated,
                    <FTREF/>
                    <SU>14</SU>
                      
                    <PRTPAGE P="22341"/>
                    not designed to permit unfair discrimination,
                    <SU>15</SU>
                    <FTREF/>
                     and that they not impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Act.
                    <SU>16</SU>
                    <FTREF/>
                     This rule change proposal addresses those requirements, and the analysis and data in each of the sections that follow are designed to clearly and comprehensively show how they are met.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         15 U.S.C.78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         In 2019, Commission staff published guidance suggesting the types of information that SROs may use to demonstrate that their fee filings comply with the standards of the Act (“Fee Guidance”). While LTSE understands that the Fee Guidance does not create new legal obligations on SROs, the Fee Guidance is consistent with LTSE's view about the type and level of transparency that exchanges should meet to demonstrate compliance with their existing obligations when they seek to charge new fees. 
                        <E T="03">See</E>
                         Staff Guidance on SRO Rule Filings Relating to Fees (May 21, 2019). Available at 
                        <E T="03">https://www.sec.gov/about/staff-guidance-sro-rule-filings-fees.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Cost Analysis</HD>
                <P>
                    The Exchange notes it operates a unique model where the LTSE trading system and certain associated services are provided on an outsourced basis by MEMX Technologies LLC (“MEMX Technologies”).
                    <SU>18</SU>
                    <FTREF/>
                     As such, a large portion of the Exchange's technology costs, including those related to Exchange Data Feeds, are incorporated into the overall fees that the Exchange pays MEMX Technologies as part of its multi-year arrangement to provide a trading system and associated services.
                    <SU>19</SU>
                    <FTREF/>
                     Because of this arrangement, the Exchange does not possess the same level of specificity for cost drivers related to market data as other exchanges have detailed within their own similar filings. However, the Exchange recognizes that the fees it pays MEMX Technologies are for the services MEMX Technologies provides to the Exchange and the associated costs incurred by MEMX Technologies. These services and costs include maintaining a team of highly skilled network engineers, fees charged to MEMX Technologies by the third-party data center operator for the servers and equipment LTSE utilizes, costs associated with projects and initiatives designed to improve overall network performance and stability, and costs associated with fully supporting advances in infrastructure and expansion of network level services, including customer monitoring, alerting and reporting. There are also significant technology expenses related to establishing and maintaining information security services, enhanced network monitoring and customer reporting, as well as Regulation SCI mandated processes, associated with the MEMX Technologies network technology. Most of the specific expenses for market data fees and the Exchange's DSLA with MEMX Technologies are combined, and therefore the Exchange discusses these expenses, and the portion allocated to market data as part of the “Third-Party Expenses” Cost Driver below.
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         The Exchange and MEMX Technologies executed a Development, License and Services Agreement on January 23, 2024, with accompanying Schedules (collectively, the “DLSA”). MEMX Technologies, an affiliate of the MEMX Exchange, is in the business of developing technology systems for use in the financial industry. 
                        <E T="03">See</E>
                         SR-LTSE-2024-03.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         The DSLA with MEMX Technologies entails both fixed and variable costs. The Exchange used both types of costs when determining aggregated monthly costs detailed below.
                    </P>
                </FTNT>
                <P>Further, while the Exchange has been operating since September 2020, it only entered the DLSA with MEMX Technologies in January of 2024 and launched the new trading system in September 2024. Therefore, the Exchange's most recent publicly available financial statement (2023 Audited Unconsolidated Financial Statement) does not reflect the current costs associated with development and operation of market data on LTSE. Accordingly, the Exchange believes it is more appropriate to justify its fees utilizing a recent monthly billing cycle and extrapolated annualized costs on a going-forward basis.</P>
                <P>
                    LTSE recently calculated its aggregate monthly costs for providing Exchange Data Feeds at $223,336 for 2025.
                    <SU>20</SU>
                    <FTREF/>
                     Before the launch of the new trading system in September 2024 the Exchange did not offer any market data products. Now, in order to cover some of the aggregate costs of providing the Exchange Data Feeds to market participants (both Members and non-Members) the Exchange is proposing to modify its Fee Schedule and charge the Exchange Market Data Fees detailed herein.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         The aggregate monthly costs were determined by taking the individual cost drivers as detailed below and dividing it annually by twelve months.
                    </P>
                </FTNT>
                <P>In order to determine the Exchange's costs for providing the services associated with the Exchange Data Feeds, the Exchange conducted an extensive review in which the Exchange analyzed every expense item in the Exchange's general expense ledger to determine whether each such expense relates to the services associated with the Market Data Fees, and, if such expense did so relate, what portion (or percentage) of such expense actually supports those services. The sum of all such portions of expenses represents the total cost of the Exchange to provide the services associated with the Exchange Data Feeds. For the avoidance of doubt, no expense amount was allocated twice. The Exchange is also providing detailed information regarding the Exchange's cost allocation methodology—namely, information that explains the Exchange's rationale for determining that it was reasonable to allocate certain expenses described in this filing towards the total cost to provide Exchange Data Feeds.</P>
                <P>The Exchange believes that the Market Data Fees are fair and reasonable because they will only cover a portion of the total annual expense that the Exchange projects to incur in connection with providing the services associated with the proposed Market Data Fees versus the total annual revenue of the Exchange projects to collect in connection with providing those services. Based on market data usage as of May 1st, 2025, as well as projected use through the remainder of the year, the Exchange would generate monthly revenues for 2025 of approximately $52,000, which will result in a loss for the Exchange.</P>
                <HD SOURCE="HD3">Costs Related to Offering Market Data</HD>
                <P>
                    The following chart details the individual line-item costs considered by LTSE to be related to offering market data as well as the percentage of the Exchange's overall costs per year in that area (
                    <E T="03">e.g.,</E>
                     as set forth below, the Exchange allocated approximately 18% of its overall Human Resources cost to offering market data for a total of $591,228 per year).
                </P>
                <GPOTABLE COLS="4" OPTS="L2,tp0,i1" CDEF="s50,15,15,15">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Cost drivers</CHED>
                        <CHED H="1">Allocated monthly costs</CHED>
                        <CHED H="1">Allocated yearly costs</CHED>
                        <CHED H="1">% of all</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Third-Party Expenses</ENT>
                        <ENT>$154,349</ENT>
                        <ENT>$1,852,188</ENT>
                        <ENT>17</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Human Resources</ENT>
                        <ENT>49,274</ENT>
                        <ENT>591,228</ENT>
                        <ENT>9</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Data Center</ENT>
                        <ENT>19,713</ENT>
                        <ENT>236,552</ENT>
                        <ENT>39</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="22342"/>
                        <ENT I="03">Total</ENT>
                        <ENT>223,226</ENT>
                        <ENT>2,680,027</ENT>
                        <ENT/>
                    </ROW>
                </GPOTABLE>
                <P>Below are additional details regarding each of the line-item costs considered by LTSE to be related to offering the Exchange Data Feeds.</P>
                <HD SOURCE="HD3">Third-Party Expenses</HD>
                <P>As discussed above, LTSE has undertaken a unique model where it has outsourced its trading system and related technology to a third-party technology provider, MEMX Technologies. With this arrangement LTSE receives, among other things, (1) a state-of-the-art trading engine used to generate and disseminate the Exchange Data Feeds; (2) servers used at the Exchange's primary and back-up data centers specifically for the Exchange Data Feeds; and (3) hardware and software to operate and monitor physical assets necessary to offer the Exchange Data Feeds. MEMX Technologies provides personnel to support the use and operation of the LTSE trading platform including but not limited to, monitoring the network, managing system development and testing, facilitating connection changes and access changes, as well as performing normal maintenance operations. The Exchange has an additional third-party vendor which assists the Exchange with services related to monitoring the trading system. Together these two third-parties account for all the Third-Party expenses.</P>
                <P>The Exchange took the annual costs for each of these two third-party providers to determine what portion (or percentage) of these costs related to providing market data and thus bears a relationship that is, “in nature and closeness,” directly related to market data. There are four major core technology cost buckets associated with operating the Exchange: (1) the Member Gateways which include physical and logical connectivity, (2) connectivity to the Securities Information Processor (“SIP”), (3) the Trading Engine, and (4) any downstream services which include system reporting, etc. The Exchange then reviewed each of these technology cost buckets in great detail and determined the percentage each of these buckets should be allocated to the total cost of the third-party expense, with Member Gateways, the SIP and the Trading Engine each accounting for 30% of the costs related to a third-party provider, and downstream services being allocated the remaining 10%. Using this breakdown for both third-party providers, the Exchange determined the portion of each of these costs that was associated with providing market data, connectivity services or neither. Here, the Exchange determined that the 20% allocation for the cost of the Trading Engine (30%) should be associated with the cost of providing market data. Additionally, the Exchange determined an allocation of 5% for the cost of the Member Gateway (30%) was appropriate to associate with the cost of providing market data, as well as 5% (of the overall 10%) should be associated with the cost to provide downstream services.</P>
                <HD SOURCE="HD3">Human Resources</HD>
                <P>In addition to the cost of personnel of outsourced third-party providers that are allocated in the Third-Party Expense section above, LTSE then calculated an allocation of LTSE employee time for employees whose functions include providing services necessary to offer the Exchange Data Feeds, including performance thereof, as well as personnel with ancillary functions related to establishing and providing such services (such as information security and finance personnel). The Exchange notes that system support services to Members and non-Members provided by the Exchange and its staff, including monitoring, reporting and other support services, are all handled directly by LTSE and not MEMX Technologies.</P>
                <P>
                    The Exchange also allocated Human Resources costs to provide market data to a limited subset of LTSE personnel with ancillary functions related to monitoring and enabling market data (such as information security and finance personnel), for which the Exchange allocated cost on an employee-by-employee basis (
                    <E T="03">i.e.,</E>
                     only including those personnel who do support functions related to providing market data) and then applied a smaller allocation to such employees. Blended together, Human Resources costs to provide market data accounted for 15% of all Human Resource costs. The Exchange notes that it has fewer than fifty (50) employees, and each department leader has direct knowledge of the time spent by each employee with respect to the various tasks necessary to operate the Exchange. The estimates of Human Resources cost were therefore determined by consulting with such department leaders, determining which employees are involved in tasks related to providing market data, and confirming that the proposed allocations were reasonable based on an understanding of the percentage of their time such employees devote to tasks related to providing market data. The Exchange notes that senior level executives were only allocated Human Resources costs to the extent the Exchange believed they are involved in overseeing tasks related to providing market data. The Human Resources cost was calculated using a blended rate of compensation reflecting salary, equity and bonus compensation, benefits, payroll taxes, and 401(k) matching contributions.
                </P>
                <HD SOURCE="HD3">Data Center</HD>
                <P>
                    In addition to the data center costs included by the Exchange per its DSLA with MEMX Technologies which are allocated in the Third-Party Expenses above, the Exchange also maintains its own footprint in a third-party data center.
                    <SU>21</SU>
                    <FTREF/>
                     Data center costs include an allocation of the costs the Exchange incurs to monitor its trading platform, as well as the costs to maintain its equipment in the data center. The Exchange does not own the data center facilities, but instead, leases space in a data center operated by a third-party.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         LTSE has a presence in the Secaucus NY4 data center that is operated by Equinix.
                    </P>
                </FTNT>
                <P>
                    The Exchange has two third-party vendors that account for the Data Center expenses. Consistent with the exercise above, the Exchange took the annual costs for each of these two Data Center vendors to determine what portion (or percentage) of these costs related to providing market data and thus bears a relationship that is, “in nature and closeness,” directly related to market data. The Exchange then reviewed each of the technology cost buckets detailed above and determined the percentage each of these buckets should be allocated to the total cost of the Data Center expenses, with Member Gateways, the SIP and the Trading Engine each accounting for 30% of the costs related to a third-party provider, and downstream services being allocated the remaining 10%. Using this breakdown for all Data Center vendors the Exchange determined the portion of each of these costs was associated with providing market data, connectivity services or neither. Here, the Exchange 
                    <PRTPAGE P="22343"/>
                    determined that the 15% allocation for the cost of the Member Gateway (30%) should be associated with the cost of providing market data. Additionally, the Exchange determined an allocation of 22% for the cost of the Trading Engine (30%) was appropriate to associate with the cost of providing market data, as well as 7% (of the overall 10%) should be associated with the cost to provide downstream services.
                </P>
                <HD SOURCE="HD3">Proposed Fees—Additional Discussion</HD>
                <P>
                    In conducting its cost analysis, the Exchange did not allocate any of its expenses in full to any core service and did not double-count any expenses. Instead, as described above, the Exchange identified and allocated applicable cost drivers across its core services and used the same approach to analyzing costs to form the basis of a separate proposal to adopt fees for connectivity services (the “Connectivity Filing”) 
                    <SU>22</SU>
                    <FTREF/>
                     and this filing proposing fees for Exchange Data Feeds. Thus, the Exchange's allocations of cost across core services were based on real costs of operating the Exchange and were not double counted across the core services or their associated revenue streams.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 34-102322 (February 3, 2025), 90 FR 9175 (February 7, 2025) (SR-LTSE-2025-01) which was filed on January 23, 2025, and replaced SR-LTSE-2024-09. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 34-101851 (December 9, 2024), 89 FR 101057 (December 13, 2024) (SR-LTSE-2024-09) which was filed on November 27, 2024, and replaced SR-LTSE-2024-07. 
                        <E T="03">See</E>
                         also Securities Exchange Act Release No. 34-101320 (October 11, 2024), 89 FR 83731 (October 17, 2024) (SR-LTSE-2024-07). The fees were initially adopted in SR-LTSE-2024-06, 
                        <E T="03">see</E>
                         Securities Exchange Act Release No. 34-101226 (October 1, 2024), 89 FR 81587 (October 8, 2024) (SR-LTSE-2024-06).
                    </P>
                </FTNT>
                <P>
                    LTSE believes the proposed fees for Exchange Data Feeds are fair and reasonable as a form of cost recovery for the Exchange's aggregate costs of offering market data. The proposed fees are expected to generate monthly revenue of approximately $52,000 
                    <SU>23</SU>
                    <FTREF/>
                     providing partial cost recovery to the Exchange for the aggregate costs of offering Exchange Data Feeds, based on a methodology that narrowly limits the cost drivers that are allocated to those closely and directly related to the particular service. The proposed fees for Exchange Data Feeds are designed to permit the Exchange to cover a portion of costs for providing Exchange Data Feeds, which the Exchange believes is fair and reasonable after taking into account the costs related to creating, generating, and disseminating the Exchange Data Feeds. LTSE notes that like other exchanges, it is after all, a for-profit business. Accordingly, while the Exchange believes in transparency around costs and potential margins, as well as periodic review of revenues and applicable costs (as discussed below), the Exchange does not believe that these estimates should form the sole basis of whether or not a proposed fee is reasonable or can be adopted. Instead, the Exchange believes that the information should be used solely to confirm that an Exchange is not earning supra-competitive profits, and the Exchange believes its Cost Analysis and related projections demonstrate this fact. As a general matter, the Exchange believes that its costs will remain relatively similar in future years. It is possible however that such costs will either decrease or increase. To the extent the Exchange sees growth in use of Exchange Data Feeds it will receive additional revenue to offset future cost increases. However, if use of Exchange Data Feeds is static or decreases, the Exchange might not realize the revenue that it anticipates or needs in order to cover applicable costs. Accordingly, the Exchange is committing to conduct a one-year review after implementation of these fees. The Exchange expects that it may propose to adjust fees at that time, to increase fees in the event that revenues fail to cover costs and a reasonable mark-up of such costs.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         As stated above, the Exchange launched its new trading platform on September 23, 2024. This expected revenue is based on market data usage as of May 1st, 2025, as well as projected use through the remainder of the year.
                    </P>
                </FTNT>
                <P>
                    Similarly, the Exchange expects that it would propose to decrease fees in the event that revenue materially exceeds current projections. In addition, the Exchange will periodically conduct a review to inform its decision making on whether a fee change is appropriate (
                    <E T="03">e.g.,</E>
                     to monitor for costs increasing/decreasing or subscribers increasing/decreasing, etc. in ways that suggest the then-current fees are becoming dislocated from the prior cost-based analysis) and expects that it would propose to increase fees in the event that revenues fail to cover its costs and a reasonable mark-up, or decrease fees in the event that revenue or the mark-up materially exceeds current projections. In the event that the Exchange determines to propose a fee change, the results of a timely review, including an updated cost estimate, will be included in the rule filing proposing the fee change. More generally, the Exchange believes that it is appropriate for an exchange to refresh and update information about its relevant costs and revenues in seeking any future changes to fees, and the Exchange commits to do so.
                </P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) 
                    <SU>24</SU>
                    <FTREF/>
                     of the Act in general and furthers the objectives of Section 6(b)(4) 
                    <SU>25</SU>
                    <FTREF/>
                     of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes that the proposed fees are consistent with the objectives of Section 6(b)(5) 
                    <SU>26</SU>
                    <FTREF/>
                     of the Act in that they are designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to a free and open market and national market system, and, in general, to protect investors and the public interest, and, particularly, are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>
                    The Exchange notes prior to addressing the specific reasons the Exchange believes the proposed fees and fee structure are reasonable, equitably allocated and not unreasonably discriminatory, that the proposed fee structure described above is consistent with the fee structure used by the Investors Exchange LLC (“IEX”).
                    <SU>27</SU>
                    <FTREF/>
                     As such, the Exchange believes it is adopting a model that is easily understood by Members and non-Members, most of which also subscribe to market data products from other exchanges, including IEX. For this reason, the Exchange believes that the proposed fees described above are consistent with the Act generally, and Section 6(b)(5) 
                    <SU>28</SU>
                    <FTREF/>
                     of the Act in particular.
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         Similar to LTSE, IEX did not initially charge for market data but it now IEX charges $2,500 per month for its Depth of Book Feed (DEEP Feed) and $500 per month for its Top of Book Feed (TOPS Feed). All other market data products on IEX are free.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Reasonableness</HD>
                <P>
                    With regard to reasonableness, the Exchange understands that the Commission has traditionally taken a market-based approach to examine whether the SRO making the fee proposal was subject to significant competitive forces in setting the terms of the proposal. The Exchange understands that in general the analysis considers whether the SRO has 
                    <PRTPAGE P="22344"/>
                    demonstrated in its filing that (i) there are reasonable substitutes for the product or service; (ii) “platform” competition constrains the ability to set the fee; and/or (iii) revenue and cost analysis shows the fee would not result in the SRO taking supracompetitive profits. If the SRO demonstrates that the fee is subject to significant competitive forces, the Exchange understands that in general the analysis will next consider whether there is any substantial countervailing basis to suggest the fee's terms fail to meet one or more standards under the Act. The Exchange further understands that if the filing fails to demonstrate that the fee is constrained by competitive forces, the SRO must provide a substantial basis, other than competition, to show that it is consistent with the Act, which may include production of relevant revenue and cost data pertaining to the product or service.
                </P>
                <P>
                    The Exchange has not determined its proposed overall market data fees based on assumptions about market competition, instead relying upon a cost-plus model to determine a reasonable fee structure that is informed by the Exchange's understanding of different uses of the products. In this context, the Exchange believes the proposed fees overall are fair and reasonable as a form of partial cost recovery, plus provide the possibility of a reasonable return for Exchange's aggregate costs of offering the Exchange Data Feeds. The Exchange believes the proposed fees are reasonable because they are designed to generate annual revenue to recoup some of Exchange's annual costs of providing Exchange Data Feeds. Accordingly, the Exchange believes that this fee methodology is reasonable because it allows the Exchange to recoup some or all of its expenses for providing Exchange Data Feeds. The Exchange also believes that the proposed fees are reasonable because they are less than the fees charged by a competing exchange 
                    <SU>29</SU>
                    <FTREF/>
                     with comparable market data products, notwithstanding that the competing exchange may have different system architectures that may result in different cost structures for the provision of market data.
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         the MEMX fee schedule, available at 
                        <E T="03">https://info.memxtrading.com/equities-trading-resources/us-equities-fee-schedule/.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange believes the proposed fees for the Exchange Data Feeds are reasonable when compared to fees for comparable products at MEMX LLC (“MEMX”).
                    <SU>30</SU>
                    <FTREF/>
                     Specifically, the fees for MEMX's MEMOIR Depth Feed,
                    <SU>31</SU>
                    <FTREF/>
                     MEMOIR Top Feed 
                    <SU>32</SU>
                    <FTREF/>
                     and MEMOIR Last Sale Feed 
                    <SU>33</SU>
                    <FTREF/>
                     in most instances are priced higher than the proposed Exchange Data Feeds.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         MEMX charges between $1,500 and $2,500 for its Depth of Book Feed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         MEMX charges between $750 and $10,000 for its Top of Book Feed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         MEMX charges between $500 and $10,000 for its Last Sale Feed.
                    </P>
                </FTNT>
                <P>
                    Specifically with respect to the Depth of Book feed, the Exchange believes that the proposed fees for such feed are reasonable because the Depth of Book feed contains more information than the Top of Book and Last Sale data feeds. The Top of Book and Last Sale data feeds, as described above, can be utilized to trade on the Exchange but contain less information than that available on the Depth of Book feed (
                    <E T="03">i.e.,</E>
                     even for a subscriber who takes both feeds, such feeds do not contain depth-of-book information). Thus, the Exchange believes it reasonable for the products to be priced as proposed, with Last Sale having no fee, Top of Book priced at $500, and Depth of Book priced at $2500.
                </P>
                <HD SOURCE="HD3">Equitable Allocation</HD>
                <P>
                    The Exchange believes that its proposed fees are reasonable, fair, and equitable, and not unfairly discriminatory because they are designed to align fees with services provided. The Exchange believes that the proposed fees are equitably allocated because they will apply uniformly to all data recipients that choose to subscribe to the Exchange Data Feeds. Any firm that chooses to subscribe to one or more Exchange Data Feeds is subject to the same Fee Schedule, regardless of what type of business they operate, and the decision to subscribe to one or more Exchange Data Feeds is based on objective differences in usage of Exchange Data Feeds among different firms, which are still ultimately in the control of any particular firm. The Exchange believes the proposed pricing among Exchange Data Feeds is equitably allocated because it is based upon the amount of information contained in each data feed. The Top of Book and Last Sale data feeds, as described above, can be utilized to trade on the Exchange but contain less information than that is available on the Depth of Book feed (
                    <E T="03">i.e.,</E>
                     even for a subscriber who takes both feeds, such feeds do not contain depth-of-book information). Thus, the Exchange believes it is an equitable allocation of fees for the products to be priced as proposed, with Last Sale having no fee, Top of Book priced at $500, and Depth of Book priced at $2500.
                    <SU>34</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         The Exchange believes it is equitable and appropriate to provide the Last Sale data for free.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">The Proposed Fees Are Not Unfairly Discriminatory</HD>
                <P>
                    The Exchange believes that the proposed fees are not unfairly discriminatory because they would apply to all data recipients that choose to subscribe to the same Exchange Data Feed(s). Any subscriber that chooses to subscribe to the Exchange Data Feeds is subject to the same Fee Schedule, regardless of what type of business they operate. Because the proposed fees for Depth of Book are higher, subscribers seeking lower cost options may instead choose to receive data from the SIPs or through the Top of Book and/or Last Sale feed for a lower cost. Alternatively, subscribers can choose to pay for the Depth of Book feed in order to receive data in a single feed with depth-of-book information if such information is valuable to subscribers. The Exchange notes that subscribers can also choose to subscribe to a combination of data feeds for redundancy purposes or to use different feeds for different purposes. In sum, each subscriber has the ability to choose the best business solution for itself. The Exchange does not believe it is unfairly discriminatory to base pricing upon the amount of information contained in each data feed. As described above, the Top of Book and Last Sale data feeds can be utilized to trade on the Exchange but contain less information than that is available on the Depth of Book feed (
                    <E T="03">i.e.,</E>
                     even for a subscriber who takes both feeds, such feeds do not contain depth-of-book information). Thus, the Exchange believes it is not unfairly discriminatory for the products to be priced as proposed, with Last Sale having no fee, Top of Book priced at $500, and Depth of Book priced at $2500. 
                    <SU>35</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         The Exchange believes it is not unfairly discriminatory to provide the Last Sale data for free.
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    In accordance with Section 6(b)(8) of the Act,
                    <SU>36</SU>
                    <FTREF/>
                     the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Intramarket Competition</HD>
                <P>
                    The Exchange does not believe that the proposed fees for Exchange Data Feeds place certain market participants at a relative disadvantage to other market participants because, as noted 
                    <PRTPAGE P="22345"/>
                    above, the proposed fees are associated with usage of Exchange Data Feeds by each market participant based on the type of business they operate, and the decision to subscribe to one or more Exchange Data Feeds is based on objective differences in usage of Exchange Data Feeds among different firms, which are still ultimately in the control of any particular firm, and such fees do not impose a barrier to entry to smaller participants. Accordingly, the proposed fees for Exchange Data Feeds do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation of the proposed fees reflects the types of Exchange Data Feeds consumed by various market participants and their usage thereof.
                </P>
                <HD SOURCE="HD3">Intermarket Competition</HD>
                <P>
                    The Exchange does not believe the proposed fees place an undue burden on competition on other SROs that is not necessary or appropriate. In particular, market participants are not forced to subscribe to any of the Exchange Data Feeds, as described above. Additionally, another exchange has similar market data fees in place for their participants, but with comparable and in many cases higher rates for market data feeds.
                    <SU>37</SU>
                    <FTREF/>
                     The proposed fees are based on actual costs and are designed to enable the Exchange to recoup a portion of its costs related to providing market data. Competing equities exchanges are free to adopt comparable fee structures subject to the SEC rule filing process.
                </P>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         
                        <E T="03">See</E>
                         supra, footnote 28 [sic] referencing MEMX Exchange.
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    This proposed rule change establishes dues, fees or other charges among its members and, as such, may take effect upon filing with the Commission pursuant to Section 19(b)(3)(A)(ii) of the Act 
                    <SU>38</SU>
                    <FTREF/>
                     and paragraph (f)(2) of Rule 19b-4 thereunder.
                    <SU>39</SU>
                    <FTREF/>
                     Accordingly, the proposed rule change would take effect upon filing with the Commission.
                </P>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <P>At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings to determine whether the proposed rule should be approved or disapproved.</P>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-LTSE-2025-08 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-LTSE-2025-08. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-LTSE-2025-08 and should be submitted on or before June 17, 2025
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>40</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>40</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09391 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103074; File No. SR-LTSE-2025-07]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Adopt Certain Connectivity Fees</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 12, 2025, Long-Term Stock Exchange, Inc. (“LTSE” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange is filing with the Securities and Exchange Commission (“Commission”) a proposed rule change to amend the LTSE Fee Schedule (the “Fee Schedule”) to establish Section C and adopt Connectivity Fees for Cross-Connects at the Primary, Disaster Recovery and Test Environment facilities. The Exchange also proposes to adopt Connectivity Fees for Logical Connectivity (all environments), effective May 12, 2025.</P>
                <P>
                    The text of the proposed rule change is available at the Exchange's website at 
                    <E T="03">https://longtermstockexchange.com/,</E>
                     at the principal office of the Exchange, and at the Commission's Public Reference Room.
                    <PRTPAGE P="22346"/>
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>The Exchange is proposing to establish a new section (C. Connectivity Fees) in the Long-Term Stock Exchange Fee Schedule. Prior to the launch of the new trading system on September 23, 2024, the Exchange offered connectivity (both physical and logical) at no cost to all market participants. With the launch of the new trading system and the significant costs detailed below, the Exchange determined it was reasonable and appropriate to begin to charge market participants for their connectivity to the Exchange. The Exchange notes that the transition between trading systems required all market participants to set up new connectivity to the new trading system, and after the successful launch the Exchange decommissioned all the historical connections within the old trading system. The Exchange also notes that market participants were not charged simultaneously for both their old connections and new connections during the transition as the Exchange never charged for connectivity to the old trading system.</P>
                <HD SOURCE="HD3">Cross-Connect Fees</HD>
                <P>
                    The Exchange proposes to offer to both Members 
                    <SU>3</SU>
                    <FTREF/>
                     and non-Members the option to utilize a 10 Gigabit (“Gb”) ultra-low latency (“ULL”) fiber cross-connection to the Exchange's Primary and Disaster Recovery facilities, as well as a 10Gb ULL fiber cross-connection to the Test Environment. The Exchange proposes to establish a Cross-Connect fee of $5,500 per 10Gb physical interface per month that will be assessed to Members and non-Members for connecting to the Primary facility. The Exchange proposes to establish a Cross-Connect fee of $2,750 per 10Gb physical interface per month that will be assessed to Members and non-Members for connecting to either the Disaster Recovery facility or the Test Environment.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The term “Member” shall mean any registered broker or dealer that has been admitted to membership in the Exchange. 
                        <E T="03">See</E>
                         LTSE Rule 1.160.
                    </P>
                </FTNT>
                <P>
                    Monthly network connectivity fees for Members and non-Members for connectivity will be assessed in any month the Member or non-Member is credentialed to use any of the LTSE Application Programming Interfaces (“APIs”) in the Primary facility, Disaster Recovery facility or Test Environment.
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         As proposed, fees for connectivity services would be assessed based on each active connectivity service product at the close of business on the first day of each month. If a product is canceled prior to such fee being assessed, then the Member will not be obligated to pay the applicable product fee.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Port Fees</HD>
                <P>
                    The Exchange proposes to establish a $450 fee for all Logical Connectivity sessions. These application sessions, commonly known as ports, are utilized to perform a particular function on the Exchange, such as order entry or order cancellation, receipt of drop copies, proprietary market data dissemination, or requesting data to be backfilled (
                    <E T="03">i.e.,</E>
                     “gap ports”). All market participants (Members and non-Members) will be charged per session per month. The Exchange will waive the fees for three sessions per month per market participant which the Exchange believes will encourage Members to connect to the Exchange's backup trading systems and to conduct appropriate testing of their use of the Exchange.
                </P>
                <P>
                    In proposing to charge fees for connectivity to LTSE, the Exchange has sought to be especially diligent in assessing those fees in a transparent way against its own aggregate costs of providing the related services, and also carefully and transparently assessing the impact on market participants—both generally and in relation to other market participants, 
                    <E T="03">i.e.,</E>
                     to assure the fee will not create a financial burden on any participant and will not have an undue impact in particular on smaller market participants and competition among market participants in general. The Exchange believes that this level of diligence and transparency is called for by the requirements of Section 19(b)(1) under the Act,
                    <SU>5</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>6</SU>
                    <FTREF/>
                     with respect to the types of information self-regulatory organizations (“SROs”) should provide when filing fee changes, and Section 6(b) of the Act,
                    <SU>7</SU>
                    <FTREF/>
                     which requires, among other things, that exchange fees be reasonable and equitably allocated,
                    <SU>8</SU>
                    <FTREF/>
                     not designed to permit unfair discrimination,
                    <SU>9</SU>
                    <FTREF/>
                     and that they not impose a burden on competition not necessary or appropriate in furtherance of the purposes of the Act.
                    <SU>10</SU>
                    <FTREF/>
                     This rule change proposal addresses those requirements, and the analysis and data in each of the sections that follow are designed to clearly and comprehensively show how they are met.
                    <SU>11</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         15 U.S.C.78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         In 2019, Commission staff published guidance suggesting the types of information that SROs may use to demonstrate that their fee filings comply with the standards of the Act (“Fee Guidance”). While LTSE understands that the Fee Guidance does not create new legal obligations on SROs, the Fee Guidance is consistent with LTSE's view about the type and level of transparency that exchanges should meet to demonstrate compliance with their existing obligations when they seek to charge new fees. 
                        <E T="03">See</E>
                         Staff Guidance on SRO Rule Filings Relating to Fees (May 21, 2019). Available at: 
                        <E T="03">https://www.sec.gov/about/staff-guidance-sro-rule-filings-fees</E>
                        .
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Cost Analysis</HD>
                <P>
                    The Exchange notes it operates a unique model where the LTSE trading system and certain associated services are provided on an outsourced basis by MEMX Technologies LLC (“MEMX Technologies”).
                    <SU>12</SU>
                    <FTREF/>
                     As such, a large portion of the Exchange's technology costs, including those related to connectivity, are incorporated into the overall fees that the Exchange pays MEMX Technologies as part of its multi-year arrangement to provide a trading system and associated services.
                    <SU>13</SU>
                    <FTREF/>
                     Because of this arrangement, the Exchange does not possess the same level of specificity for cost drivers related to connectivity as other exchanges have detailed within their own similar filings. However, the Exchange recognizes that the fees it pays MEMX Technologies are for the services MEMX Technologies provides to the Exchange and the associated costs incurred by MEMX Technologies. These services and costs include maintaining a team of highly skilled network engineers, fees charged to MEMX 
                    <PRTPAGE P="22347"/>
                    Technologies by the third-party data center operator for the servers and equipment LTSE utilizes, costs associated with projects and initiatives designed to improve overall network performance and stability, and costs associated with fully supporting advances in infrastructure and expansion of network level services, including customer monitoring, alerting and reporting. There are also significant technology expenses related to establishing and maintaining information security services, enhanced network monitoring and customer reporting, as well as Regulation SCI mandated processes, associated with the MEMX Technologies network technology that are borne by the Exchange. Most of the specific expenses for connectivity services and the Exchange's DSLA with MEMX Technologies are combined, and therefore the Exchange discusses these expenses, and the portion allocated to connectivity as part of the “Third-Party Expenses” Cost Driver below.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         The Exchange and MEMX Technologies executed a Development, License and Services Agreement on January 23, 2024, with accompanying Schedules (collectively, the “DLSA”). MEMX Technologies, an affiliate of the MEMX Exchange, is in the business of developing technology systems for use in the financial industry. 
                        <E T="03">See</E>
                         SR-LTSE-2024-03, supra note 3 [sic].
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         The DSLA with MEMX Technologies entails both fixed and variable costs. The Exchange used both types of costs when determining aggregated monthly costs detailed below.
                    </P>
                </FTNT>
                <P>Further, while the Exchange has been operating since September 2020, it only entered the DLSA with MEMX Technologies in January of 2024 and launched the new trading system in September 2024. Therefore, the Exchange's most recent publicly available financial statement (2023 Audited Unconsolidated Financial Statement) does not reflect LTSE's actual current costs associated with the development and operation of connectivity on LTSE, as the costs associated with the MEMX system began in 2024. Accordingly, the Exchange believes it is more appropriate to justify its fees utilizing a recent monthly billing cycle and extrapolated annualized costs on a going-forward basis.</P>
                <P>
                    LTSE recently calculated its aggregate monthly costs for providing connectivity services to the Exchange at approximately $596,840 for 2025.
                    <SU>14</SU>
                    <FTREF/>
                     Because LTSE offered all connectivity free of charge from its launch in September 2020 until October of 2024, LTSE has borne 100% of all connectivity costs. Now, in order to cover some of the aggregate costs of providing connectivity to market participants (both Members and non-Members),
                    <SU>15</SU>
                    <FTREF/>
                     the Exchange is proposing to modify its Fee Schedule and charge the fees for connectivity detailed herein.
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         The aggregate monthly costs were determined by taking the individual cost drivers detailed below and their yearly costs and dividing by twelve months.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         Types of market participants that obtain connectivity services from the Exchange but are not Members include service bureaus and extranets. Service bureaus offer technology-based services to other companies for a fee, including order entry services to Members, and thus, may access application sessions on behalf of one or more Members. Extranets offer physical connectivity services to Members and non-Members.
                    </P>
                </FTNT>
                <P>In order to determine the Exchange's costs for providing the services associated with connectivity, the Exchange conducted an extensive review in which the Exchange analyzed every expense item in the Exchange's general expense ledger to determine whether each such expense relates to the services associated with the connectivity and, if such expense did so relate, what portion (or percentage) of such expense actually supports those services. The sum of all such portions of expenses represents the total cost of the Exchange to provide the services associated with connectivity. For the avoidance of doubt, no expense amount was allocated twice. The Exchange is also providing detailed information regarding the Exchange's cost allocation methodology—namely, information that explains the Exchange's rationale for determining that it was reasonable to allocate certain expenses described in this filing towards the total cost to the Exchange to provide connectivity.</P>
                <P>The Exchange believes that the Connectivity Fees are fair and reasonable because they will only cover a portion of the total annual expense that the Exchange projects to incur with providing the services associated with connectivity versus the total annual revenue the Exchange projects to collect in connection with providing those services. Based on connectivity services usage as of May 1st, 2025, as well as projected use through the remainder of the year, the Exchange would generate monthly revenues for 2025 of approximately $475,000, which will result in a loss for the Exchange.</P>
                <HD SOURCE="HD3">Costs Related To Offering Connectivity</HD>
                <P>
                    The following chart details the individual line-item costs considered by LTSE to be related to offering connectivity as well as the percentage of the Exchange's overall costs per year that such costs represent for such area (
                    <E T="03">e.g.,</E>
                     as set forth below, the Exchange allocated approximately 15% of its overall Human Resources cost to offering connectivity for a total of $490,213 per year of costs related to providing connectivity).
                </P>
                <GPOTABLE COLS="4" OPTS="L2,tp0,i1" CDEF="s50,15,15,15">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Cost drivers</CHED>
                        <CHED H="1">Allocated monthly costs</CHED>
                        <CHED H="1">Allocated yearly costs</CHED>
                        <CHED H="1">% of all</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Third-Party Expenses</ENT>
                        <ENT>$539,276</ENT>
                        <ENT>$6,471,312</ENT>
                        <ENT>60</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Human Resources</ENT>
                        <ENT>40,851</ENT>
                        <ENT>490,213</ENT>
                        <ENT>8</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Data Center</ENT>
                        <ENT>15,713</ENT>
                        <ENT>188,552</ENT>
                        <ENT>31</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Total</ENT>
                        <ENT>595,840</ENT>
                        <ENT>7,150,076</ENT>
                        <ENT/>
                    </ROW>
                </GPOTABLE>
                <P>Below are additional details regarding each of the line-item costs considered by LTSE to be related to offering connectivity.</P>
                <HD SOURCE="HD3">Third-Party Expenses</HD>
                <P>
                    As discussed above, LTSE has undertaken a unique model where it has outsourced its trading system and related technology to a third-party technology provider, MEMX Technologies. With this arrangement LTSE receives, among other things, (1) access to technology used to complete connections to the Exchange and to connect to external markets, (2) physical connectivity in the data centers where MEMX Technologies maintains equipment for LTSE use—such as dedicated space, security services, cooling and power, (3) use of physical ports and logical ports, and (4) use of physical assets and software, which also includes assets used for testing and monitoring of infrastructure. MEMX Technologies provides personnel to support the use and operation of the LTSE trading platform including but not limited to, monitoring the network, managing system development and testing, facilitating connection changes and access changes, as well as performing normal maintenance operations. The Exchange has an additional third-party vendor which assists the Exchange with services related to member gateways. Together these two third-parties account for all 
                    <PRTPAGE P="22348"/>
                    the Third-Party expenses detailed above.
                </P>
                <P>
                    The Exchange took the annual costs for each of these two third-party providers to determine what portion (or percentage) of these costs related to providing connectivity and thus bears a relationship that is, “in nature and closeness,” directly related to offering connectivity. There are four major core technology cost buckets associated with operating the Exchange: (1) the Member Gateways which include physical and logical connectivity, (2) connectivity to the Securities Information Processor (“SIP”), (3) the Trading Engine, and (4) any downstream services which include system reporting, etc. The Exchange then reviewed each of these technology cost buckets in great detail and determined the percentage each of these buckets should be allocated to the total cost of the third-party expense, with Member Gateways, the SIP and the Trading Engine each accounting for 30% of the costs related to a third-party provider, and downstream services being allocated the remaining 10%. Using this breakdown for both third-party providers, the Exchange determined the portion of each of these costs that was associated with providing market data, connectivity services or neither. Here, the Exchange determined that most of the allocation for the cost of the Gateways (25%) should be associated with the cost of offering connectivity, as well as 5% (of the overall 10%) to downstream services. Blended together, the Exchange allocated 29% of its overall Third-Party costs to offering connectivity.
                    <SU>16</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         The Exchange notes that this percentage is based on set costs in both Third-Party contracts. The variable costs that are directly related to offering connectivity are 100% allocated to the overall Third-Party costs. Without these variable costs the percentage allocated to offering connecting for Third-Party costs would be 29%.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Human Resources</HD>
                <P>In addition to the cost of personnel of outsourced third-party providers that are allocated in the Third-Party Expense section above, LTSE then calculated an allocation of LTSE employee time for employees whose functions include providing and maintaining connectivity and performance thereof (technical operations personnel, market operations personnel, and software engineering personnel). The Exchange notes that while MEMX Technologies maintains its own network support services, due to its independent regulatory oversight obligations, direct network support services to Members and non-Members provided by the Exchange and its staff, including network monitoring, reporting and support services, are all handled directly by LTSE and not MEMX Technologies.</P>
                <P>
                    The Exchange also allocated Human Resources costs to provide connectivity to a limited subset of LTSE personnel with ancillary functions related to establishing and maintaining such connectivity (such as information security and finance personnel), for which the Exchange allocated cost on an employee-by-employee basis (
                    <E T="03">i.e.,</E>
                     only including those personnel who do support functions related to providing connectivity) and then applied a smaller allocation to such employees. Blended together, Human Resources costs to provide connectivity accounted for 15% of all Human Resource costs. The Exchange notes that it has fewer than fifty (50) employees, and each department leader has direct knowledge of the time spent by each employee with respect to the various tasks necessary to operate the Exchange. The estimates of Human Resources cost were therefore determined by consulting with such department leaders, determining which employees are involved in tasks related to providing connectivity, and confirming that the proposed allocations were reasonable based on an understanding of the percentage of their time such employees devote to tasks related to providing connectivity. The Exchange notes that senior level executives were only allocated Human Resources costs to the extent the Exchange believed they are involved in overseeing tasks related to providing connectivity. The Human Resources cost was calculated using a blended rate of compensation reflecting salary, equity and bonus compensation, benefits, payroll taxes, and 401(k) matching contributions.
                </P>
                <HD SOURCE="HD3">Data Center</HD>
                <P>
                    In addition to the data center costs incurred by MEMX Technologies which are allocated in the Third-Party Expenses above, the Exchange also maintains its own footprint in a third-party data center.
                    <SU>17</SU>
                    <FTREF/>
                     Data center costs include an allocation of the costs the Exchange incurs to monitor its trading platform (including the Primary facility, Disaster Recovery facility and Test Environment facility) as well as the costs to maintain its equipment in the data center. The Exchange does not own the data center facilities but, instead, leases space in a data center operated by a third-party.
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         LTSE has a presence in the Secaucus NY4 data center that is operated by Equinix.
                    </P>
                </FTNT>
                <P>The Exchange has two third-party vendors that account for the Data Center expenses. Consistent with the exercise above, the Exchange took the annual costs for each of these two Data Center vendors to determine what portion (or percentage) of these costs related to offering connectivity and thus bears a relationship that is, “in nature and closeness,” directly related to connectivity. The Exchange then reviewed each of the technology cost buckets detailed above and determined the percentage each of these buckets should be allocated to the total cost of the Data Center expenses, with Member Gateways, the SIP and the Trading Engine each accounting for 30% of the costs related to a third-party provider, and downstream services being allocated the remaining 10%. Using this breakdown for all Data Center vendors the Exchange determined the portion of each of these costs was associated with providing market data, connectivity services or neither. Here, the Exchange determined that the 31% of the Data Center costs were appropriate to allocate to offering connectivity as they included services such as network packet capture for performance monitoring, security information and event management, network connectivity and security monitoring. In comparison the Exchange allocated 39% of Data Center costs to the offering of market data. The remaining 30% of Data Center costs were not allocated to either Market Data or Connectivity.</P>
                <HD SOURCE="HD3">Physical Connectivity Fees</HD>
                <P>
                    With the launch of the new trading platform, LTSE required Members and non-Members to establish all new connections (both physical and logical) to the Exchange in order to transmit orders to and receive information through the new trading platform. Members and non-Members can also choose to connect to LTSE indirectly through physical connectivity maintained by a third-party extranet.
                    <SU>18</SU>
                    <FTREF/>
                     Extranet physical connections may provide access to one or multiple Members and non-Members on a single connection. Users of LTSE physical connectivity services (both Members and non-Members) seeking to establish one or more connections with the Exchange submit a request directly to Exchange personnel. Upon receipt of the completed instructions, LTSE establishes the physical connections requested by the market participant. The number of physical connections assigned to each firm as of May 1st, 
                    <PRTPAGE P="22349"/>
                    2025, ranges from one to three, depending on the scope and scale of the firm's trading activity on the Exchange as determined by the firm, including the firm's determination of the need for redundant connectivity. The Exchange notes that 58% of its Members do not maintain a physical connection directly with the Exchange in the Primary facilities (though many such Members have connectivity through a third-party provider) and another 42% have either one or two physical connections to the Exchange in the Primary facilities.
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         The Exchange notes that these third-party extranet providers were also required to establish new connections to LTSE as all of the old connections were deemed obsolete with the launch of the new trading platform.
                    </P>
                </FTNT>
                <P>
                    As described above, to cover a portion the aggregate costs of providing physical connectivity to Members and non-Members, as described below, the Exchange is proposing to charge a fee of $5,500 per month for each physical connection in the Primary facility and a fee of $2,750 per month for each physical connection in the Disaster Recovery and Test Environment facilities. There is no requirement that any Member or non-Member maintain a specific number of physical connections and a Member or non-Member may choose to maintain as many or as few of such connections as each Member or non-Member deems appropriate. The Exchange notes, however, that pursuant to Rule 2.250 (Mandatory Participation in Testing of Backup Systems), the Exchange does require a small number of Members to connect and participate in functional and performance testing as announced by the Exchange, which occurs at least once every 12 months. Specifically, Members that have been determined by the Exchange to contribute a meaningful percentage of the Exchange's overall volume must participate in mandatory testing of the Exchange's backup systems (
                    <E T="03">i.e.,</E>
                     such Members must connect to the Disaster Recovery facility). The Exchange notes that Members that have been designated are still able to use third-party providers of connectivity to access the Exchange at its Disaster Recovery facility in that these Members do not each have to purchase a separate connection to the Disaster Recovery facility. Four of the designated Members use a third-party provider instead of connecting directly to the Disaster Recovery facility through connectivity provided by the Exchange. Nonetheless, because some Members are required to connect to the Disaster Recovery facility pursuant to Rule 2.250 and to encourage Members and non-Members to connect to the Disaster Recovery facility generally, the Exchange has proposed to charge one-half of the fee for a physical connection in the Primary facility. Further, other exchanges also provide lower connectivity fees for connections to their respective disaster recovery facilities.
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See, e.g.,</E>
                         the CBOE BZX equities fee schedule, available at: 
                        <E T="03">https://markets.cboe.com/us/equities/membership/fee_schedule/bzx/</E>
                        .
                    </P>
                </FTNT>
                <P>
                    While Members are required to connect to the Test Environment for initial protocol certification and may be required to connect to the Test Environment at other times throughout the year (
                    <E T="03">i.e.,</E>
                     if the Exchange adopts a new order type that requires testing), they do not have to connect directly and can use an extranet provider to connect or access the LTSE Test Environment directly.
                </P>
                <P>The proposed fee will not apply differently based upon the size or type of the market participant but rather based upon the number of physical connections a Member or non-Member requests, which number is based upon factors deemed relevant by each firm (either a Member, service bureau or extranet). The Exchange believes these factors include the costs to maintain connectivity, business model and choices Members and non-Members make in how to participate on the Exchange, as further described below. The proposed connectivity fees are designed to permit the Exchange to cover a portion of costs allocated to providing connectivity services. The Exchange also reiterates that the Exchange did not charge any fees for connectivity services prior to October 2024, and its allocation of costs to physical connections was part of a holistic allocation that also allocated costs to other core services without double-counting any expenses. As noted above, the Exchange proposes a lower rate of $2,750 per month for physical connections at its Disaster Recovery facility and Test Environment. The Exchange has proposed this lower rate for Disaster Recovery and Test Environment connectivity in order to encourage Members and non-Members to establish and maintain such connections. Also, as noted above, a small number of Members are required pursuant to Rule 2.4 to connect and participate in testing of the Exchange's backup systems, and the Exchange believes it is appropriate to provide a lower rate for physical connections at the Disaster Recovery facility given this requirement. The Exchange notes that this rate is well below the cost of providing such services and the Exchange will offer connectivity to the Disaster Recovery facility and Test Environment without recouping the full amount of such cost through connectivity services.</P>
                <HD SOURCE="HD3">Logical Connectivity Fees</HD>
                <P>Similar to other exchanges, LTSE offers its Members application sessions, also known as logical ports, for order entry and receipt of trade execution reports and order messages. Members can also choose to connect to LTSE indirectly through a session maintained by a third-party service bureau. Service bureau sessions may provide access to one or multiple Members on a single session. Users of LTSE connectivity services (both Members and non-Members) seeking to establish one or more application sessions with the Exchange shall submit a request to the Exchange. Upon receipt of the completed instructions, LTSE assigns the Member or non-Member the number of sessions requested. The number of sessions assigned to each Member as of September 30, 2024, ranges from one (1) to more than 58 depending on the scope and scale of the Member's trading activity on the Exchange (either through a direct connection or through a service bureau) as determined by the Member. For example, by using multiple sessions, Members can segregate order flow from different internal desks, business lines, or customers. The Exchange does not impose any minimum or maximum requirements for how many application sessions a Member or service bureau can maintain, and it is not proposing to impose any minimum or maximum session requirements for its Members or their service bureaus.</P>
                <P>As described above, to cover a portion of the aggregate costs of providing application sessions to Members and non-Members, as described below, the Exchange is proposing to charge a fee of $450 per session per month. The Exchange notes that it is proposing to waive the fees for Members and non-Members for their first three sessions, so that market participants can have no cost to initiate order entry in all three environments (Primary, Disaster Recovery and Test Environments). Further, the Exchange believes that providing three free sessions will encourage Members to connect to the Exchange's backup trading systems and to conduct appropriate testing of their use of the Exchange.</P>
                <P>The proposed fee of $450 per month for each Logical Connectivity session is designed to permit the Exchange to cover some of the costs allocated to providing application sessions.</P>
                <P>
                    The proposed fee is also designed to encourage Members and non-Members to be efficient with their application session usage, thereby resulting in a corresponding increase in the efficiency 
                    <PRTPAGE P="22350"/>
                    that the Exchange would be able to realize in managing its aggregate costs for providing connectivity services. There is no requirement that any Member maintain a specific number of application sessions and a Member may choose to maintain as many or as few of such ports as each Member deems appropriate. The platform has been designed such that each logical connectivity session can handle a significant amount of message traffic (
                    <E T="03">i.e.,</E>
                     over 50,000 orders per second), and has no application flow control or order throttling.
                </P>
                <P>
                    The proposed fee will not apply differently based upon the size or type of the market participant but rather based upon the number of application sessions a Member or non-Member requests, which number is based upon factors deemed relevant by each firm (either a Member or service bureau on behalf of a Member). The Exchange believes these factors include the costs to maintain connectivity and choices Members make in how to segment or allocate their order flow.
                    <SU>20</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         The Exchange understands that some Members (or service bureaus) may also request more sessions to enable the ability to send a greater number of simultaneous order messages to the Exchange by spreading orders over more Order Entry Ports, thereby increasing throughput (
                        <E T="03">i.e.,</E>
                         the potential for more orders to be processed in the same amount of time). The degree to which this usage of sessions provides any throughput advantage is based on how a particular market participant sends order messages to LTSE, however the Exchange notes that the architecture reduces the impact or necessity of such a strategy. All sessions on LTSE provide the same throughput, and as noted above, the throughput is likely adequate even for a market participant sending a significant amount of volume at a fast pace and is not artificially throttled or limited in any way by the Exchange.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Proposed Fees—Additional Discussion</HD>
                <P>As discussed above, the proposed fees for connectivity services do not by design apply differently to different types or sizes of Members or non-Members. As discussed in more detail in the Statutory Basis section, the Exchange believes that the likelihood of higher fees for certain Members or non-Members subscribing to connectivity services usage than others is not unfairly discriminatory because it is based on objective differences in usage of connectivity services among different Members and non-Members. The Exchange's costs for connectivity services are directly proportional to the number of connections utilized. Members and non-Members with higher message traffic and/or Members and non-Members with more complicated connections established with the Exchange: (1) consume the most bandwidth and resources of the network; (2) transact the vast majority of the volume on the Exchange; and (3) require the high-touch network support services provided by the Exchange and its technology service provider, including network monitoring, reporting and support services, resulting in a much higher cost to the Exchange to provide such connectivity services. For these reasons, LTSE believes it is not unfairly discriminatory for the Members and non-Members with higher message traffic and/or Members and non-Members with more complicated connections to pay a higher share of the total connectivity services fees. While Members and non-Members with a business model that results in higher relative inbound message activity or more complicated connections are projected to pay higher fees, the level of such fees is based solely on the number of physical connections and/or application sessions deemed necessary by the Member and non-Members and not on the business model or type of firm. The Exchange notes that the correlation between message traffic and usage of connectivity services is not completely aligned because Members and non-Members individually determine how many physical connections and application sessions to request, and Members and non-Members may make different decisions on the appropriate ways based on facts unique to their individual businesses. The Exchange believes that a Member, even with high message traffic, would be able to conduct business on the Exchange with a relatively small connectivity services footprint.</P>
                <P>
                    Finally, the fees for connectivity services will help to encourage connectivity services usage in a way that aligns with the Exchange's regulatory obligations. As a national securities exchange, the Exchange is subject to Regulation Systems Compliance and Integrity (“Reg SCI”).
                    <SU>21</SU>
                    <FTREF/>
                     Reg SCI Rule 1001(a) requires that the Exchange establish, maintain, and enforce written policies and procedures reasonably designed to ensure (among other things) that its Reg SCI systems have levels of capacity adequate to maintain the Exchange's operational capability and promote the maintenance of fair and orderly markets.
                    <SU>22</SU>
                    <FTREF/>
                     By encouraging market participants to be efficient with their usage of connectivity services, the fees will support the Exchange's Reg SCI obligations in this regard by ensuring that unused application sessions are available to be allocated based on individual Member or non-Member needs and as the Exchange's overall order and trade volumes increase. This will encourage market participants to purchase only what they need. Additionally, because the Exchange will charge a lower rate for a physical connection to the Disaster Recovery and Test Environment facilities and will waive the first three logical connectivity sessions each month, the proposed fee structure will further support the Exchange's Reg SCI compliance by reducing the potential impact of a disruption should the Exchange be required to switch to its Disaster Recovery Facility and encouraging Members to engage in any necessary system testing with low or no cost imposed by the Exchange.
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         17 CFR 242.1000-1007.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         17 CFR 242.1001(a).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         While some Members might directly connect to the Disaster Recovery or Test Environment Facilities and incur the proposed $2,750 per month fee, there are other ways to connect to the Exchange, such as through a service bureau or extranet, and because the Exchange is waiving fees for the first three logical connectivity sessions, a Member connecting through another method would not incur any fees charged directly by the Exchange. However, the Exchange notes that a third-party service provider providing connectivity to the Exchange likely would charge a fee for providing such connectivity; such fees are not set by or shared in by the Exchange.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) 
                    <SU>24</SU>
                    <FTREF/>
                     of the Act in general and furthers the objectives of Section 6(b)(4) 
                    <SU>25</SU>
                    <FTREF/>
                     of the Act in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes that the proposed fees are consistent with the objectives of Section 6(b)(5) 
                    <SU>26</SU>
                    <FTREF/>
                     of the Act in that they are designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to a free and open market and national market system, and, in general, to protect investors and the public interest, and, particularly, are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes that the proposed fees for connectivity services to LTSE are reasonable, equitable and not unfairly discriminatory because, as described above, the proposed pricing for connectivity services is directly related to the relative costs to the 
                    <PRTPAGE P="22351"/>
                    Exchange to provide those respective services and does not impose a barrier to entry to smaller participants.
                </P>
                <P>As detailed above, the Exchange recognizes that there are various business models and varying sizes of market participants conducting business on the Exchange. The Exchange's costs for connectivity services are directly proportional to the number of connections utilized. Members and non-Members with higher message traffic and/or Members and non-Members with more complicated connections established with the Exchange: (1) consume the most bandwidth and resources of the network; (2) transact the vast majority of the volume on the Exchange; and (3) require the high-touch network support services provided by the Exchange and its technology service provider, including network monitoring, reporting and support services, resulting in a much higher cost to the Exchange to provide such connectivity services.</P>
                <P>
                    Accordingly, the Exchange believes the allocation of the proposed fees that increase based on the number of physical connections or application sessions is reasonable based on the resources consumed by the respective type of market participant (
                    <E T="03">i.e.,</E>
                     lowest resource consuming Members and non-Members will pay the least, and highest resource consuming Members and non-Members will pay the most), particularly since higher resource consumption translates directly to higher costs to the Exchange.
                </P>
                <P>With regard to reasonableness, the Exchange understands that when appropriate given the context of a proposal the Commission has taken a market-based approach to examine whether the SRO making the proposal was subject to significant competitive forces in setting the terms of the proposal. In looking at this question, the Commission considers whether the SRO has demonstrated in its filing that: (i) there are reasonable substitutes for the product or service; (ii) “platform” competition constrains the ability to set the fee; and/or (iii) revenue and cost analysis shows the fee would not result in the SRO taking supra-competitive profits. If the SRO demonstrates that the fee is subject to significant competitive forces, the Commission will next consider whether there is any substantial countervailing basis to suggest the fee's terms fail to meet one or more standards under the Exchange Act. If the filing fails to demonstrate that the fee is constrained by competitive forces, the SRO must provide a substantial basis, other than competition, to show that it is consistent with the Exchange Act, which may include production of relevant revenue and cost data pertaining to the product or service.</P>
                <P>
                    LTSE believes the proposed fees for connectivity services are fair and reasonable as a form of cost recovery for the Exchange's aggregate costs of offering connectivity services to Members and non-Members. The proposed fees are expected to generate monthly revenue of approximately $475,000 
                    <SU>27</SU>
                    <FTREF/>
                     providing partial cost recovery to the Exchange for the aggregate costs of offering connectivity services, based on a methodology that narrowly limits the cost drivers that are allocated to those closely and directly related to the particular service. In addition, this revenue will allow the Exchange to continue to offer, to enhance, and to continually refresh its infrastructure as necessary to offer a state-of-the-art trading platform. The Exchange also believes the proposed fee is a reasonable means of encouraging firms to be efficient in the connectivity services they reserve for use, with the benefits to overall system efficiency to the extent Members and non-Members consolidate their usage of connectivity services or discontinue subscriptions to unused physical connectivity.
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         As stated above, the Exchange launched its new trading platform on September 23, 2024. This expected revenue is based on connectivity services usage as of May 1st, 2025, as well as projected use through the remainder of the year.
                    </P>
                </FTNT>
                <P>The Exchange further believes that the proposed fees, as they pertain to purchasers of each type of connectivity alternative, constitute an equitable allocation of reasonable fees charged to the Exchange's Members and non-Members and are allocated fairly amongst the types of market participants using the facilities of the Exchange.</P>
                <P>As described above, the Exchange believes the proposed fees are equitably allocated because the Exchange's costs for connectivity services are directly proportional to the number of connections utilized. Members and non-Members with higher message traffic and/or Members and non-Members with more complicated connections established with the Exchange: (1) consume the most bandwidth and resources of the network; (2) transact the vast majority of the volume on the Exchange; and (3) require the high-touch network support services provided by the Exchange and its technology service provider, including network monitoring, reporting and support services, resulting in a much higher cost to the Exchange to provide such connectivity services.</P>
                <P>
                    Commission staff previously noted that the generation of supra-competitive profits is one of several potential factors in considering whether an exchange's proposed fees are consistent with the Act.
                    <SU>28</SU>
                    <FTREF/>
                     As described in the Fee Guidance, the term “supra-competitive profits” refers to profits that exceed the profits that can be obtained in a competitive market. The proposed fee structure would not result in excessive pricing or supra-competitive profits for the Exchange. As stated above, the proposed fee structure is merely designed to permit the Exchange to cover some of the costs allocated to providing connectivity services. Thus, the Exchange believes that its proposed pricing for Connectivity Fees is fair, reasonable, and equitable. Accordingly, the Exchange believes that its proposal is consistent with Section 6(b)(4) of the Act because the proposed fees will permit recovery of the Exchange's costs and will not result in excessive pricing or supra-competitive profit.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See</E>
                         Fee Guidance, supra note 13 [sic].
                    </P>
                </FTNT>
                <P>
                    The proposed fees for connectivity services will allow the Exchange to cover a portion of costs incurred by the Exchange for offering connectivity to Members and non-Members. As detailed above, the Exchange has numerous internal and third-party expenses associated with providing connectivity, including maintaining necessary hardware and other network infrastructure as well as network monitoring and support services; without such hardware, infrastructure, monitoring and support the Exchange would be unable to offer the connectivity services. Further, the Exchange routinely works with MEMX Technologies to improve the performance of the network's hardware and software. The costs associated with maintaining and enhancing a state-of-the-art exchange network is a significant portion of the overall expense of the technology provider's services, and thus the Exchange believes that it is reasonable and appropriate to help offset those costs by adopting fees for connectivity services. The Exchange's Cost Analysis estimates the monthly costs to provide connectivity services at approximately $600,000. Based on connectivity services usage as of May 1st, 2025, as well as projected use through the remainder of the year, the Exchange would generate monthly revenues for 2025 of approximately $475,000, which will result in a loss for the Exchange. Even if the Exchange earns that amount or incrementally more, the Exchange believes the proposed fees for connectivity services 
                    <PRTPAGE P="22352"/>
                    are fair and reasonable because they will not result in excessive pricing or supra-competitive profit, when comparing the total expense of LTSE associated with providing connectivity services versus the total projected revenue of the Exchange associated with network connectivity services.
                </P>
                <P>
                    The Exchange notes that another exchange offers similar connectivity options to market participants and that the Exchange's proposed connectivity fees are lower.
                    <SU>29</SU>
                    <FTREF/>
                     The Exchange further notes that this exchange charges for all logical connectivity sessions and does not offer the three free sessions per month the Exchange is proposing to offer.
                    <SU>30</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See, e.g.,</E>
                         the MEMX Connectivity fee schedule, available at: 
                        <E T="03">https://info.memxtrading.com/connectivity-fees/</E>
                        .
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <P>
                    In conclusion, the Exchange submits that its proposed fee structure satisfies the requirements of Sections 6(b)(4) and 6(b)(5) of the Act 
                    <SU>31</SU>
                    <FTREF/>
                     for the reasons discussed above in that it provides for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities, does not permit unfair discrimination between customers, issuers, brokers, or dealers, and is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system and in general to protect investors and the public interest, particularly as the proposal neither targets nor will it have a disparate impact on any particular category of market participant.
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Exchange notes that the Cost Analysis was based on the Exchange's first year of outsourcing the LTSE trading system and certain associated services and projections. As such, the Exchange believes that its costs will remain relatively similar in future years. It is possible however that such costs will either decrease or increase. To the extent the Exchange sees growth in use of connectivity services it will receive additional revenue to offset future cost increases. However, if use of connectivity services is static or decreases, the Exchange might not realize the revenue that it anticipates or needs in order to cover applicable costs. Accordingly, the Exchange is committing to conduct a one-year review after implementation of these fees. The Exchange expects that it may propose to adjust fees at that time, to increase fees in the event that revenues fail to cover costs and a reasonable mark-up of such costs. Similarly, the Exchange would propose to decrease fees in the event that revenue materially exceeds our current projections. In addition, the Exchange will periodically conduct a review to inform its decision making on whether a fee change is appropriate (
                    <E T="03">e.g.,</E>
                     to monitor for costs increasing/decreasing or subscribers increasing/decreasing, etc. in ways that suggest the then-current fees are becoming dislocated from the prior cost-based analysis) and would propose to increase fees in the event that revenues fail to cover its costs and a reasonable mark-up, or decrease fees in the event that revenue or the mark-up materially exceeds our current projections. In the event that the Exchange determines to propose a fee change, the results of a timely review, including an updated cost estimate, will be included in the rule filing proposing the fee change. More generally, we believe that it is appropriate for an exchange to refresh and update information about its relevant costs and revenues in seeking any future changes to fees, and the Exchange commits to do so.
                </P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    In accordance with Section 6(b)(8) of the Act,
                    <SU>32</SU>
                    <FTREF/>
                     the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Intramarket Competition</HD>
                <P>The Exchange does not believe that the proposed rule change to establish connectivity fees would place certain market participants at the Exchange at a relative disadvantage compared to other market participants because the proposed connectivity pricing is associated with relative usage of the Exchange by each market participant and does not impose a barrier to entry to smaller participants. The Exchange believes its proposed pricing is reasonable and lower than what another exchange charges and, when coupled with the availability of third-party providers that also offer connectivity solutions, that participation on the Exchange is affordable for all market participants, including smaller trading firms. As described above, the connectivity services purchased by market participants typically increase based on their additional message traffic and/or the complexity of their operations. The market participants that utilize more connectivity services typically utilize the most bandwidth, and those are the participants that consume the most resources from the network. Accordingly, the proposed fees for connectivity services do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation of the proposed fees for connectivity reflects the network resources consumed by the various size of market participants and the costs to the Exchange of providing such connectivity services.</P>
                <HD SOURCE="HD3">Intermarket Competition</HD>
                <P>
                    The Exchange does not believe the proposed fees for connectivity to LTSE place an undue burden on competition on other SROs that is not necessary or appropriate. Additionally, another exchange has similar connectivity alternatives for their participants, but with higher rates to connect.
                    <SU>33</SU>
                    <FTREF/>
                     The Exchange is also unaware of any assertion that the proposed fees for connectivity services would somehow unduly impair its competition with other exchanges. In sum, LTSE's proposed fees for connectivity for Members and non-Members are comparable to and generally lower than fees charged by another exchange for the same or similar services.
                </P>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         
                        <E T="03">See</E>
                         supra note 31 [sic].
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    This proposed rule change establishes dues, fees or other charges among its members and, as such, may take effect upon filing with the Commission pursuant to Section 19(b)(3)(A)(ii) of the Act 
                    <SU>34</SU>
                    <FTREF/>
                     and paragraph (f)(2) of Rule 19b-4 thereunder.
                    <SU>35</SU>
                    <FTREF/>
                     Accordingly, the proposed rule change would take effect upon filing with the Commission.
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <P>
                    At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend the rule change if it appears to the Commission that the action is necessary or appropriate in the public interest, for the protection of investors, or would otherwise further the purposes of the Act. If the Commission takes such action, the Commission shall institute proceedings 
                    <PRTPAGE P="22353"/>
                    to determine whether the proposed rule should be approved or disapproved.
                </P>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov</E>
                    . Please include file number SR-LTSE-2025-07 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-LTSE-2025-07. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-LTSE-2025-07 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>36</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>36</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09389 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103092; File No. SR-PEARL-2025-22]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, MIAX PEARL, LLC(“MIAX Pearl” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>
                    The Exchange is filing a proposal to amend the MIAX Pearl Options Exchange Fee Schedule (“Fee Schedule”) to amend the fee schedule (the “Fee Schedule”) applicable to the Exchange's options trading platform (“MIAX Pearl Options”) to, among other things, adopt new fee categories for the Exchange's proprietary market data feeds: (1) the Top of Market (“ToM”) feed, and (2) the Liquidity Feed (“PLF”) feed (collectively, the “market data feeds”).
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         All references to the “Exchange” in this filing refer to MIAX Pearl Options. Any references to the equities trading facility of MIAX PEARL, LLC will specifically be referred to as “MIAX Pearl Equities.”
                    </P>
                </FTNT>
                <P>
                    The text of the proposed rule change is available on the Exchange's website at 
                    <E T="03">https://www.miaxglobal.com/markets/us-options/pearl-options/rule-filings</E>
                     at MIAX Pearl's principal office, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange offers two standard proprietary market data products, the ToM data feed and the PLF data feed. The ToM data feed is a data feed that contains the Exchange's best bid and offer, with aggregate size, and last sale information, based on order and quoting interest on the Exchange.
                    <SU>4</SU>
                    <FTREF/>
                     The ToM data feed includes data that is identical to the data sent to the processor for the Options Price Reporting Authority (“OPRA”). The data for ToM and OPRA leave the System 
                    <SU>5</SU>
                    <FTREF/>
                     at the same time, as required under Section 5.2(c)(iii)(B) of the Limited Liability Company Agreement of the Options Price Reporting Authority LLC (the “OPRA Plan”), which prohibits the dissemination of proprietary information on any more timely basis than the same information is furnished to the OPRA system for inclusion in OPRA's consolidated dissemination of options information. The PLF data feed includes full order book data for orders on the MIAX Pearl Book 
                    <SU>6</SU>
                    <FTREF/>
                     and includes the following data: origin, limit price, side, size, and time-in-force (
                    <E T="03">e.g.,</E>
                     day, GTC).
                    <SU>7</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 79913 (February 1, 2017), 82 FR 9617 (February 7, 2017) (SR-PEARL-2017-01) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish MIAX PEARL Top of Market (“ToM”) and MIAX PEARL Liquidity Feed (“PLF”) Data Products).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         The term “System” means the automated trading system used by the Exchange for the trading of securities. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The term “Book” means the electronic book of buy and sell orders and quotes maintained by the System. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See supra</E>
                         note 4. A Good `til Cancelled or “GTC” Order is an order to buy or sell which remains in effect until it is either executed, cancelled or the underlying option expires. 
                        <E T="03">See</E>
                         Exchange Rule 516(i).
                    </P>
                </FTNT>
                <PRTPAGE P="22354"/>
                <P>
                    Section 6 of the Fee Schedule, Market Data Fees, provides fees for both the ToM and PLF data feeds. Currently, the Exchange only charges monthly fees to both Internal and External Distributors (proposed definitions below) of the ToM and PLF data feeds. Specifically, the Exchange charges Internal Distributors a monthly fee of $500.00 for the ToM data feed and $1,250.00 for the PLF data feed. The Exchange also charges External Distributors a monthly fee of $750.00 for the ToM data feed and $1,500.00 for the PLF feed. The fees levels have remained unchanged since they were first implemented on March 1, 2018.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 82867 (March 13, 2018), 83 FR 12044 (March 19, 2018) (SR-PEARL-2018-07).
                    </P>
                </FTNT>
                <P>The Exchange now proposes to amend the Fee Schedule to, among other things, adopt new fee categories for the Exchange's proprietary market data feeds. The primary purpose of this proposal is to adopt per User (defined below) fees as well as fees for Non-Display Usage (also defined below). The Exchange also proposes to add a “Market Data Definitions” section to Section 6 of the Fee Schedule as well as modify how mid-month subscriptions for Distributors are to be handled. The Exchange believes that adopting the same fee structure as its affiliated exchanges would reduce administrative burdens on market data subscribers that also currently subscribe to market data feeds from the Exchange's affiliates. Each of these proposed changes are described below.</P>
                <STARS/>
                <P>
                    The Exchange believes that exchanges, in setting fees of all types, should meet very high standards of transparency to demonstrate why each new fee or fee increase meets the requirements of the Act that fees be reasonable, equitably allocated, not unfairly discriminatory, and not create an undue burden on competition among Members 
                    <SU>9</SU>
                    <FTREF/>
                     and markets. The Exchange believes this high standard is especially important when an exchange imposes various fees for market participants to access an exchange's market data.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The term “Member” means an individual or organization that is registered with the Exchange pursuant to Chapter II of these Rules for purposes of trading on the Exchange as an “Electronic Exchange Member” or “Market Maker.” Members are deemed “members” under the Exchange Act. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <P>Approximately 48% of Members subscribe to one or both of the market data feeds from the Exchange. Of those Members, 55% subscribe to both market data feeds, and the remaining 45% subscribe to only the PLF data feed. The Exchange notes that there is no requirement that any Member or market participant subscribe to the ToM or PLF data feeds offered by the Exchange. Instead, a Member may choose to maintain subscriptions to the ToM or PLF data feeds based on their own business needs and trading models.</P>
                <HD SOURCE="HD3">Definitions</HD>
                <P>
                    The Exchange proposes to include a Definitions section at the beginning of Section 6, Market Data Fees, of the Fee Schedule. The purpose of the Definitions section is to provide market participants greater clarity and transparency regarding the applicability of fees by defining certain terms used in connection with market data feeds within the Fee Schedule in a single location related to the Exchange's market data products. The Exchange notes that it includes similar Definitions in its fee schedule applicable to its own equity trading platform, MIAX Pearl Equities,
                    <SU>10</SU>
                    <FTREF/>
                     and that each of the proposed definitions are based on the MIAX Pearl Equities Fee Schedule and that of other exchanges. The Exchange believes that including a Definitions section for market data products makes the Fee Schedule more user-friendly and comprehensive.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25). 
                        <E T="03">See also</E>
                         Cboe BZX Exchange, Inc. (“Cboe BZX Options”) Fee Schedule, Market Data Fees section, 
                        <E T="03">and</E>
                         Cboe EDGX Exchange, Inc. (“Cboe EDGX Options”) Fee Schedule, Market Data Fees section. 
                        <E T="03">See also</E>
                         MEMX LLC (“MEMX Options”) Fee Schedule, Market Data Fees section, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40) (“MEMX Options Market Data Fee Proposal”).
                    </P>
                </FTNT>
                <P>The Exchange proposes to define the following terms in Section 6 of the Fee Schedule:</P>
                <P>• Distributor. Any entity that receives the Exchange data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.</P>
                <P>• External Distributor. A Distributor that receives the Exchange data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity.</P>
                <P>• Internal Distributor. A Distributor that receives the Exchange data product and then distributes that data to one or more Users within the Distributor's own entity.</P>
                <P>○ The Exchange notes that it proposes to use the phrase “own entity” in the definition of Internal Distributor and External Distributor because a Distributor would be permitted to share data received from an exchange data product to other legal entities affiliated with the Distributor's entity that have been disclosed to the Exchange without such distribution being considered external to a third party. For instance, if a company has multiple affiliated broker-dealers under the same holding company, that company could have one of the broker-dealers or a non-broker-dealer affiliate subscribe to an exchange data product and then share the data with other affiliates that have a need for the data. This sharing with affiliates would not be considered external distribution to a third party but instead would be considered internal distribution to data recipients within the Distributor's own entity.</P>
                <P>○ The Exchange also notes that the explanatory paragraph under both the ToM and PLF data feed fee tables includes the following language which defines the terms Distributor, Internal Distributors, and External Distributors:</P>
                <P>MIAX Pearl will assess Market Data Fees applicable to ToM on Internal and External Distributors in each month the Distributor is credentialed to use ToM in the production environment. A Distributor of MIAX Pearl data is any entity that receives a feed or file of data either directly from MIAX Pearl or indirectly through another entity and then distributes it either internally (within that entity) or externally (outside that entity). All Distributors are required to execute a MIAX Pearl Distributor Agreement.</P>
                <P>
                    The Exchange proposes to remove these provisions from the Fee Schedule because they: (i) duplicate the proposed definitions of Distributor, External Distributor, and External Distributor proposed herein with no substantive difference; and (ii) provide details that are included in the Exchange's market data policies that are also not also provided for in the fee schedules of other options exchanges.
                    <SU>11</SU>
                    <FTREF/>
                     Removing these provisions would also harmonize the definition and fee descriptions with its fee schedule applicable to MIAX Pearl Equities.
                    <SU>12</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options, Market Data Fees section, both 
                        <E T="03">available at https://www.cboe.com/us/options/membership/?_gl=1*19q7zz0*_up*MQ..*_ga*NjY5OTA0NzE4LjE3MzQ1MzQzODk.*_ga_5Q99WB9X71*MTczNDUzNzQ0Mi4yLjEuMTczNDUzNzQ5OC4wLjAuMA. See also</E>
                         MEMX Options Fee Schedule 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    • Non-Display Usage. Any method of accessing an Exchange data product that 
                    <PRTPAGE P="22355"/>
                    involves access or use by a machine or automated device without access or use of a display by a natural person or persons.
                </P>
                <P>• Non-Professional User. A natural person or qualifying trust that uses Exchange data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an “investment adviser” as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.</P>
                <P>• Professional User. Any User other than a Non-Professional User.</P>
                <P>• User. A Professional User or Non-Professional User.</P>
                <HD SOURCE="HD3">Proposed Market Data Pricing</HD>
                <P>
                    As described above, the Exchange currently only charges Internal Distributors a monthly fee of $500.00 for the ToM data feed and $1,250.00 for the PLF data feed. The Exchange also only currently charges External Distributors a monthly fee of $750.00 for the ToM data feed and $1,500.00 for the PLF data feed. Again, these fees levels have remained unchanged since they were first implemented on March 1, 2018.
                    <SU>13</SU>
                    <FTREF/>
                     The Exchange now proposes to charge the below per User fees as well as Non-Display Usage fees for the ToM and PLF data feeds, which, the Exchange believes are generally similar to or lower than market data fees charged by other similarly situated options exchanges. The Exchange does not propose to adopt any additional fee categories in this proposal. Each of the below capitalized terms are defined above and would be included under the proposed Definitions section under Section 6, Market Data Fees, of the Fee Schedule.
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See supra</E>
                         note 8.
                    </P>
                </FTNT>
                <P>
                    1. 
                    <E T="03">User Fees.</E>
                     For the ToM and PLF data feeds, the Exchange proposes to charge a monthly fee of $20.00 for each Professional User and $1.00 for each Non-Professional User of each data feed.
                    <SU>14</SU>
                    <FTREF/>
                     The proposed User fees would apply to each person that has access to the ToM or PLF data feed that is provided by a Distributor (either Internal or External) for displayed usage. Each Distributor's User count would include every individual that has accesses to the data regardless of the purpose for which the individual uses the data. The above Professional or Non-Professional User fee would provide the same Professional or Non-Professional User access to all other Pearl Options Market Data feeds for no additional per User charge.
                    <SU>15</SU>
                    <FTREF/>
                     In other words, a User would receive access to both the ToM and PLF data feeds for the applicable single per User fee and not have to pay separate per User fees for each data feed. As such, Distributors should report the number of Users per the Exchange, and not per individual data feed. This would be noted in Section 6 of the Fee Schedule under footnote 1 following the fee tables for both the ToM and PLF data feeds. Distributors of the ToM or PLF data feed would be required to report all Professional and Non-Professional Users in accordance with the following:
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         The Exchange does not propose to adopt an Enterprise Fee at this time and may do so in the future based on feedback from market participants.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         The Exchange notes that similar reporting is required by the Nasdaq options markets, The Nasdaq Stock Market LLC (“Nasdaq Options”), Nasdaq Phlx LLC (“Nasdaq Phlx”), and Nasdaq MRX, LLC (“Nasdaq MRX”). 
                        <E T="03">See, e.g., https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</E>
                         (providing that “[t]he monthly user fee should be reported once for Nasdaq Options, not once per datafeed”).
                    </P>
                </FTNT>
                <P>• In connection with a Distributor's distribution of the ToM or PLF data feed, the Distributor must count as one User each unique User that the Distributor is entitled for access to the ToM or PLF data feed.</P>
                <P>
                    • Distributors must report each unique individual person who receives access through multiple devices or multiple methods (
                    <E T="03">e.g.,</E>
                     a single User has multiple passwords and user identifications) as one User.
                </P>
                <P>• If a Distributor entitles one or more individuals to use the same device, the Distributor must include only the individuals, and not the device, in the count. Thus, Distributors would not be required to report User device counts associated with a User's display use of the data feed.</P>
                <P>
                    2. 
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange proposes to establish a monthly Non-Display Usage 
                    <SU>16</SU>
                    <FTREF/>
                     fee of $1,500.00 for the ToM data feed. The Exchange also proposes to establish a monthly Non-Display Usage fee of $1,500.00 for the PLF data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         Non-Display Usage would include trading uses such as high frequency or algorithmic trading as well as any trading in any asset class, automated order or quote generation and/or order pegging, price referencing for smart order routing, operations control programs, investment analysis, order verification, surveillance programs, risk management, compliance, and portfolio management.
                    </P>
                </FTNT>
                <P>• The Exchange proposes to provide a discount to those that subscribe to both the ToM and PLF data feeds by capping the Non-Display Usage fee for Subscribers of both the ToM and PLF data feeds at $2,500.00. This would be noted in Section 6 of the Fee Schedule under footnote 2 following the fee tables for both the ToM and PLF data feeds.</P>
                <P>
                    Lastly, the Exchange proposes to no longer pro-rate fees for Distributors who subscribe or terminate mid-month. The Exchange notes that there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange also notes that mid-month subscriptions and terminations place an increased burden on Exchange staff and systems that are in place to pro-rate the monthly fee that are not justified by the little to no mid-month subscriptions and terminations that occurred over the past year or that the Exchange anticipates going forward based on its past experience. This portion of the proposal should also encourage subscribers to either begin a new subscription or terminate an existing subscription at the beginning or end of a month, respectively. Lastly, removing these provisions would also harmonize the MIAX Pearl Options Fee Schedule with the MIAX Pearl Equities Fee Schedule, which also does not provide for pro-ration.
                    <SU>17</SU>
                    <FTREF/>
                     Also, other exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>18</SU>
                    <FTREF/>
                     Therefore, the Exchange proposes to remove the following language providing for pro-rated month fees for mid-month subscribers from the explanatory paragraph under both the ToM and PLF data feed fee tables:
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, 
                        <E T="03">supra</E>
                         note 11. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <EXTRACT>
                    <P>
                        Market Data Fees for [ToM/PLF] will be reduced for new Distributors for the first month during which they subscribe to [ToM/
                        <PRTPAGE P="22356"/>
                        PLF], based on the number of trading days that have been held during the month prior to the date on which they have been credentialed to use [ToM/PLF] in the production environment. Such new Distributors will be assessed a pro-rata percentage of the fees described above, which is the percentage of the number of trading days remaining in the affected calendar month as of the date on which they have been credentialed to use [ToM/PLF] in the production environment, divided by the total number of trading days in the affected calendar month.
                    </P>
                </EXTRACT>
                <HD SOURCE="HD3">Implementation</HD>
                <P>
                    The Exchange issued alerts publicly announcing the proposed fees on September 30, 2024 and December 17, 2024.
                    <SU>19</SU>
                    <FTREF/>
                     The fees subject to this proposal are immediately effective.
                </P>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See</E>
                         Fee Change Alert, MIAX Exchange Group—January 1, 2025 and March 1, 2025 Market Data Fee Changes (dated September 30, 2024), 
                        <E T="03">available at https://www.miaxglobal.com/alert/2024/09/30/miax-exchange-group-options-markets-january-1-2025-and-march-1-2025-market-1?nav=all</E>
                         and Fee Change Alert, MIAX Exchange Group—Options Markets—Reminder: January 1, 2025 and March 1, 2025 Market Data Fee Changes (dated December 17, 2024), 
                        <E T="03">available at https://www.miaxglobal.com/alert/2024/12/17/miax-exchange-group-options-markets-reminder-january-1-2025-and-march-1-2?nav=all.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD3">1. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) 
                    <SU>20</SU>
                    <FTREF/>
                     of the Act in general, and furthers the objectives of Section 6(b)(4) 
                    <SU>21</SU>
                    <FTREF/>
                     of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes that the proposed fees are consistent with the objectives of Section 6(b)(5) 
                    <SU>22</SU>
                    <FTREF/>
                     of the Act in that they are designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to a free and open market and national market system, and, in general, to protect investors and the public interest, and, particularly, are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Exchange notes that the ToM and PLF data feeds are entirely optional. The Exchange is not required to make the ToM or PLF data feeds available to any customers, nor is any customer required to purchase the ToM or PLF data feeds.</P>
                <HD SOURCE="HD3">The Proposed Fees Are Reasonable and Comparable to the Fees Charged by Other Exchanges for Similar Data Products</HD>
                <P>
                    <E T="03">Overall.</E>
                     The proposed fees are comparable to those of other options exchanges. Based on publicly-available information, no single exchange had more than 13.65% equity options market share for all of 2024,
                    <SU>23</SU>
                    <FTREF/>
                     and the Exchange compared the fees proposed herein to the fees charged by other options exchanges with similar market share. A more detailed discussion of the comparison follows.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See</E>
                         The OCC, Options Volume by Exchange—2024, 
                        <E T="03">available at https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-by-exchange</E>
                         (last visited May 5, 2025).
                    </P>
                </FTNT>
                <P>
                    The Exchange assesses the market share for each of the below referenced options markets utilizing total equity options contracts traded in 2024, as set forth in the following charts: 
                    <SU>24</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         Market share is the percentage of volume on a particular exchange relative to the total volume across all exchanges, and indicates the amount of order flow directed to that exchange. High levels of market share enhance the value of trading and ports. Total contracts include both multi-list options and proprietary options products. Proprietary options products are products with intellectual property rights that are not multi-listed.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">User Fees</HD>
                <P>The proposed per User fees for the Exchange's market data products are comparable to those charged by Nasdaq Options, Nasdaq MRX, Cboe BZX Options, and Cboe C2 Exchange, Inc. (“Cboe C2”), as summarized in the table below.</P>
                <GPOTABLE COLS="5" OPTS="L2,tp0,i1" CDEF="s50,12,r50,r50,r50">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share *
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data product</CHED>
                        <CHED H="1">
                            Monthly professional
                            <LI>user fee</LI>
                        </CHED>
                        <CHED H="1">
                            Monthly non-professional
                            <LI>user fee</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX Pearl Options</ENT>
                        <ENT>4.19</ENT>
                        <ENT>All</ENT>
                        <ENT>$20.00 (per Exchange)</ENT>
                        <ENT>$1.00 (per Exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.45</ENT>
                        <ENT>
                            NOM BONO
                            <LI O="xl">NOM ITTO</LI>
                        </ENT>
                        <ENT>$42.10 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.71</ENT>
                        <ENT>
                            MRX Top
                            <LI O="xl">MRX Depth</LI>
                        </ENT>
                        <ENT>$25.25 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe BZX Options</ENT>
                        <ENT>3.99</ENT>
                        <ENT>BZX Depth</ENT>
                        <ENT>$30.00 (per feed)</ENT>
                        <ENT>$1.00 (per feed).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe C2</ENT>
                        <ENT>3.00</ENT>
                        <ENT>C2 Depth</ENT>
                        <ENT>$50.00 (per feed)</ENT>
                        <ENT>$50.00 (per feed).</ENT>
                    </ROW>
                    <TNOTE>
                        * 
                        <E T="03">See supra</E>
                         note 23.
                    </TNOTE>
                </GPOTABLE>
                <P>A more detailed discussion of the comparison follows.</P>
                <P>
                    <E T="03">Nasdaq Options.</E>
                     Nasdaq Options, with a market share of approximately 5.45% that is comparable to the Exchange, charges higher or comparable Professional and Non-Professional User fees for its top of book and depth of book feeds than proposed by the Exchange. Further, like Nasdaq Options, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Nasdaq Options Best of Nasdaq Options (“BONO”) feed is an options feed that provides Nasdaq Options' best bid and offer and last sale information.
                    <SU>25</SU>
                    <FTREF/>
                     The Nasdaq Options BONO feed is similar to the Exchange's ToM feed. The Nasdaq Options ITCH to Trade Options (“ITTO”) feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>26</SU>
                    <FTREF/>
                     ITTO also provides, among other things, product (option series) available for trading on Nasdaq Options, the trading status of such products (
                    <E T="03">i.e.,</E>
                     whether the series is available for closing transactions only), and order imbalances on opening/reopenings. The ITTO feed is similar to the Exchange's PLF feed.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <P>
                    Nasdaq Options charges Professional Users $40.10 per month and Non-Professional Users $1.00 per month for the BONO feed and ITTO feed.
                    <SU>27</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than 
                    <PRTPAGE P="22357"/>
                    Nasdaq Options for Professional Users and the same as Nasdaq Options for Non-Professional Users while also providing access to all of its market data feeds for a single per User fee. Specifically, for both the ToM and PLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Nasdaq Options and its Non-Professional User fee is equal to Nasdaq Options. Despite having incrementally higher market share than the Exchange, Nasdaq Options charges higher or comparable per User fees than proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions. See also</E>
                         Securities Exchange Act Release No. 73823 (December 11, 2014), 79 FR 75207 (December 17, 2014) (SR-NASDAQ-2014-119).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Nasdaq MRX.</E>
                     Nasdaq MRX, with a market share of approximately 2.71%, lower than the Exchange, charges higher Professional and Non-Professional User fees for its top of book and depth of book feeds than the fees proposed by the Exchange. Further, like Nasdaq MRX, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                    <SU>28</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         The Exchange notes that Nasdaq MRX also offers the Nasdaq MRX Order Feed and Nasdaq MRX Trades Feed, which are included in the Nasdaq MRX per User fees. 
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 7, Pricing Schedule, Section 7, Market Data.
                    </P>
                </FTNT>
                <P>
                    The Nasdaq MRX Top of Market feed is an options feed that provides Nasdaq MRX's best bid and offer and last sale information.
                    <SU>29</SU>
                    <FTREF/>
                     The Nasdaq MRX Top of Market feed is similar to the Exchange's ToM feed. The Nasdaq MRX Depth of Market feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>30</SU>
                    <FTREF/>
                     The Nasdaq MRX Depth of Market feed is similar to the Exchange's PLF feed.
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <P>
                    Nasdaq MRX charges Professional Users $25.25 per month and Non-Professional Users $1.00 per month for the Nasdaq MRX Top of Market feed and the Nasdaq MRX Depth of Market Feed.
                    <SU>31</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq MRX for Professional Users and the same as Nasdaq MRX for Non-Professional Users while also providing access to all of its market data fees for single per User fee. Specifically, for both the ToM and PLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Nasdaq MRX and its Non-Professional User fee is equal to Nasdaq MRX. Despite having lower market share than the Exchange, Nasdaq MRX charges higher or comparable per User fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Cboe BZX Options.</E>
                     Cboe BZX Options, with a market share of approximately 3.99%, which is comparable to the Exchange's market share, charges higher Professional and Non-Professional User fees for its depth of book feed than the fees proposed by the Exchange. Further, Cboe BZX Options also charges separate per User fees per data product, whereas the Exchange proposes to charge a single lower per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Cboe BZX Options Top feed is an options feed that provides top of book quotations and execution information. The Cboe BZX Options Top feed is similar to the Exchange's ToM feed. The Cboe BZX Options Depth feed is an options feed that provides depth of book quotations and execution information.
                    <SU>32</SU>
                    <FTREF/>
                     The Cboe BZX Options Depth feed is similar to the Exchange's PLF feed.
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         For the Cboe BZX Options Top feed, Cboe BZX Option charges Professional Users $5.00 per month and Non-Professional Users $0.10 per month. For ToM and PLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. Although higher, the Exchange's proposed Professional and Non-Professional User fees are not necessarily comparable to Cboe BZX Options Top fees because a User may receive access to each of the Exchange's two data feeds for a single per User fee and, unlike Cboe BZX Options, not be required to pay a separate per User fee for each data product and Cboe BZX Options provides two data feed that provide only Cboe BZX Options data. Cboe BZX Options also offers the Cboe One Options Feed, which provides information for not only Cboe BZX Options, but also its three affiliated options markets, Cboe EDGX Options, Cboe, and Cboe C2. 
                        <E T="03">See</E>
                         Cboe BZX Options Rule 21.15 (b)(6).
                    </P>
                </FTNT>
                <P>
                    Cboe BZX Options charges Professional Users $30.00 per month and Non-Professional Users $1.00 per month for the Cboe BZX Options Depth feed. The Exchange proposes to charge less than Cboe BZX Options and provide access to all of its market data fees for single, and still lower, per User fee. Specifically, for both the ToM and PLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Cboe BZX Options and its Non-Professional User fee is equal to Cboe BZX Options. However, both of the Exchange's proposed fees can be lower than Cboe BZX Options because a User may receive access to each of the Exchange's data feeds for a single per User fee and, unlike Cboe BZX Options, not be required to pay a separate per User fee for each data product.
                    <SU>33</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Cboe C2.</E>
                     Cboe C2, with a market share of approximately 3.00% that is lower than the Exchange, charges higher Professional and Non-Professional User fees for its C2 Options Depth feed than proposed by the Exchange. Unlike Cboe C2, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Cboe C2 Options Depth feed is an options feed that provides depth of book quotations and execution information. The Cboe C2 Options Depth feed is similar to the Exchange's PLF data feed. Cboe C2 charges all Users, both Professional Users and Non-Professional Users, $50.00 for the Cboe C2 Options Depth feed.
                    <SU>34</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Cboe C2 for Professional Users and Non-Professional Users while also providing access to all of its market data feeds for a single per User fee. Specifically, for the PLF data feed, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User and Non-Professional User fees are lower than the fees for the Cboe C2 Options Depth feed. Despite having lower market share than the Exchange, Cboe C2 charges higher or comparable per User fees than proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         
                        <E T="03">See</E>
                         Cboe C2 Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/ctwo/.</E>
                    </P>
                </FTNT>
                <STARS/>
                <P>Each of the above examples of other exchanges' market data fees support the proposition that the Exchange's proposed User fees are comparable to those of other exchanges and therefore reasonable.</P>
                <HD SOURCE="HD3">Non-Display Usage Fee</HD>
                <P>
                    The proposed Non-Display Usage fee for the Exchange's market data products is comparable to those charged by Nasdaq Options and Nasdaq MRX, as summarized in below table.
                    <PRTPAGE P="22358"/>
                </P>
                <GPOTABLE COLS="4" OPTS="L2,tp0,i1" CDEF="s50,12,r50,r75">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share 
                            <E T="51">†</E>
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data products</CHED>
                        <CHED H="1">Monthly non-display usage fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX Pearl Options</ENT>
                        <ENT>4.19</ENT>
                        <ENT>All</ENT>
                        <ENT>$1,500.00 (per feed (capped at $2,500.00).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.45</ENT>
                        <ENT>
                            NOM BONO
                            <LI>NOM ITTO</LI>
                        </ENT>
                        <ENT>$10,530.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.71</ENT>
                        <ENT>
                            MRX Top
                            <LI>MRX Depth</LI>
                        </ENT>
                        <ENT>$7,575.00 (per exchange).</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="51">†</E>
                         
                        <E T="03">See supra</E>
                         note 23.
                    </TNOTE>
                </GPOTABLE>
                <P>A more detailed discussion of the comparison follows.</P>
                <P>
                    <E T="03">Nasdaq Options.</E>
                     Nasdaq Options, with a market share of approximately 5.45%, which is comparable to the Exchange's market share, charges higher Non-Display Usage fees for its top of book and depth of book feeds than proposed by the Exchange. Further, Nasdaq Options also charges the full Non-Display Usage fees to receive all of its data products, whereas the Exchange proposes to cap the Non-Display Usage fee at $2,500.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage.
                    <SU>35</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         The Exchange notes that not all options exchanges charge non-display fees for options data. For example, Cboe, Cboe C2, Cboe EDGX Options, Cboe BZX Options, BOX, and MEMX do not charge non-display fees. Therefore, the Exchange compared its fees to two comparable exchanges, NOM and Nasdaq MRX, which charge non-display fees.
                    </P>
                </FTNT>
                <P>
                    As discussed above, the Nasdaq Options BONO feed is an options feed that provides Nasdaq Options' best bid and offer and last sale information.
                    <SU>36</SU>
                    <FTREF/>
                     The Nasdaq Options BONO feed is similar to the Exchange's ToM data feed. The Nasdaq Options ITTO feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>37</SU>
                    <FTREF/>
                     Nasdaq Options ITTO also provides, among other things, product (option series) available for trading on Nasdaq Options, the trading status of such products (
                    <E T="03">i.e.,</E>
                     whether the series is available for closing transactions only), and order imbalances on opening/reopenings. The Nasdaq Options ITTO feed is similar to the Exchange's PLF data feed.
                    <SU>38</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         The Exchange proposes to cap the amount of Non-Display Usage fees for those that subscribe to multiple Exchange data feeds.
                    </P>
                </FTNT>
                <P>
                    Nasdaq Options charges a monthly fee of $10,530.00 for Non-Display Usage of the Nasdaq Options BONO feed and Nasdaq Options ITTO feed.
                    <SU>39</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq Options while also proposing to cap the Non-Display Usage fee at $2,500.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage. Specifically, for both the ToM and PLF data feeds, the Exchange proposes to charge a monthly fee of $1,500.00 for Non-Display Usage and to cap the Non-Display Usage fee at $2,500.00 for those that wish to receive both the ToM and PLF data feeds for Non-Display Usage. This cap would be in lieu of paying the full Non-Display Usage Fee for each data product, which would total $3,000.00 per month. Despite having incrementally higher market share than the Exchange, Nasdaq Options charges higher Non-Display Usage fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions. See also</E>
                         Securities Exchange Act Release No. 73823 (December 11, 2014), 79 FR 75207 (December 17, 2014) (SR-NASDAQ-2014-119).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Nasdaq MRX.</E>
                     Nasdaq MRX, with a market share of approximately 2.71%, which is lower than the Exchange's market share, charges higher Non-Display Usage fees for its top of book and depth of book feeds than the fees proposed by the Exchange. Like the Exchange proposes herein, Nasdaq MRX charges the full single Non-Display Usage fee for access to all of its market data feeds. The Exchange proposes to cap the Non-Display Usage fee at $2,500.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage, similar to Nasdaq MRX.
                </P>
                <P>
                    The Nasdaq MRX Top of Market feed is an options feed that provides Nasdaq MRX's best bid and offer and last sale information.
                    <SU>40</SU>
                    <FTREF/>
                     The Nasdaq MRX Top of Market feed is similar to the Exchange's ToM data feed. The Nasdaq MRX Depth of Market feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>41</SU>
                    <FTREF/>
                     The Nasdaq MRX Depth of Market feed is similar to the Exchange's PLF data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <P>
                    Nasdaq MRX charges a monthly fee of $7,575.00 for Non-Display Usage of the Nasdaq MRX Top of Market feed and Nasdaq MRX Depth of Market feed.
                    <SU>42</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq MRX while also proposing to cap the Non-Display Usage fee at $2,500.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage. Specifically, for both the ToM and PLF data feeds, the Exchange proposes to charge a monthly fee of $1,500.00 and to cap the Non-Display Usage fee at $2,500.00 for those that wish to receive both the ToM and PLF data feed for Non-Display Usage. This cap would be in lieu of paying the full Non-Display Usage Fee for each data product, which would total $3,000.00 per month. Despite having lower market share than the Exchange, Nasdaq MRX charges higher Non-Display Usage fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions.</E>
                    </P>
                </FTNT>
                <STARS/>
                <P>Each of the above examples of other exchanges' market data fees support the proposition that the Exchange's proposed Non-Display Usage fees are lower than those of other exchanges and therefore reasonable.</P>
                <P>
                    The below table sets forth each exchanges' distributor fees for each data feed that the Exchange includes in its above comparisons. The below table also includes applicable per User and Non-Display Usage fees that are discussed above.
                    <SU>43</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         The Exchange notes that other exchanges offer an enterprise license fee that provides access to an unlimited number of users for a single price. This fee covers all of the applicable exchange's market data feeds for a single enterprise license fee. The Exchange does not propose to offer an enterprise license fee at this time because customers have not requested it and, at this time, no individual subscriber distributes Exchange market data to a population of individual users that would necessitate purchasing an enterprise license.
                    </P>
                </FTNT>
                <PRTPAGE P="22359"/>
                <GPOTABLE COLS="8" OPTS="L2,nj,i1" CDEF="s40,6,r35,9,9,r50,r50,r50">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share 
                            <E T="51">‡</E>
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">
                            Market data
                            <LI>product</LI>
                        </CHED>
                        <CHED H="1">
                            Internal
                            <LI>distributors</LI>
                        </CHED>
                        <CHED H="1">
                            External
                            <LI>distributors</LI>
                        </CHED>
                        <CHED H="1">Pro-user</CHED>
                        <CHED H="1">Non-pro user</CHED>
                        <CHED H="1">Non-display fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX Pearl Options</ENT>
                        <ENT>4.19</ENT>
                        <ENT>
                            ToM
                            <LI>PLF</LI>
                        </ENT>
                        <ENT>
                            $500.00
                            <LI>1,250.00</LI>
                        </ENT>
                        <ENT>
                            $750.00
                            <LI>1,500.00</LI>
                        </ENT>
                        <ENT>$20.00 (per Exchange)</ENT>
                        <ENT>$1.00 (per Exchange)</ENT>
                        <ENT>$1,500.00 (per feed capped at $3,000.00.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.45</ENT>
                        <ENT>
                            NOM BONO
                            <LI>NOM ITTO</LI>
                        </ENT>
                        <ENT>
                            1,566.00
                            <LI>1,566.00</LI>
                        </ENT>
                        <ENT>
                            2,089.00
                            <LI>2,089.00</LI>
                        </ENT>
                        <ENT>$42.10 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange)</ENT>
                        <ENT>($10,530.00 (per exchange, no cap).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.71</ENT>
                        <ENT>
                            MRX Top
                            <LI>MRX Depth</LI>
                        </ENT>
                        <ENT>
                            1,515.00
                            <LI>1,515.00</LI>
                        </ENT>
                        <ENT>
                            2,020.00
                            <LI>2,020.00</LI>
                        </ENT>
                        <ENT>$25.25 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange)</ENT>
                        <ENT>$7,575.00 (per exchange, no cap).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe BZX Options</ENT>
                        <ENT>3.99</ENT>
                        <ENT>BZX Depth</ENT>
                        <ENT>3,000.00</ENT>
                        <ENT>2,000.00</ENT>
                        <ENT>$30.00 (per feed)</ENT>
                        <ENT>$1.00 (per feed)</ENT>
                        <ENT>N/A.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe C2</ENT>
                        <ENT>3.00</ENT>
                        <ENT>C2 Depth</ENT>
                        <ENT>2,500.00</ENT>
                        <ENT>2,500.00</ENT>
                        <ENT>$50.00 (per feed)</ENT>
                        <ENT>$50.00 (per feed)</ENT>
                        <ENT>N/A.</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="51">‡</E>
                          
                        <E T="03">See supra</E>
                         note 23.
                    </TNOTE>
                </GPOTABLE>
                <P>As illustrated by the above table, while distributor fees may vary across exchanges, and in some instances are higher on the Exchange, the per User fees of other exchanges are generally higher than that proposed by the Exchange and can quickly make up for any difference in distributor fees due to an increased number of Users permissioned for other exchanges' data feeds when compared to the Users permissioned to view data from the Exchange. In addition, Nasdaq Options and Nasdaq MRX charge materially higher fees for Non-Display Usage. Meanwhile, Cboe BZX Options and Cboe C2 would charge non-display users their applicable distribution fee, which are not capped and are either higher than, or comparable to, the fees proposed by the Exchange. Furthermore, the Exchange proposes to only charge fees to Internal and External Distributors for the ToM and PLF feeds, which when combined with the above proposed fees, result in fee packages that are generally comparable to the fee packages charged by Nasdaq Options, Nasdaq MRX, Cboe BZX Options, and Cboe C2 due to those exchanges charging higher or similar User and Non-Display Usage fees, as set forth above.</P>
                <P>Lastly, the proposed discount to charge per User fees at the Exchange level, and not per data feed, as well as capping the monthly Non-Display Usage fee for use of multiple data feeds, is reasonable and cause the Exchange's proposed fees to be even lower for subscribers to multiple Exchange data products.</P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes its proposal to no longer pro-rate mid-month changes to subscriptions is reasonable because the Exchange had no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated and no other options exchanges provides for the similar pro-ration of market data fees.
                    <SU>44</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Pearl Options Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration of market data fees.
                    <SU>45</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>44</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, 
                        <E T="03">supra</E>
                         note 11. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>45</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">The Proposed Fees Are Equitably Allocated</HD>
                <P>
                    <E T="03">Overall.</E>
                     The Exchange believes that its proposed fees are reasonable, equitable, and not unfairly discriminatory because they are designed to align fees with services provided. The Exchange believes that the proposed fees for the market data feeds are allocated fairly and equitably among the various categories of users of the data feeds, and any differences among categories of users are justified and appropriate.
                </P>
                <P>The Exchange believes that the proposed fees are equitably allocated because they will apply uniformly to all data recipients that choose to subscribe to the market data feeds. Any market participant that chooses to subscribe to the market data feeds is subject to the same Fee Schedule, regardless of what type of business they operate, and the decision to subscribe to one or more market data feeds is based on objective differences in usage of market data feeds among different Members, which are still ultimately in the control of any particular Member. The Exchange believes the proposed pricing of the market data feeds is equitably allocated because it is based, in part, upon the amount of information contained in each data feed, which may have additional value to market participants.</P>
                <PRTPAGE P="22360"/>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes its proposal to no longer pro-rate mid-month changes to subscriptions is equitably allocated because the Exchange had no subscriber utilize pro-ration via a mid-month subscriptions or terminations over the past twelve (12) months, nor does it foresee a subscriber doing so in the near future. The Exchange believes it is equitable to no longer pro-rate fees for Distributors who subscribe mid-month because other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>46</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Pearl Options Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration of market data fees.
                    <SU>47</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>46</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, Market Data Fees section, 
                        <E T="03">supra</E>
                         note 11. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>47</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    <E T="03">User Fees.</E>
                     The Exchange believes that the proposed fee, fee levels, and structure that differentiate between Professional User fees from Non-Professional User fees for display use are equitable. This structure has long been used by other exchanges and OPRA to reduce the price of data to Non-Professional Users and make it more broadly available.
                    <SU>48</SU>
                    <FTREF/>
                     Offering the market data feeds to Non-Professional Users at a lower cost than Professional Users results in greater equity among data recipients, as Professional Users are categorized as such based on their employment and participation in financial markets, and thus, are compensated to participate in the markets. While Non-Professional Users too can receive significant financial benefits through their participation in the markets, the Exchange believes it is reasonable to charge more to those Users who are more directly engaged in the markets.
                </P>
                <FTNT>
                    <P>
                        <SU>48</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release No. 59544 (March 9, 2009), 74 FR 11162 (March 16, 2009) (SR-NYSE-2008-131) (establishing the $15 Non-Professional User Fee (Per User) for NYSE OpenBook); Securities Exchange Act Release No. 20002, File No. S7-433 (July 22, 1983), 48 FR 34552 (July 29, 1983) (establishing Non-Professional fees for CTA data); NASDAQ BX Equity 7 Pricing Schedule, Section 123.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange believes the proposed Non-Display Usage fees are equitably allocated because they would require Distributors to pay fees only for the uses they actually make of the data. As noted above, non-display data can be used by data recipients for a wide variety of profit-generating purposes (including trading and order routing) as well as purposes that do not directly generate revenues (such as risk management and compliance) but nonetheless substantially reduce the recipient's costs by automating certain functions. The Exchange believes that it is equitable to charge non-display data Distributors that use the market data feeds because all such Distributors would have the ability to use such data for as many non-display uses as they wish for one low fee. As noted above, this structure is comparable to that in place for the exchanges referenced above and several other exchanges charge multiple non-display fees to the same client to the extent they use a data feed in several different trading platforms or for several types of non-display use.
                    <SU>49</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>49</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/bzx/</E>
                         (providing fees of $2,000.00 to $3,000.00 for Distribution, which includes Non-Display use); Cboe C2 Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</E>
                         (providing a fee $2,500.00 for Distribution, which includes Non-Display use); Nasdaq Options Fee Schedule, 
                        <E T="03">available at, https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</E>
                         (providing a fee of $10,000.00 for Non-Display Use); and the NYSE American fee schedule 
                        <E T="03">available at https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf</E>
                         (providing a fee of $5,000.00 for Non-Display Use).
                    </P>
                </FTNT>
                <STARS/>
                <P>For all of the foregoing reasons, the Exchange believes that the proposed fees for the market data feeds are equitably allocated.</P>
                <HD SOURCE="HD3">The Proposed Fees Are Not Unfairly Discriminatory</HD>
                <P>The Exchange believes the proposed fees are not unfairly discriminatory because any differences in the application of the fees are based on meaningful distinctions between customers, and those meaningful distinctions are not unfairly discriminatory between customers.</P>
                <P>
                    <E T="03">Overall.</E>
                     The Exchange believes that the proposed fees are not unfairly discriminatory because they would apply to all data recipients that choose to subscribe to the same market data feed(s). Any market participant, including market data vendors, that chooses to subscribe to the market data feeds is subject to the same Fee Schedule, regardless of what type of business they operate. Market participants seeking lower cost options may instead choose to receive data from OPRA or another potentially lower cost option such as a market data vendor. The Exchange notes that market participants can also choose to subscribe to a combination of data feeds for redundancy purposes or to use different feeds for different purposes. In sum, each market participant has the ability to choose the best business solution for itself. The Exchange does not believe it is unfairly discriminatory to base pricing upon the amount of information contained in each data feed and the importance of that information to market participants. As described above, the ToM data feed can be utilized to trade on the Exchange but contains less information than available on the PLF data feed. Thus, the Exchange believes it is not unfairly discriminatory for the products to be priced as proposed, with the same fees being proposed for each data feed coupled with the discounts and caps discussed above.
                </P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes that the proposal to no longer pro-rate mid-month changes to market data subscriptions is not unfairly discriminatory because there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange notes that other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>50</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Pearl Options Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration.
                    <SU>51</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>50</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, Market Data Fees section, 
                        <E T="03">supra</E>
                         note 11. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>51</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    <E T="03">User Fees.</E>
                     The Exchange believes that the proposed fee, fee levels, and structure that differentiates between Professional User fees from Non-Professional User fees for display use are not unfairly discriminatory. This structure has long been used by other exchanges and OPRA to reduce the price of data to Non-Professional Users and make it more broadly available. Offering the market data feeds to Non-Professional Users with the same data as is available to Professional Users, albeit at a lower cost, results in greater equity among data recipients. These User fees would be charged uniformly to all individuals that have access to the market data feeds based on the category of User.
                    <PRTPAGE P="22361"/>
                </P>
                <P>The Exchange also believes the proposed User fees are not unfairly discriminatory, with higher fees for Professional Users than Non-Professional Users, because Non-Professional Users may have less ability to pay for such data than Professional Users as well as less opportunity to profit from their usage of such data.</P>
                <P>
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange believes that the proposed Non-Display Usage fees are not unfairly discriminatory because they would require Distributors for non-display use to pay fees depending on their use of the data. As noted above, non-display data can be used by data recipients for a wide variety of profit-generating purposes as well as purposes that do not directly generate revenues but nonetheless substantially reduce the recipient's costs by automating certain functions.
                </P>
                <STARS/>
                <P>For all of the foregoing reasons, the Exchange believes that the proposed fees for the Exchange's market data feeds are not unfairly discriminatory.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    In accordance with Section 6(b)(8) of the Act,
                    <SU>52</SU>
                    <FTREF/>
                     the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>52</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Intra-Market Competition</HD>
                <P>The Exchange does not believe that the proposed fees place certain market participants at a relative disadvantage to other market participants because, as noted above, the proposed fees are associated with usage of the data feed by each market participant, which are still ultimately in the control of any particular Member, and such fees do not impose a barrier to entry to smaller participants. Accordingly, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation of the proposed fees reflects the types of data consumed by various market participants and their usage thereof. The Exchange also believes that the proposed fees neither favor nor penalize one or more categories of market participants in a manner that would impose an undue burden on competition.</P>
                <P>
                    The Exchange believes its proposal to no longer pro-rate mid-month changes to market data subscriptions does not place an undue burden on intra-market competition because all market participants will be subject to the same Fee Schedule, regardless of which point in the month they subscribe. As noted above, there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange notes that other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>53</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Pearl Options Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration.
                    <SU>54</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>53</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section and Cboe EDGX Options Fee Schedule, Market Data Fees section. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>54</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Inter-Market Competition</HD>
                <P>The Exchange does not believe the proposed fees place an undue burden on competition on other SROs that is not necessary or appropriate. In particular, market participants are not forced to subscribe to either data feed, as described above. An exchange that overprices its market data products stands a high risk that users may purchase another market's market data product. These competitive pressures ensure that no one exchange's market data fees can impose an unnecessary burden on competition, and the Exchange's proposed fees do not do so here. Additionally, other exchanges have similar market data fees with comparable rates in place for their participants. Other options exchanges are free to adopt comparable fee structures subject to the Commission's rule filing process.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>Written comments were neither solicited nor received.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,
                    <SU>55</SU>
                    <FTREF/>
                     and Rule 19b-4(f)(2) 
                    <SU>56</SU>
                    <FTREF/>
                     thereunder. 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 shall institute proceedings to determine whether the proposed rule should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>55</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>56</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-PEARL-2025-22 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-PEARL-2025-22. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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 
                    <PRTPAGE P="22362"/>
                    subject to copyright protection. All submissions should refer to file number SR-PEARL-2025-22 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>57</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>57</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09408 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103078; File No. SR-CboeEDGX-2025-037]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Regarding Dedicated Cores</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, Cboe EDGX Exchange, Inc. (“Exchange” or “EDGX”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://markets.cboe.com/us/options/regulation/rule_filings/edgx/</E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially adopted pricing for Dedicated Cores on July 1, 2024 (SR-CboeEDGX-2024-043). On August 1, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-051. On business date September 30, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-061. On November 26, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-080. On January 24, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-006. On March 13, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025. On May 7, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    By way of background, the Exchange recently began allowing Users 
                    <SU>4</SU>
                    <FTREF/>
                     to assign a Single Binary Order Entry (“BOE”) logical order entry port 
                    <SU>5</SU>
                    <FTREF/>
                     to a single dedicated Central Processing Unit (CPU Core) (“Dedicated Core”). Historically, CPU Cores had been shared by logical order entry ports (
                    <E T="03">i.e.,</E>
                     multiple logical ports from multiple firms may connect to a single CPU Core). Use of Dedicated Cores however, can provide reduced latency, enhanced throughput, and improved performance since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core instead of sharing that power with other firms. This offering is completely voluntary and is available to all Users that wish to purchase Dedicated Cores. Users may utilize BOE logical order entry ports on shared CPU Cores, either in lieu of, or in addition to, their use of Dedicated Core(s). As such, Users are able to operate across a mix of shared and dedicated CPU Cores which the Exchange believes provides additional risk and capacity management. Further, Dedicated Cores are not required nor necessary to participate on the Exchange and as such Users may opt not to use Dedicated Cores at all.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         A User may be either a Member or Sponsored Participant. The term “Member” shall mean any registered broker or dealer that has been admitted to membership in the Exchange, limited liability company or other organization which is a registered broker or dealer pursuant to Section 15 of the Act, and which has been approved by the Exchange. A Sponsored Participant may be a Member or non-Member of the Exchange whose direct electronic access to the Exchange is authorized by a Sponsoring Member subject to certain conditions. See Exchange Rule 11.3.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         Users may currently connect to the Exchange using a logical port available through an application programming interface (“API”), such as the Binary Order Entry (“BOE”) protocol. A BOE logical order entry port is used for order entry.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to assess the following monthly fees for Users that wish to use Dedicated Cores and adopt a maximum limit. First, the Exchange proposes to provide up to two Dedicated Cores to all Users who wish to use Dedicated Cores, at no additional cost. In the event that a User voluntarily chooses to use more than two Dedicated Cores, only then would the Exchange assess the following fees: $650 per Dedicated Core for 3-15 Dedicated Cores; $850 per Dedicated Core for 16-30 Dedicated Cores; and $1,050 per Dedicated Core for 31 or more Dedicated Cores. The proposed fees are progressive and the Exchange proposes to include the following example in the Fees Schedule to provide clarity as to how the fees will be applied. Particularly, the Exchange will provide the following example: if a User were to purchase 16 Dedicated Cores, it will be charged a total of $9,300 per month ($0 * 2) + ($650 * 13) + ($850 * 1). The Exchange also proposes to make clear in the Fees Schedule that the monthly fees are assessed and applied in their entirety and are not prorated. The Exchange notes the current standard fees assessed for BOE Logical Ports, whether used with Dedicated or shared CPU cores, will remain applicable and unchanged.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange currently assesses $550 per port per month. Port fees will also continue to be assessed on the first two Dedicated Cores that Users receive at no additional cost. 
                        <E T="03">See</E>
                         Cboe EDGX Equities Fee Schedule.
                    </P>
                </FTNT>
                <P>
                    Since the Exchange currently has a finite amount of physical space in its data centers in which its servers (and therefore corresponding CPU Cores) are located, the Exchange also proposes to prescribe a maximum limit on the number of Dedicated Cores that Users may purchase each month. The purpose of establishing these limits is to manage the allotment of Dedicated Cores in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an unlimited number of Dedicated Cores. The Exchange previously established a limit for Members of a maximum number of 60 Dedicated Cores and Sponsoring Members a limit of a maximum number of 25 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>7</SU>
                    <FTREF/>
                     The Exchange has since been able to procure additional space in its third-party data 
                    <PRTPAGE P="22363"/>
                    center, as well as procure additional servers with CPU Cores and the Exchange has a better understanding of User demand relative to its available space since the initial launch of Dedicated Cores. After seeing increased User demand, the Exchange proposed to increase the cap and provided that Members will be limited to a maximum number of 80 Dedicated Cores and Sponsoring Members will be limited to a maximum number of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange noted at that time that it would continue monitoring Dedicated Core interest by all Users and allotment availability with the goal of increasing these limits to meet Users' needs if and when the demand is there and/or the Exchange is able to accommodate additional Dedicated Cores. Since then, the Exchange has determined that it is able to accommodate an increased cap relative to current demand. As such, the Exchange proposed to increase the cap to 120 Dedicated Cores for Members, effective December 1, 2024.
                    <SU>9</SU>
                    <FTREF/>
                     Sponsoring Members will continue to be limited to a maximum of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100471 (July 9, 2024) 89 FR 57454 (July 15, 2024) (SR-CboeEDGX-2024-043).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101305 (October 10, 2024) 89 FR 83720 (October 17, 2024) (SR-CboeEDGX-2024-061).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The prescribed maximum quantity of Dedicated Cores for Members applies regardless of whether that Member purchases the Dedicated Cores directly from the Exchange and/or through a Service Bureau. In a Service Bureau relationship, a customer allows its MPID to be used on the ports of a technology provider, or Service Bureau. One MPID may be allowed on several different Service Bureaus.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The fee tier(s) applicable to Sponsoring Members are determined on a per Sponsored Access relationship basis and not on the combined total of Dedicated Cores across Sponsored Users. For example, under the proposed changes, a Sponsoring Member that has three Sponsored Access relationships is entitled to a total of 105 Dedicated Cores for those 3 Sponsored Access relationships but would be assessed fees separately based on the 35 Dedicated Cores for each Sponsored User (instead of combined total of 105 Dedicated Cores). For example, a Sponsoring Member with 3 Sponsored Access relationships would pay $30,450 per month if each Sponsored Access relationship purchased the maximum 35 Dedicated Cores. More specifically, the Sponsoring Member would be provided 2 Dedicated Cores at no additional cost for each Sponsored User under Tier 1 (total of 6 Dedicated Cores at no additional cost) and provided an additional 8 Dedicated Cores at $650 each for each Sponsored User, 5 Dedicated Cores at $850 each for each Sponsored User and 20 Dedicated Cores at $1,050 each for each Sponsored User (combined total of 99 additional Dedicated Cores).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>12</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>13</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>14</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes the proposal is reasonable because the Exchange is offering 
                    <E T="03">all</E>
                     Users voluntarily choose wishes to utilize Dedicated Cores up to two Dedicated Cores at no additional cost. Notably, of the Members that currently maintain Dedicated Cores, 20% maintain only 1 or 2 Dedicated Cores and therefore pay no additional fees. The Exchange believes the proposed fees are reasonable because Dedicated Cores provide a valuable service in that it can provide reduced latency, enhanced throughput, and improved performance compared to use of a shared CPU Core since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core. The Exchange also emphasizes however, that the use of Dedicated Cores is not necessary for trading and as noted above, is entirely optional. Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Indeed, 36% of the Exchange's Members currently use Dedicated Cores, and as noted above, of those who do, 20% take only 1 or 2 Dedicated Cores at no additional cost. Depending on a firm's specific business needs, the proposal enables Users to choose to use Dedicated Cores in lieu of, or in addition to, shared CPU Cores (or as emphasized, not use Dedicated Cores at all). If a User finds little benefit in having Dedicated Cores based on its business model and trading strategies, or determines Dedicated Cores are not cost-efficient for its needs or does not provide sufficient value to the firm, such User may continue its use of the shared CPU Cores, unchanged. The Exchange is not aware of any specific reason (operational or otherwise) why a firm would not partake in the use of the one to two free Dedicated Cores the Exchange offers. Indeed the Exchange does not believe that the set up a firm would undertake to use free Dedicated Cores offered by the Exchange is prohibitively difficult or burdensome; ultimately, whether or not a firm avails itself of the free Dedicated Cores is a business decision, and some firms may decide that the impact that Dedicated Cores may have is simply not beneficial or necessary to how that firm operates. The Exchange also has no plans to eliminate shared CPU Cores nor to require Users to purchase Dedicated Cores.
                </P>
                <P>
                    The Exchange has seen general interest in Dedicated Cores from a variety of market participants, with varying size and business models. Such market participants include proprietary trading firms (who tend to be more latency sensitive), as well as sell-side market participants and buy-side market participants (who tend to be less latency sensitive). For background, proprietary trading firms utilize their own capital to trade without taking outside money from clients. Due to the nature of their respective businesses, the Exchange has classified proprietary trading firms as latency sensitive, and other groups, such as buy-side hedge funds, sell-side banks and sell-side non-banks (such as agency brokers) as non-latency sensitive. Proprietary trading firms' strategies may range from, market making, to relative value trading and arbitrage- these all rely on profiting from general market activity and, generally, requires faster entry and exit into trades and positions making proprietary trading firms more latency sensitive than other market segments. Buy-side hedge funds, banks and agency brokers are not as latency sensitive as, generally, the strategy for hedge funds is based on overall long-term positioning in the market and banks and agency brokers may profit from commissions of customer order flow; both are generally strategies that are not reliant on speed to the same extent proprietary trading firms are. Further, Users have various reasons for obtaining Dedicated Cores. 
                    <PRTPAGE P="22364"/>
                    Some Users for example, may be seeking to further reduce latency or increased execution determinism, whereas others may use Dedicated Cores as a general risk mitigation by siloing their respective activity. For example, by using the Dedicated Core(s) to silo its respective activity, a firm may be able to mitigate risk during periods of heightened volatility as the firm will not need to compete for a shared resource (
                    <E T="03">i.e.,</E>
                     the shared core). Of further note, only 67% of Members that are propriety trading firms (who again, generally tend to be more latency sensitive) utilize Dedicated Cores, and of that 67%, 25% are only utilizing the 1 to 2 free Dedicated Cores available to all Users. As mentioned above, some non-latency sensitive firms have chosen to also adopt Dedicated Cores. 20% of Members that are not latency sensitive utilize Dedicated Cores, and of that 20%, 11% are only utilizing the 1 to 2 free Dedicated Cores available to all Users.
                </P>
                <P>The lack of universal, or even widespread, adoption by all such users therefore demonstrates that purchasing Dedicated Cores is not effectively a requirement to compete for any one type of market participant, including latency sensitive market participants. Instead, Dedicated Cores are an optional and voluntary connectivity offering, which market participants are free to choose whether or not to utilize based on whether they meet their unique business needs. Moreover, the Exchange has received overwhelming positive feedback and support for Dedicated Cores from the firms that have chosen to utilize these in furtherance of their respective needs, with some Users even noting that they have moved more of their order flow to the Exchange and its affiliated equities exchanges (the “Equities Exchanges”) as they have noticed both better fills and greater consistency of order execution at the Equities Exchanges. This demonstrates that despite any incurred costs for Users that choose to purchase Dedicated Cores, it is ultimately a net win for them as they benefit from better execution. The Exchange believes it also demonstrates that Users find the proposed fees to be both reasonable and have benefited from purchasing or, are alternatively benefiting from the proposed one or two free Dedicated Cores available at no additional cost. The Exchange believes this is shown by both the level of demand for Dedicated Cores and the feedback from market participants that have used Dedicated Cores for its unique business needs, including as described above. The Exchange also believes it's notable that no negative comment letters in connection with the proposed pricing have been received since the Exchange first filed proposed fees for Dedicated Cores back on July 1, 2024. Additionally, as noted earlier, Users can (and many have) decide that utilizing even a free Dedicated Core is not needed for their business. The Exchange also notes it has not received any feedback for Users that raise concerns over the barrier to entry to use Dedicated Cores, including notably the free Dedicated Cores- nor is the Exchange aware of any reason why a firm would ultimately choose not to use the free Dedicated Cores, other than it is not necessary for its business. Ultimately, this is a business decision that each User must make and is best suited to determine and will ultimately depend on the priorities and strategies of that User's respective business needs.</P>
                <P>
                    The Exchange also notes that at least one other exchange also has a comparable offering.
                    <SU>15</SU>
                    <FTREF/>
                     The Nasdaq Stock Market, LLC (“Nasdaq”), introduced the Dedicated Ouch Port Infrastructure in 2014 
                    <SU>16</SU>
                    <FTREF/>
                     which allows a member firm to assign up to 30 of its OUCH ports to a dedicated server infrastructure for its exclusive use.
                    <SU>17</SU>
                    <FTREF/>
                     The Dedicated OUCH server handles only the subscribing member firm's message traffic sent through their ports on the Dedicated OUCH to Nasdaq's system.
                    <SU>18</SU>
                    <FTREF/>
                     Similarly, as previously described, a Dedicated Core only handles that subscribing firm's messaging activity. Nasdaq notes that with its Dedicated OUCH offering, member firms can develop a tailored solution by controlling their message traffic in order to optimize their trading strategies.
                    <SU>19</SU>
                    <FTREF/>
                     As described above with Dedicated Cores, one of the benefits is greater execution determinism as subscribers only need to account for their order flow when using a Dedicated Core, similar to the existing Nasdaq Dedicated OUCH offering. In addition to using Dedicated Cores and Dedicated OUCH for the purpose of greater execution determinism, firms may also use either offering for greater risk mitigation as, with either offering, the subscribing firm only needs to take their specific messaging traffic into account. Nasdaq notes as well that its Dedicated OUCH offering is wholly optional and therefore member firms are not compelled to subscribe and that its offering is pro-competitive as it adds an additional connectivity option available to Nasdaq members.
                    <SU>20</SU>
                    <FTREF/>
                     Similar to the Dedicated OUCH offering, the Exchange has noted that no User is required to purchase or to use the two free Dedicated Cores offered to all Users.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70693 (October 16, 2013), 78 FR 62761 (October 22, 2013) (SR-NASDAQ-2013-131).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See</E>
                         supra note 15.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70036 (July 25, 2013), 78 FR 45993 (July 30, 2013) (SR-NASDAQ-2013-097).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         Id.
                    </P>
                </FTNT>
                <P>
                    Despite these similarities, there are some differences. Specifically, with the Nasdaq OUCH offering, a member firm would need to purchase an entire server, of which, 30 OUCH ports could be utilized on the Dedicated OUCH server—a participant may purchase up to four Dedicated OUCH servers based on its needs.
                    <SU>21</SU>
                    <FTREF/>
                     In contrast, the Exchange's offering allows for a purchase by cores (as opposed to an entire server), allowing a participant to more efficiently scale its business by purchasing only the number of cores that it needs. Ultimately, the Exchange's offering is more akin to a service offering while the Nasdaq offering is more akin to an infrastructure offering (and as such, the pricing structure does differ)—both offerings better enable a firm to utilize the full processing power of a CPU Core.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         See 
                        <E T="03">https://nasdaqtrader.com/Trader.aspx?id=OUCH#:~:text=Each%20server%20can%20house%20up%20to%20a%20maximum,Nasdaq%20Market%20Sales%20at%20%2B1%20800%20846%200477.</E>
                    </P>
                </FTNT>
                <P>
                    A Dedicated OUCH Port Infrastructure subscription is available to a member firm for a fee of $5,000 per month, which is in addition to the standard fees assessed for each OUCH port. A one-time installation fee of $5,000 is assessed to subscribers for each Dedicated OUCH Port Server subscription.
                    <SU>22</SU>
                    <FTREF/>
                     In contrast, the Exchange offers 1-2 Dedicated Cores at no cost, making this widely available to any participant who may find a benefit from using this offering. Additionally, by the Exchange not charging an installation fee upfront, participants are able to try the offering at no cost, by receiving up to two Dedicated Cores at no cost to the User. The Exchange's model allows for widespread participation by all who wish to use Dedicated Cores—the steep initial cost of Nasdaq's model of spending, at a minimum, $10,000 for the first month requires a heavy investment, which in the case of smaller participants, may not be feasible. In contrast, the Exchange's model of providing up to two Dedicated Cores at no cost, allows participants to 
                    <PRTPAGE P="22365"/>
                    easily utilize this service if they believe it is helpful for their business needs. Moreover, the Exchange's service offering also provides more Users with more modest CPU capacity needs a zero-cost option, as well as the ability to buy only as many Dedicated Cores that they need, whereas Nasdaq's Dedicated OUCH offering requires a User to buy all cores offered on a single server (even if a firm does not have the corresponding full amount of 30 ports), with no discounted or fee waiver for the first two cores, as well as no ability to buy fewer cores than necessary.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market Rulebook, Equity 7 Pricing Schedule.
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange emphasizes that order processing itself is not affected by the introduction of Dedicated Cores. No relevant changes are intended to the matching engine, which is, and remains, the main component of the Exchange's infrastructure being responsible for the actual processing of orders. While Users of Dedicated Cores may notice a latency reduction, this is an inherent byproduct of introducing improved technology.
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         Moreover, there has been a longstanding history of exchanges providing enhanced technology where the latency reduction that follows is a natural result. For example, other exchanges may offer a variety of co-location services where subscribers of these services may benefit from lower latency based on the specific offering they choose based on their business needs. 
                        <E T="03">See e.g.,</E>
                         The Nasdaq Stock Market General 8 Connectivity, Section 1 Co-Location Services (demonstrating a range of cabinet offerings).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that the proposed Dedicated Core fees are equitable and not unfairly discriminatory because they continue to be assessed uniformly to similarly situated Users in that all Users who choose to purchase Dedicated Cores will be subject to the same proposed tiered fee schedule. Moreover, all Users are entitled to up to 2 Dedicated Cores at no additional cost and as previously discussed, 20% of all Members that take Dedicated Cores (including both latency sensitive and non-latency sensitive Members) take only 1 or 2 Dedicated Cores at no additional cost. The Exchange believes the proposed ascending fee structure is also reasonable, equitable and not unfairly discriminatory as it is designed so that firms that use a higher allotment of the Exchange's finite number of Dedicated Cores pay higher rates, rather than placing that burden on market participants that have more modest needs who will have the flexibility of obtaining Dedicated Cores at lower price points in the lower tiers. As such, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the ascending fee structure reflects the (finite) resources consumed by the various needs of market participants—that is, the lowest Dedicated Core consuming Users pay the least, and highest Dedicated Core consuming Users pay the most. The Exchange believes that such pricing further creates a lower barrier to entry for all Users, making this service widely available to all who deem it helpful for their business, including those with more modest needs. Other exchanges similarly assess higher fees to those that consume more Exchange resources.
                    <SU>24</SU>
                    <FTREF/>
                     Moreover, those consuming more Dedicated Cores do so if they find a benefit in having higher quantities of Dedicated Cores based on their respective business needs. The proposed tier structure is also designed to encourage firms to manage their needs in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an additional number of Dedicated Cores or put the Exchange in a position that it cannot accommodate demand. Moreover, as discussed above and in more detail below, the Exchange cannot currently offer an unlimited number of Dedicated Cores due in part to physical space constraints in the third-party data center. The Exchange believes the proposed ascending fee structure is therefore another appropriate means, in conjunction with an established cap, to manage this finite resource and ensure the resource is apportioned more fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See e.g.,</E>
                         Cboe U.S. Options Fee Schedule, BZX Options, Options Logical Port Fees, Ports with Bulk Quoting Capabilities.
                    </P>
                </FTNT>
                <P>
                    The Exchange believes it is reasonable to limit the number of Dedicated Cores Users can purchase because the Exchange has a finite amount of space in its third-party data centers to accommodate CPU cores, including Dedicated Cores. The Exchange must also take into account timing and cost considerations in procuring additional Dedicated Cores and related hardware such as servers, switches, optics and cables, as well as the readiness of the Exchange's data center space to accommodate additional Dedicated Cores in the Exchange's respective Order Handler Cabinets.
                    <SU>25</SU>
                    <FTREF/>
                     Moreover, procuring data center space has grown to be more challenging than it was five years ago with the increased demand for data center space. For example, the U.S. colocation data center market has doubled in size in just four years. In addition to the Exchange's rollout of Dedicated Cores, the Exchange is mindful of its other business areas and the need to continue to be mindful of its existing, external restraints in procuring additional space in this area. The Exchange has, and will continue to, monitor market participant demand and space availability and endeavor to adjust the limit if and when the Exchange is able to acquire additional space and power within the third-party data centers and/or CPU Cores to accommodate additional Dedicated Cores.
                    <SU>26</SU>
                    <FTREF/>
                     The Exchange monitors its capacity and data center space and thus is in the best place to determine these limits and modify them as appropriate in response to changes to this capacity and space, as well as market demand. For example, the Exchange's affiliate Cboe EDGA Exchange, Inc. has increased the prescribed maximum limit three times since the launch of Dedicated Cores on its exchange on February 26, 2024 as a result of evaluating the demand relative to Dedicated Cores availability.
                    <SU>27</SU>
                    <FTREF/>
                     The proposed increased limits continue to apply uniformly to similarly situated market participants (
                    <E T="03">i.e.,</E>
                     all Members are subject to the same limit and all Sponsored Participants are subject to the same limit, respectively). The Exchange believes it's not unfairly discriminatory to provide for different limits for different types of Users. For example, the Exchange believes it's not unfairly discriminatory to provide for an initial lower limit to be allocated for Sponsored Participants because unlike Members, Sponsored Participants are able to access the Exchange without paying a Membership Fee. Members also have more regulatory obligations and risk that Sponsored Participants do not. For example, while Sponsored Participants must agree to comply with the Rules of the Exchange, it is the Sponsoring Member of that Sponsored Participant that remains ultimately responsible for all orders entered on or through the Exchange by that Sponsored Participant. The industry also has a history of applying fees differently to Members as compared to Sponsored Participants.
                    <SU>28</SU>
                    <FTREF/>
                     Lastly, the Exchange 
                    <PRTPAGE P="22366"/>
                    believes its proposed maximum limits, and distinction between Members and Sponsored Participants, is another appropriate means to help the Exchange manage its allotment of Dedicated Cores and better ensure this finite resource is apportioned fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         The Exchange notes that it cannot currently convert shared CPU cores into Dedicated Cores.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         The Exchange has two Users that takes Dedicated Cores at or near the maximum limits, and the average number of Dedicated Cores used for the Exchange is 22.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 99983 (April 17, 2024), 89 FR 30418 (April 23, 2024) (SR-CboeEDGA-2024-014); Securities Exchange Act Release No. 100300 (June 10, 2024), 89 FR 50653 (June 14, 2024) (SR-CboeEDGA-2024-020); and Securities Exchange Act Release No. 100736 (August 21, 2024), 89 FR 67696 (August 15, 2024) (SR-CboeEDGA-2024-032).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See e.g.,</E>
                         Securities Exchange Act Release No. 68342 (December 3, 2012), 77 FR 73096 (December 7, 2012) (SR-CBOE-2012-114).and Securities 
                        <PRTPAGE/>
                        Exchange Act Release No. 66082 (January 3, 2012), 77 FR 1101 (January 9, 2012) (SR-C2-2011-041).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary in furtherance of the purposes of the Act because the proposed tiered fee structure will apply equally to all similarly situated Users that choose to use Dedicated Cores. As discussed above, Dedicated Cores are optional and Users may choose to utilize Dedicated Cores, or not, based on their views of the additional benefits and added value provided by utilizing a Dedicated Core. The Exchange believes the proposed fees will be assessed proportionately to the potential value or benefit received by Users with a greater number of Dedicated Cores and notes that Users may determine at any time to cease using Dedicated Cores. As discussed, Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Finally, all Users will be entitled to two Dedicated Cores at no additional cost.</P>
                <P>
                    Next, the Exchange believes the proposed rule change does not impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As previously discussed, the Exchange operates in a highly competitive market, including competition for exchange memberships. Market Participants have numerous alternative venues that they may participate on, including 15 other equities exchanges, as well as off-exchange venues, where competitive products are available for trading. Indeed, participants can readily choose to submit their order flow to other exchange and off-exchange venues if they deem fee levels at those other venues to be more favorable. Further, as described above, Nasdaq also already provides a similar offering.
                    <SU>29</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <P>
                    Moreover, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system “has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.” 
                    <SU>30</SU>
                    <FTREF/>
                     The fact that this market is competitive has also long been recognized by the courts. In 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission,</E>
                     the D.C. Circuit stated as follows: “[n]o one disputes that competition for order flow is `fierce.' . . . As the SEC explained, ‘[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution’ [and] ‘no exchange can afford to take its market share percentages for granted’ because ‘no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers’. . . .”.
                    <SU>31</SU>
                    <FTREF/>
                     Accordingly, the Exchange does not believe its proposed change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC,</E>
                         615 F.3d 525, 539 (D.C. Cir. 2010) (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>32</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>33</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-CboeEDGX-2025-037 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeEDGX-2025-037. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeEDGX-2025-037 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <PRTPAGE P="22367"/>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>34</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>34</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09393 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103080; File No. SR-CboeBZX-2025-021]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of the 21Shares Core XRP Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>
                    On February 6, 2025, Cboe BZX Exchange, Inc. (“BZX” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to list and trade shares (“Shares”) of the 21Shares Core XRP Trust (“Trust”) under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. On February 12, 2025, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced and superseded the original filing in its entirety. The proposed rule change, as modified by Amendment No. 1, was published for comment in the 
                    <E T="04">Federal Register</E>
                     on February 21, 2025.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102426 (Feb. 14, 2025), 90 FR 10093 (“Notice”). Comments received on the proposed rule change are available at: 
                        <E T="03">https://www.sec.gov/comments/sr-cboebzx-2025-021/srcboebzx2025021.htm.</E>
                    </P>
                </FTNT>
                <P>
                    On March 11, 2025, pursuant to Section 19(b)(2) of the Act,
                    <SU>4</SU>
                    <FTREF/>
                     the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.
                    <SU>5</SU>
                    <FTREF/>
                     This order institutes proceedings under Section 19(b)(2)(B) of the Act 
                    <SU>6</SU>
                    <FTREF/>
                     to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102600, 90 FR 12408 (Mar. 17, 2025). The Commission designated May 22, 2025, as the date by which the Commission shall approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change, as modified by Amendment No. 1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Summary of the Proposal, as Modified by Amendment No. 1</HD>
                <P>
                    As described in more detail in the Notice,
                    <SU>7</SU>
                    <FTREF/>
                     the Exchange proposes to list and trade the Shares of the Trust under BZX Rule 14.11(e)(4), which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Notice, 
                        <E T="03">supra</E>
                         note 3.
                    </P>
                </FTNT>
                <P>
                    The investment objective of the Trust is to seek to track the performance of XRP,
                    <SU>8</SU>
                    <FTREF/>
                     as measured by the performance of the CME CF XRP—Dollar Reference Rate—New York Variant (“Pricing Benchmark”), adjusted for the Trust's expenses and other liabilities.
                    <SU>9</SU>
                    <FTREF/>
                     In seeking to achieve its investment objective, the Trust will hold XRP and will value the Shares daily as of 4:00 p.m. ET using the same methodology used to calculate the Pricing Benchmark.
                    <SU>10</SU>
                    <FTREF/>
                     The Trust's assets will only consist of XRP, cash, and cash equivalents.
                    <SU>11</SU>
                    <FTREF/>
                     When the Trust sells or redeems its Shares, it will do so in cash transactions with authorized participants in blocks of 10,000 Shares.
                    <SU>12</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         The Exchange states that XRP is a digital asset that is created and transmitted through the operations of the XRP Ledger, a distributed ledger upon which XRP transactions are processed and settled. 
                        <E T="03">See id.</E>
                         at 10095.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See id.</E>
                         at 10097. 21Shares US, LLC is the sponsor of the Trust, CSC Delaware Trust Company is the trustee, and Coinbase Custody Trust Company, LLC will be responsible for custody of the Trust's XRP. 
                        <E T="03">See id.</E>
                         at 10094, 10096.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See id.</E>
                         at 10097.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See id.</E>
                         at 10096.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See id.</E>
                         at 10097.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">III. Proceedings To Determine Whether To Approve or Disapprove SR-CboeBZX-2025-021 and Grounds for Disapproval Under Consideration</HD>
                <P>
                    The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act 
                    <SU>13</SU>
                    <FTREF/>
                     to determine whether the proposed rule change, as modified by Amendment No. 1, should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </P>
                </FTNT>
                <P>
                    Pursuant to Section 19(b)(2)(B) of the Act,
                    <SU>14</SU>
                    <FTREF/>
                     the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of the proposed rule change's consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.” 
                    <SU>15</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Commission asks that commenters address the sufficiency of the Exchange's statements in support of the proposal, which are set forth in the Notice, in addition to any other comments they may wish to submit about the proposed rule change. In particular, the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold XRP, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission.</P>
                <HD SOURCE="HD1">IV. Procedure: Request for Written Comments</HD>
                <P>
                    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, as modified by Amendment No. 1, 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.
                    <SU>16</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         Section 19(b)(2) of the Act, as amended by the Securities Acts 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. 
                        <E T="03">See</E>
                         Securities Acts Amendments of 1975, Senate Comm. on Banking, Housing &amp; Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).
                    </P>
                </FTNT>
                <P>
                    Interested persons are invited to submit written data, views, and arguments regarding whether the proposed rule change, as modified by 
                    <PRTPAGE P="22368"/>
                    Amendment No. 1, should be approved or disapproved by June 17, 2025. Any person who wishes to file a rebuttal to any other person's submission must file that rebuttal by July 1, 2025.
                </P>
                <P>Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-CboeBZX-2025-021 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeBZX-2025-021. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeBZX-2025-021 and should be submitted on or before June 17, 2025. Rebuttal comments should be submitted by July 1, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>17</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>17</SU>
                             17 CFR 200.30-3(a)(57).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09395 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103086; File No. SR-NYSEARCA-2025-25]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Bitwise Ethereum ETF To Permit Staking</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    On March 20, 2025, NYSE Arca, Inc. (“Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to amend the rule governing the listing and trading of shares of the Bitwise Ethereum ETF to permit staking. On March 24, 2025, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced and superseded the original filing in its entirety. The proposed rule change, as modified by Amendment No. 1, was published for comment in the 
                    <E T="04">Federal Register</E>
                     on April 7, 2025.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102754 (Apr. 1, 2025), 90 FR 15023. Comments on the proposed rule change may be viewed at 
                        <E T="03">https://www-draft.sec.gov/comments/sr-nysearca-2025-25/srnysearca202525.htm.</E>
                    </P>
                </FTNT>
                <P>
                    Section 19(b)(2) of the Act 
                    <SU>4</SU>
                    <FTREF/>
                     provides that within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is May 22, 2025. The Commission is extending this 45-day time period.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <P>
                    The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     designates July 6, 2025, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-NYSEARCA-2025-25).
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>6</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>6</SU>
                             17 CFR 200.30-3(a)(31).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09402 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103082; File No. SR-CboeBZX-2025-067]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Monthly Fee for 10 Gb Physical Ports</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 9, 2025, Cboe BZX Exchange, Inc. (“Exchange” or “BZX”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to increase the monthly fee for 10 Gb physical ports. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://markets.cboe.com/us/equities/regulation/rule_filings/BZX/</E>
                    ), at the Exchange's Office of the 
                    <PRTPAGE P="22369"/>
                    Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule relating to physical connectivity fees.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially filed the proposed fee changes on July 3, 2023 (SR-CboeBZX-2023-047). On September 1, 2023, the Exchange withdrew that filing and submitted SR-CboeBZX-2023-068. On September 29, 2023, the Securities and Exchange Commission issued a Suspension of and Order Instituting Proceedings to Determine whether to Approve or Disapprove a Proposed Rule Change to Amend its Fees Schedule Related to Physical Port Fees (the “OIP”) in anticipation of a possible U.S. government shutdown. On September 29, 2023, the Exchange filed the proposed fee change (SR-CboeBZX-2023-79). On October 13, 2023, the Exchange withdrew that filing and submitted SR-CboeBZX-2023-083. On December 12, 2023 the Exchange withdrew that filing and submitted SR-CboeBZX-2023-104. On February 9, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-017. On April 9, 2024, the Exchange withdrew that filing and submitted this SR-CboeBZX-2024-028. On April 18, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-030. On June 7, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-052. On August 29, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-080. On October 25, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-107. On October 28, 2024, the Exchange withdrew that filing and submitted SR-CboeBZX-2024-109. On December 18, 2024 the Exchange withdrew that filing and submitted SR-CboeBZX-2024-128. On February 14, 2025, the Exchange withdrew that filing and submitted SR-CboeBZX-2025-030. On March 13, 2025, the Exchange withdrew that filing and submitted SR-CboeBZX-2025-043. On May 9, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    By way of background, a physical port is utilized by a Member or non-Member to connect to the Exchange at the data centers where the Exchange's servers are located. The Exchange currently assesses the following physical connectivity fees for Members and non-Members on a monthly basis: $2,500 per physical port for a 1 gigabit (“Gb”) circuit and $7,500 per physical port for a 10 Gb circuit. The Exchange proposes to increase the monthly fee for 10 Gb physical ports from $7,500 to $8,500 per port. The Exchange notes the proposed fee change better enables it to continue to maintain and improve its market technology and services and also notes that the proposed fee amount, even as amended, continues to be in line with, or even lower than, amounts assessed by other exchanges for similar connections.
                    <SU>4</SU>
                    <FTREF/>
                     The Exchange also notes that a single 10 Gb physical port can be used to access the Systems of the following affiliate exchanges: the Cboe BYX Exchange, Inc., Cboe EDGX Exchange, Inc. (options and equities platforms), Cboe EDGA Exchange, Inc., and Cboe C2 Exchange, Inc., (“Affiliate Exchanges”).
                    <SU>5</SU>
                    <FTREF/>
                     Notably, only one monthly fee currently (and will continue) to apply per 10 Gb physical port regardless of how many affiliated exchanges are accessed through that one port.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See e.g.</E>
                        <E T="03">,</E>
                         The Nasdaq Stock Market LLC (“Nasdaq”), General 8, Connectivity to the Exchange. Nasdaq and its affiliated exchanges charge a monthly fee of $16,500 for each 10 Gb Ultra fiber connection to the respective exchange. 
                        <E T="03">See also</E>
                         New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago Inc., NYSE National, Inc. Connectivity Fee Schedule, which provides that 10 Gb LX LCN Circuits (which are analogous to the Exchange's 10 Gb physical port) are assessed $22,000 per month, per port.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         The Affiliate Exchanges are also submitting contemporaneous identical rule filings.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange notes that conversely, other exchange groups charge separate port fees for access to separate, but affiliated, exchanges. 
                        <E T="03">See e.g.,</E>
                         Securities and Exchange Release No. 99822 (March 21, 2024), 89 FR 21337 (March 27, 2024) (SR-MIAX-2024-016).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>7</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>8</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>9</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>10</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities. This belief is based on various factors as described below.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    First, the Exchange believes its proposal is reasonable as it reflects a moderate increase in physical connectivity fees for 10 Gb physical ports and its offering, even as amended, continues to be more affordable as compared to analogous physical connectivity offerings at competitor exchanges. For example, The Nasdaq Stock Market LLC (“Nasdaq”) and its affiliated exchanges charge a monthly fee of $16,500 for each 10Gbps Ultra fiber connection and $11,000 per month for each 10 Gbps fiber connection to their respective exchange.
                    <SU>11</SU>
                    <FTREF/>
                     The Exchange's proposed fee of $8,500 per physical port is lower than both of these offerings.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market LLC (“Nasdaq”), General 8, Connectivity to the Exchange.
                    </P>
                </FTNT>
                <P>
                    Yet another example of higher fees charged by a competitor exchange is the 10Gpbs LX LCN Circuits offered by the New York Stock Exchange LLC and its affiliates (collectively, “NYSE”). NYSE charges a fee of $22,000 per month,
                    <SU>12</SU>
                    <FTREF/>
                     per port in contrast to the Exchange's proposed monthly fee of $8,500 per month, per port. Despite the Exchange proposing to increase its fee for its 10 Gb physical port, it still comes in at a cost significantly lower than its competitors.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago Inc., NYSE National, Inc. Connectivity Fee Schedule.
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange also points towards the equivalent offering from MIAX Saphire and its affiliated options exchanges, MIAX Options, MIAX Pearl and MIAX Emerald (collectively, “MIAX Exchanges”) which is $13,500 per port per month. 
                    <SU>13</SU>
                    <FTREF/>
                     The Exchange reiterates that a single physical port offering from the Exchange offers the ability to connect to the Affiliated Exchanges (equities and options) and the monthly price does not change based on the number of exchanges a 
                    <PRTPAGE P="22370"/>
                    participant is connected to. In this case, examining only the Exchange and its Affiliated Options Exchanges, (even though the same physical port could also connect to the Exchange's affiliated equities exchanges) a participant could purchase a single physical port from the Exchange and access roughly 14% of the U.S. Options Market for a cost of $8,500. In contrast, if a participant desired to access all MIAX Exchanges, allowing access to roughly 16% of the U.S. Options Market, it would cost that participant $54,000 ($13,500 per port per month × 4 MIAX Exchanges).
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See e.g.,</E>
                         MIAX Options Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         Cboe U.S. Options Market Volume Summary (May 8, 2025).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes the current fee does not properly reflect the quality of the service and product, as fees for 10 Gb physical ports have been static in nominal terms since 2018, and therefore falling in real terms due to inflation. As a general matter, the Producer Price Index (“PPI”) is a family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. PPI measures price change from the perspective of the seller. This contrasts with other metrics, such as the Consumer Price Index (CPI), that measure price change from the purchaser's perspective.
                    <SU>15</SU>
                    <FTREF/>
                     About 10,000 PPIs for individual products and groups of products are tracked and released each month.
                    <SU>16</SU>
                    <FTREF/>
                     PPIs are available for the output of nearly all industries in the goods-producing sectors of the U.S. economy—mining, manufacturing, agriculture, fishing, and forestry—as well as natural gas, electricity, and construction, among others. The PPI program covers approximately 69 percent of the service sector's output, as measured by revenue reported in the 2017 Economic Census.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/overview.htm.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    For purposes of this proposal, the relevant industry-specific PPI is the Data Processing, hosting and related services (“Data PPI”) and more particularly the more granular service line Data Processing, Hosting and Related Services: Hosting, Active Server Pages (ASP), and Other Information Technology (IT) Infrastructure Provisioning Services.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Provisioning is the process of preparing, assigning, and activating IT infrastructure components, such as servers, storage, and network connectivity, according to user requirements. It is a critical part of IT operations, as it ensures that computing resources are available when needed and that they are set up and connected to work correctly.
                    </P>
                </FTNT>
                <P>
                    The Data PPI was introduced in January 2002 by the Bureau of Labor Statistics (“BLS”) as part of an ongoing effort to expand Producer Price Index coverage of the services sector of the U.S. economy and is identified as NAICS-518210 in the North American Industry Classification System (“NAICS”).
                    <SU>18</SU>
                    <FTREF/>
                     According to the BLS “[t]he primary output of NAICS 518210 is the provision of electronic data processing services. In the broadest sense, computer services companies help their customers efficiently use technology. The processing services market consists of vendors who use their own computer systems—often utilizing proprietary software—to process customers' transactions and data. Price movements for the NAICS 518210 index are based on changes in the revenue received by companies that provide data processing services and price movements for the service line NAICS 518210 index are based on changes in the revenue received by companies that provide, among other things, IT infrastructure provisioning services. Each month, companies provide net transaction prices for a specified service. The transaction is an actual contract selected by probability, where the price-determining characteristics are held constant while the service is repriced. The prices used in index calculation are the actual prices billed for the selected service contract.” 
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/overview.htm.</E>
                         Among the industry-specific PPIs is for North American Industry Classification System (“NAICS”) Code 518210: “Data Processing and Related Services,” NAICS index codes categorize products and services that are common to particular industries. According to BLS, these codes “provide comparability with a wide assortment of industry-based data for other economic programs, including productivity, production, employment, wages, and earnings.”
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-services-industry-naics-518210.htm.</E>
                    </P>
                </FTNT>
                <P>
                    The service (product) lines for which price indexes are available under the Data PPI are: (1) business process management services (2) data management and storage information transformation and other services and (3) hosting ASP and other IT infrastructure provisioning services. The most apt of these industry and product specific categorizations for purposes of this present proposal to modify fees for the 10 Gb physical port fee measures inflation for the provision of data processing, hosting and related services as well as other information technology infrastructure provisioning services which BLS identifies as identified as NAICS-5182105.
                    <SU>20</SU>
                    <FTREF/>
                     The Exchange believes that this measure of inflation is particularly appropriate because the Exchange's connectivity services involve hosting and providing connections to its customers' telecommunications and information technology equipment, as well as preparing, assigning, and activating IT infrastructure components, such as servers, storage, and network connectivity. The Exchange also uses its “proprietary software,” 
                    <E T="03">i.e.,</E>
                     its own proprietary matching engine software, to receive orders on the Exchange's proprietary trading platform as well as to collect, organize, store and report customers' transactions. In other words, the Exchange is in the business of data processing, hosting, ASP, and providing other IT infrastructure provisioning services. Specifically, within this category, the Exchange points to the financial business process management services category under the umbrella of data processing.
                    <SU>21</SU>
                    <FTREF/>
                     The financial business process management services is described as “providing a bundled service package that combines information-technology-intensive services with labor (manual or professional depending on the solution), machinery, and facilities to support, host and manage a financial business process for a client, such as financial transaction processing, credit card processing, payment services, and lending services.” 
                    <SU>22</SU>
                    <FTREF/>
                     The Exchange's connectivity service provides connections to its customers' telecommunications and information technology equipment, as well as preparing, assigning, and activating IT infrastructure components to facilitate the transmission of orders and receipt of financial transactions for its customers' while connected to the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See https://data.bls.gov/timeseries/PCU5182105182105.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         See 
                        <E T="03">https://voorburggroup.org/Documents/2018%20Rome/Papers/1014.pdf.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Further, the Exchange believes that this specific index is best suited to guide this price increase as it reflects the change in this specific instance over the last seven years instead of looking at the underlying components of the service. PPI has published broad guidance regarding price adjustments for contracts,
                    <SU>23</SU>
                    <FTREF/>
                     and within this it noted that contracting parties should choose an index or group of indexes that represent the cost for providing a particular product or service, rather than an index for the product itself.
                    <FTREF/>
                    <SU>24</SU>
                      
                    <PRTPAGE P="22371"/>
                    While this helps a contracting seller avoid a circumstance where it is unable to raise its price for the product itself if the underlying components have increased and the PPI for the product itself has not yet increased- this is not the case here. The Exchange instead is using historical data over a seven-year period as a reference point for its proposed increase moving forward- underlying components that have increased over the course of seven years have since (by and large) been reflected in the product itself.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/publications/price-adjustment-guide-for-contracting-parties.htm#FOOT5.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         “For example, if an apparel manufacturer were contracting for long-term purchases with a producer of finished fabrics, it would be more advisable to tie the price adjustment clause to a PPI for synthetic fibers, processed yarns and threads, or greige fabrics 
                        <PRTPAGE/>
                        (raw fabric), rather than to a PPI for a type of finished fabric.” 
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange further believes the Data PPI is an appropriate measure for purposes of the proposed rule change on the basis that it is a stable metric with limited volatility, unlike other consumer-side inflation metrics. In fact, the Data PPI has not experienced a greater than 2.16% increase for any one calendar year period since Data PPI was introduced into the PPI in January 2002. For example, the average calendar year change from January 2002 to December 2023 was .62%, with a cumulative increase of 15.67% over this 21-year period. The Exchange believes the Data PPI is considerably less volatile than other inflation metrics such as CPI, which has had individual calendar-year increases of more than 6.5%, and a cumulative increase of over 73% over the same period.
                    <SU>25</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">See https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/.</E>
                    </P>
                </FTNT>
                <P>
                    As noted above, the current 10 Gb physical port fee remained unchanged for almost seven years, particularly since June 2018.
                    <SU>26</SU>
                    <FTREF/>
                     Since its last increase almost 7 years ago however, there has been notable inflation, including under the industry- and product-specific PPI, which as described above is a tailored measure of inflation. Particularly, the Hosting, ASP and other IT Infrastructure Provisioning Services inflation measure had a starting value of 102.2 in June 2018 (the month the Exchange started assessing the current fee) and an ending value of 118.502 in January 2025, representing a 16% increase.
                    <SU>27</SU>
                    <FTREF/>
                     This indicates that companies who are also in the hosting ASP and other IT infrastructure provisioning services have generally increased prices for a specified service covered under NAICS 5182105 by an average of 16% during this period.
                </P>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Securities and Exchange Release No. 83429 (June 14, 2018), 83 FR 28685 (June 20, 2018) (SR-CboeBZX-2018-038).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See https://data.bls.gov/timeseries/PCU5182105182105.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that it is reasonable to increase its fees to compensate for inflation because, over time, inflation has degraded the value of each dollar that the Exchange collects in fees, such that the real revenue collected today is considerably less than that same revenue collected in 2018. The impact of this inflationary effect is also independent of any change in the Exchange's costs in providing its goods and services. The Exchange therefore believes that it is reasonable for it to offset, in part, this erosion in the value of the revenues it collects. Additionally, the Exchange historically does not increase fees every year notwithstanding inflation.
                    <SU>28</SU>
                    <FTREF/>
                     Other exchanges have also filed for increases in certain fees, based in part on comparisons to inflation.
                    <SU>29</SU>
                    <FTREF/>
                     Accordingly, based on the above-described percentage change based on an industry- and product-specific inflationary measure, and in conjunction with the rationale further described above and below, the Exchange believes the proposed fee increase is reasonable.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         As the Exchange historically does not increase fees every year notwithstanding inflation, the Exchange believes that the more specific index is appropriate to look at as it is reflective of the cumulative increase over the course of almost seven years. While the PPI has published guidance that a broader index may be more helpful to reference in a contract to avoid large swings on a shorter duration (and to which such a swing over a brief duration may trigger additional obligations), the Exchange, in contrast, is instead looking forward to adjust its price to reflect changes in the industry over the past seven years. 
                        <E T="03">See</E>
                         supra note 20.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release Nos. 34-100994 (September 10, 2024), 89 FR 75612 (September 16, 2024) (SR-NYSEARCA-2024-79).
                    </P>
                </FTNT>
                <P>Next, the Exchange believes significant investments into, and enhanced performance of, the Exchange, in the years following the last 10 Gb physical port fee increase support the reasonableness of the proposed fee increase. These investments enhanced the quality of its services, as measured by, among other things, increased throughput and faster processing speeds. Customers have therefore greatly benefitted from these investments, while the Exchange's ability to recoup its investments has been hampered.</P>
                <P>For example, the Exchange and its affiliated exchanges recently launched a multi-year initiative to improve Cboe Exchange Platform performance and capacity requirements to increase competitiveness, support growth and advance a consistent world class platform. The goal of the project, among other things, is to provide faster and more consistent order handling and matching performance for options, while ensuring quicker processing time and supporting increasing volumes and capacity needs. For example, the Exchange recently performed switch hardware upgrades. Particularly, the Exchange replaced existing customer access switches with newer models, which the Exchange believes resulted in increased determinism. The recent switch upgrades also increased the Exchange's capacity to accommodate more physical ports by nearly 50%. Network bandwidth was also increased nearly two-fold as a result of the upgrades, which among other things, can lead to reduce message queuing. The Exchange also believes these newer models result in less natural variance in the processing of messages. The Exchange notes that it incurred costs associated with purchasing and upgrading to these newer models, of which the Exchange has not otherwise passed through or offset.</P>
                <P>
                    As of April 1, 2024, market participants also having the option of connecting to a new data center (
                    <E T="03">i.e.,</E>
                     Secaucus NY6 Data Center (“NY6”)), in addition to the current data centers at NY4 and NY5. The Exchange made NY6 available in response to customer requests in connection with their need for additional space and capacity. In order to make this space available, the Exchange expended significant resources to prepare this space, and will also incur ongoing costs with respect to maintaining this offering, including costs related to power, space, fiber, cabinets, panels, labor and maintenance of racks. The Exchange also incurred a large cost with respect to ensuring NY6 would be latency equalized, as it is for NY4 and NY5.
                </P>
                <P>
                    The Exchange also has made various other improvements since the current physical port rates were adopted in 2018. For example, the Exchange has updated its customer portal to provide more transparency with respect to firms' respective connectivity subscriptions, enabling them to better monitor, evaluate and adjust their connections based on their evolving business needs. The Exchange also performs proactive audits on a weekly basis to ensure that all customer cross connects continue to fall within allowable tolerances for Latency Equalized connections. Accordingly, the Exchange expended, and will continue to expend, resources to innovate and modernize technology so that it may benefit its Members and continue to compete among other options markets. The ability to continue to innovate with technology and offer new products to market participants allows the Exchange to remain competitive in the options space which currently has 18 registered options 
                    <PRTPAGE P="22372"/>
                    markets and potential new entrants. If the Exchange were not able to assess incrementally higher fees for its connectivity, it would effectively impact how the Exchange manages its technology and hamper the Exchange's ability to continue to invest in and fund access services in a manner that allows it to meet existing and anticipated access demands of market participants. Disapproval of fee changes such as the proposal herein, could also have the adverse effect of discouraging an exchange from improving its operations and implementing innovative technology to the benefit of market participants if it believes the Commission would later prevent that exchange from recouping costs and monetizing its operational enhancements, thus adversely impacting competition as well as the interests of market participants and investors.
                </P>
                <P>
                    Finally, the proposed fee is also the same as is concurrently being proposed for its Affiliate Exchanges. Further, Members are able to utilize a single port to connect to all of its Affiliate Exchanges and will only be charged one single fee (
                    <E T="03">i.e.,</E>
                     a market participant will only be assessed the proposed $8,500 even if it uses that physical port to connect to the Exchange and another (or even all 6) of its Affiliate Exchanges. Particularly, the Exchange believes the proposed monthly per port fee is reasonable, equitable and not unfairly discriminatory since as the Exchange has determined to not charge multiple fees for the same port. Indeed, the Exchange notes that several ports are in fact purchased and utilized across one or more of the Exchange's affiliated Exchanges (and charged only once).
                </P>
                <P>
                    The Exchange also believes that the proposed fee change is not unfairly discriminatory because it would be assessed uniformly across all market participants that purchase the physical ports. The Exchange believes increasing the fee for 10 Gb physical ports and charging a higher fee as compared to the 1 Gb physical port is equitable as the 1 Gb physical port is 
                    <FR>1/10</FR>
                    th the size of the 10 Gb physical port and therefore does not offer access to many of the products and services offered by the Exchange (
                    <E T="03">e.g.,</E>
                     ability to receive certain market data products). Thus, the value of the 1 Gb alternative is lower than the value of the 10 Gb alternative, when measured based on the type of Exchange access it offers. Moreover, market participants that purchase 10 Gb physical ports utilize the most bandwidth and therefore consume the most resources from the network. The Exchange also anticipates that firms that utilize 10 Gb ports will benefit the most from the Exchange's investment in offering NY6 as the Exchange anticipates there will be much higher quantities of 10 Gb physical ports connecting from NY6 as compared to 1 Gb ports. Indeed, the Exchange notes that 10 Gb physical ports account for approximately 90% of physical ports across the NY4, NY5, and NY6 data centers, and to date, 80% of new port connections in NY6 are 10 Gb ports. As such, the Exchange believes the proposed fee change for 10 Gb physical ports is reasonably and appropriately allocated.
                </P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed fee change will not impact intramarket competition because it will apply to all similarly situated Members equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb physical port). Additionally, the Exchange does not believe its proposed pricing will impose a barrier to entry to smaller participants and notes that its proposed connectivity pricing is associated with relative usage of the various market participants. For example, market participants with modest capacity needs can continue to buy the less expensive 1 Gb physical port (which cost is not changing) or may choose to obtain access via a third-party re-seller. While pricing may be increased for the larger capacity physical ports, such options provide far more capacity and are purchased by those that consume more resources from the network. Accordingly, the proposed connectivity fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation reflects the network resources consumed by the various size of market participants—lowest bandwidth consuming members pay the least, and highest bandwidth consuming members pays the most.
                </P>
                <P>The proposed fee change also does not impose a burden on competition or on other Self-Regulatory Organizations that is not necessary or appropriate. As described above, the Exchange evaluated its proposed fee change using objective and stable metric with limited volatility. Utilizing Data Processing PPI over a specified period of time is a reasonable means of recouping a portion of the Exchange's investment in maintaining and enhancing the connectivity service identified above. The Exchange believes utilizing Data Processing PPI, a tailored measure of inflation, to increase certain connectivity fees to recoup the Exchange's investment in maintaining and enhancing its services and products would not impose a burden on competition.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>30</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>31</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-CboeBZX-2025-067 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeBZX-2025-067. 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 
                    <PRTPAGE P="22373"/>
                    post all comments on the Commission's internet website (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeBZX-2025-067 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>32</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>32</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09397 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103072; File No. SR-NASDAQ-2025-037]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To Adopt Rule 5703 To Permit the Generic Listing and Trading of Multi-Class Exchange-Traded Fund Shares</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 6, 2025, The Nasdaq Stock Market LLC (“Nasdaq” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to adopt Rule 5703 to permit the generic listing and trading of Multi-Class Exchange-Traded Fund (“ETF”) Shares that comply with the requirements of Rule 6c-11 under the Investment Company Act of 1940 (the “Investment Company Act”) and are eligible to operate in reliance on exemptive relief from certain requirements of the Investment Company Act of 1940 and the rules and regulations thereunder that permit the trust issuing the Multi-Class ETF Shares to offer an exchange-traded fund class in addition to classes of shares that are not exchange-traded. The Exchange is also proposing to make conforming changes to Rule 5615 (Exemptions from Certain Corporate Governance Requirements), Rule 5705(b) (Index Fund Shares), Rule 5735 (Managed Fund Shares), and Equity 4, Rule 4120 in order to accommodate the proposed listing of Multi-Class ETF Shares.</P>
                <P>
                    The text of the proposed rule change is available on the Exchange's website at 
                    <E T="03">https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings,</E>
                     at the principal office of the Exchange, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to adopt new Rule 5703 for the purpose of permitting the generic listing and trading, or trading pursuant to unlisted trading privileges, of Multi-Class Exchange-Traded Fund (“ETF”) Shares that comply with the requirements of Rule 6c-11 under the Investment Company Act of 1940 (the “Investment Company Act”), and are eligible to operate in reliance on exemptive relief from certain requirements of the Investment Company Act and the rules and regulations thereunder that permit the trust issuing the Multi-Class ETF Shares to offer an exchange-traded fund class in addition to classes of shares that are not exchange-traded of an open-end fund.
                    <SU>3</SU>
                    <FTREF/>
                     The Exchange is also proposing to make conforming changes to Rule 5615 (Exemptions from Certain Corporate Governance Requirements), Rule 5705(b) (Index Fund Shares), Rule 5735 (Managed Fund Shares), and Equity 4, Rule 4120 in order to accommodate the proposed listing of Multi-Class ETF Shares.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange notes that Cboe BZX Exchange, Inc. (“BZX”) has filed a substantially similar filing. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102594 (March 11, 2025), 90 FR 12387 (March 17, 2025) (SR-CboeBZX-2024-112).
                    </P>
                </FTNT>
                <P>
                    Consistent with Exchange Traded Fund Shares, Index Fund Shares, and Managed Fund Shares listed under the generic listing standards in Rules 5704, 5705(b), and 5735, respectively, series of Multi-Class ETF Shares that comply with the requirements of Rule 6c-11 under the Investment Company Act, and are eligible to operate in reliance on exemptive relief from certain requirements of the Investment Company Act and the rules and regulations thereunder that permit the trust issuing the Multi-Class ETF Shares to offer an exchange-traded fund class in addition to classes of shares that are not exchange-traded of an open-end fund would be permitted to be listed and traded on the Exchange without prior Commission approval order or notice of effectiveness pursuant to Section 19(b) of the Act.
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         Rule 19b-4(e)(1) provides that the listing and trading of a new derivative securities product by a self-regulatory organization (“SRO”) is not deemed a proposed rule change, pursuant to paragraph (c)(1) of Rule 19b-4, if the Commission has approved, pursuant to Section 19(b) of the Act, the SRO's trading rules, procedures and listing standards for the product class that would include the new derivative securities product and the SRO has a surveillance program for the product class. As contemplated by this Rule 5703, the Exchange proposes new Rule 5703 to establish generic listing standards for Multi-Class ETFs that are permitted to operate in reliance on exemptive relief to Rule 6c-11 under the Investment Company Act that permits the trust issuing the Multi-Class ETF Shares to offer an exchange-traded fund class in addition to classes of shares that are not exchange-traded of an open-end fund. A Multi-Class ETF listed under proposed Rule 5703 would therefore not need a separate proposed rule change pursuant to Rule 19b-4 before it can be listed and traded on the Exchange.
                    </P>
                </FTNT>
                <PRTPAGE P="22374"/>
                <HD SOURCE="HD3">Background</HD>
                <P>
                    There are numerous applications for exemptive relief for Multi-Class ETF Shares currently before the Commission 
                    <SU>5</SU>
                    <FTREF/>
                     that request exemptive relief similar to that previously granted to other funds.
                    <SU>6</SU>
                    <FTREF/>
                     This proposal would provide for the “generic” listing and/or trading of Multi-Class ETF Shares under proposed Rule 5703 on the Exchange immediately upon the Commission's applicable order granting exemptive relief to the outstanding applications. The Exchange submits this proposal only to prevent any unnecessary delay in listing additional Multi-Class ETF Shares generically under Rule 5703 when and if such requests are granted by the Commission.
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See e.g.,</E>
                         DFA Investment Dimensions Group Inc. and Dimensional Investment Group Inc., (amendment filed March 31, 2025); F/m Investments LLC (amendment filed April 10, 2025); Fidelity Hastings Street Trust and Fidelity Management &amp; Research Company (amendment filed April 11, 2025); Morgan Stanley Institutional Fund Trust and Morgan Stanley Investment Management Inc. (amendment filed April 11, 2025); BlackRock Funds (amendment filed April 15, 2025); Guinness Atkinson Funds (amendment filed April 17, 2025); Metropolitan West Funds, TCW ETF Trust, and TCW Funds, Inc. (amendment filed April 22, 2025); and Northern Funds and Northern Trust Investments, Inc. (amendment filed May 2, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See infra</E>
                         note 7.
                    </P>
                </FTNT>
                <P>
                    Starting in 2000, the Commission began granting limited relief for The Vanguard Group, Inc. (“Vanguard”) to offer certain index-based open-end management investment companies with Multi-class ETF Shares.
                    <SU>7</SU>
                    <FTREF/>
                     After this relief was granted, there was limited public discourse about Multi-class ETF Shares until 2019, when the prospect of providing blanket exemptive relief to Multi-class ETF Shares was addressed in the Commission's adoption of Rule 6c-11 under the Investment Company Act (the “ETF Rule”).
                    <SU>8</SU>
                    <FTREF/>
                     The ETF Rule permits ETFs that satisfy certain conditions to operate without the expense or delay of obtaining an exemptive order. However, the ETF Rule did not provide blanket exemptive relief to allow for Multi-class ETF Shares as part of the final rule. Instead, the Commission concluded that Multi-class ETF Shares should request relief through the exemptive application process so that the Commission may assess all relevant policy considerations in the context of the facts and circumstances of particular applicants. The Exchange adopted Rule 5704 shortly after the implementation of the ETF Rule and, because there were no exemptive applications before the Commission, did not propose to include any language comparable to what is being proposed herein.
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Vanguard Index Funds, Investment Company Act Release Nos. 24680 (Oct. 6, 2000) (notice) and 24789 (Dec. 12, 2000) (order). The Commission itself, as opposed to the Commission staff acting under delegated authority, considered the original Vanguard application and determined that the relief was appropriate in the public interest and consistent with the protection of investors and the purposes fairly intended by the policy and provisions of the Act. In the process of granting the order, the Commission also considered and denied a hearing request on the original application, as reflected in the final Commission order. 
                        <E T="03">See also</E>
                         the Vanguard Group, Inc., Investment Company Act Release Nos. 26282 (Dec. 2, 2003) (notice) and 26317 (Dec. 30, 2003) (order); Vanguard International Equity Index Funds, Investment Company Act Release Nos. 26246 (Nov. 3, 2003) (notice) and 26281 (Dec. 1, 2003) (order); Vanguard Bond Index Funds, Investment Company Act Release Nos. 27750 (Mar. 9, 2007) (notice) and 27773 (April 2, 2007) (order) (collectively referred to as the “Vanguard Orders”).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 33-10695 (October 24, 2019), 84 FR 57162 (the “ETF Rule Adopting Release”).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 88561 (April 3, 2020), 85 FR 19984 (April 9, 2020) (SR-NASDAQ-2019-090).
                    </P>
                </FTNT>
                <P>
                    As noted above, a number of applications for exemptive relief to permit the applicable fund to offer Multi-class ETF Shares (the “Applications”) have been submitted to the Commission starting in early 2023. In general, the Applications state that the ability of a fund to offer Multi-class ETF Shares, 
                    <E T="03">i.e.,</E>
                     both a class of mutual fund shares (each such class, a “Mutual Fund class” and such shares “Mutual Fund Shares”) and ETF Shares, could be beneficial to the fund and to shareholders of each type of class for various reasons, including more efficient portfolio management, better secondary market trading opportunities, and cost efficiencies, among others.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         Specifically, the Applicants believe that a Mutual Fund class would benefit ETF class shareholders because investor cash flows through a Mutual Fund class can be used for efficient portfolio rebalancing. To the extent that cash flows come into a fund through a Mutual Fund class, a portfolio manager may be able to deploy that cash strategically to rebalance the portfolio. Second, cash flows through a Mutual Fund class may allow for greater creation basket flexibility for creations and redemptions through the ETF class, which could promote arbitrage efficiency and smaller spreads on the trading of ETF Shares in the secondary market. With respect to existing funds, ETF classes would permit investors that prefer the ETF structure to gain access to established funds' investment strategies. Additionally, the establishment of an ETF class as part of an existing fund could lead to cost efficiencies. Specifically, in terms of fund expenses, an ETF class could have initial and ongoing advantages for its shareholders, where shareholders of an ETF class of a fund that already has substantial assets could immediately benefit from economies of scale. Finally, the tax-free conversion of shares from the Mutual Fund class to the ETF class may accelerate the development of an ETF shareholder base. Subsequent secondary market transactions by the ETF class shareholders could generate greater trading volume, resulting in lower trading spreads and/or premiums or discounts in the market prices of the ETF Shares to the benefit of ETF shareholders. The Applicants also believe that an ETF class would benefit Mutual Fund class shareholders because in-kind transactions through the ETF class may contribute to lower portfolio transaction costs and greater tax efficiency. Additionally, the conversion feature could allow Mutual Fund shareholders to convert Mutual Fund Shares for ETF Shares without adverse consequences to the Fund by allowing Mutual Fund shareholders to convert their shares into the ETF class of the same fund rather than redeeming their Mutual Fund Shares and buying shares of another ETF. In doing so, the converting shareholder could save on transaction costs and potential tax consequences that may otherwise be incurred in redeeming their existing shares and buying separate ETF Shares. The ETF class would also represent an additional distribution channel for a fund that could lead to additional asset grown and economies of scale; greater assets under management may lead to additional cost efficiencies and an improved tax profile for the fund may also assist the competitive position of the Fund for attracting prospective shareholders. Last, the class of ETF Shares could allow certain investors to engage in more frequent trading without disrupting the fund's portfolio.
                    </P>
                </FTNT>
                <P>
                    While Multi-class ETF Shares could potentially be listed under existing Exchange Rules 5705(b) or 5735, doing so would unnecessarily re-introduce the burdensome quantitative portfolio requirements and ongoing compliance obligations associated therewith that existed before the adoption of Rule 6c-11 and Exchange Rule 5704.
                    <SU>11</SU>
                    <FTREF/>
                     The Exchange is not aware of any clear policy rationale as to why those quantitative requirements should apply to Multi-class ETF Shares other than the rules are already in place. As such, listing Multi-class ETF Shares under these older rules would place undue burdens on both the Exchange and fund issuers because of the quantitative portfolio requirements that currently do not apply to ETFs meeting the requirements of Rule 6c-11 and Rule 5704. Furthermore, while the Applicants generally seek the same exemptive relief as granted under those previous orders,
                    <SU>12</SU>
                    <FTREF/>
                     several Applicants have proposed different conditions to the relief that reflect the adoption of Rule 6c-11. Therefore, the Exchange believes there is a reasonable relationship between the Applications and the proposed rule change to allow for the Commission's evaluation of whether the proposed rule change is consistent with the Act. The Exchange also acknowledges that approval of this proposed rule change would not necessarily result in the listing and trading of the additional Multi-class ETF Shares under the proposed Rule until and unless the necessary relief was granted by the Division of Investment Management, but approving this proposal would address any potential concerns the Commission's Division of Trading and Markets might have as it 
                    <PRTPAGE P="22375"/>
                    specifically relates to the listing and trading of Multi-class ETF Shares under proposed Rule 5704 and would allow for a smooth launch process if and when such relief is granted.
                    <SU>13</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See e.g.,</E>
                         Exchange Rules 5705(b) and 5735.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See supra</E>
                         note 6.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         The Commission has in some instances historically approved Exchange listing rules even when no products would necessarily be permitted to list under those rules. Recently, the Commission approved Exchange proposals to list and trade shares of ether-based exchange-traded products (“ETPs”) prior to any such products having an effective registration statement. As those ether-based ETPs could not trade on the Exchange without an effective registration statement, which were separately considered by the Commission's division of corporate finance, the Exchange could not list and trade those products even with proper Exchange Rules in place. The Exchange believes this example illustrates the reasonability of the Exchange pursuing the adoption a proposed Rule that would not immediately result in the listing and trading of the applicable products thereunder. 
                        <E T="03">See</E>
                         Securities Exchange Act No. 100224 (May 23, 2024) 89 FR 46937 (May 30, 2024) (Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, To List and Trade Shares of Ether-Based Exchange-Traded Products).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Proposal</HD>
                <P>
                    Proposed Rule 5703(a) provides that the Exchange will consider for trading, whether by listing or pursuant to unlisted trading privileges, the shares of Multi-Class ETF Shares that meet the criteria of this Rule.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         To the extent that a series of Multi-Class ETF Shares does not satisfy one or more of the criteria in proposed Rule 5703, the Exchange may file a separate proposal under Section 19(b) of the Act in order to list such series on the Exchange. Any of the statements or representations in that proposal regarding the index composition, the description of the portfolio or reference assets, limitations on portfolio holdings or reference assets, dissemination and availability of index, reference asset, and intraday indicative values (as applicable), or the applicability of Exchange listing rules specified in any filing to list such series of Multi-Class ETF Shares shall constitute continued listing requirements for the series of Multi-Class ETF Shares. Further, in the event that a series of Multi-Class ETF Shares becomes listed under proposed Rule 5703 and subsequently can no longer rely on the applicable exemptive relief to Rule 6c-11, such series of Multi-Class ETF Shares may be listed as a series of Index Fund Shares under Rule 5705(b) or Managed Fund Shares under Rule 5735, as applicable, as long as the series of Multi-Class ETF Shares meets all listing requirements applicable under the applicable rule.
                    </P>
                </FTNT>
                <P>Proposed Rule 5703(b) provides that the proposed rule would be applicable only to Multi-Class ETF Shares. Except to the extent inconsistent with this Rule, or unless the context otherwise requires, the rules and procedures of the Board of Directors shall be applicable to the trading on the Exchange of such securities. Multi-Class ETF Shares are included within the definition of “security” or “securities” as such terms are used in the Rules of the Exchange.</P>
                <P>Proposed Rule 5703(b) further provides that: (1) transactions in Multi-Class ETF Shares will occur throughout the Exchange's trading hours; and (2) the Exchange will implement and maintain written surveillance procedures for Multi-Class ETF Shares.</P>
                <P>Proposed Rule 5703(c) will set forth the definitions used in the Rule. Specifically, proposed Rule 5703(c)(1) provides that the term “Multi-Class ETF Shares” means shares of stock issued by a Multi-Class ETF.</P>
                <P>Proposed Rule 5703(c)(2) provides that the term “Multi-Class ETF” means a fund that is subject to the same relief and constraints as exchange-traded funds under Rule 6c-11 under the Investment Company except that the security is issued by a trust that issues Multi-Class ETF Shares in addition to classes of shares of an open-end fund that are not exchange-traded.</P>
                <P>Proposed Rule 5703(c)(3) provides that the term “Reporting Authority” in respect of a particular series of Multi-Class ETF Shares means the Exchange, an institution, or a reporting service designated by the Exchange or by the exchange that lists a particular series of Multi-Class ETF Shares (if the Exchange is trading such series pursuant to unlisted trading privileges) as the official source for calculating and reporting information relating to such series, including, but not limited to, the amount of any dividend equivalent payment or cash distribution to holders of Multi-Class ETF Shares, net asset value, index or portfolio value, the current value of the portfolio of securities required in connection with issuance of Multi-Class ETF Shares, or other information relating to the issuance, redemption or trading of Multi-Class ETF Shares. A series of Multi-Class ETF Shares may have more than one Reporting Authority, each having different functions.</P>
                <P>Proposed Rule 5703(d) provides that the Exchange may approve a series of Multi-Class ETF Shares for listing and/or trading (including pursuant to unlisted trading privileges) on the Exchange pursuant to Rule 19b-4(e) under the Act, provided such series of Multi-Class ETF Shares complies with the requirements of Rule 6c-11 under the Investment Company Act, and is eligible to operate in reliance on exemptive relief from certain requirements of the Investment Company Act and the rules and regulations thereunder that permits the fund to offer Multi-Class ETF Shares, and must satisfy the requirements of this Rule on an initial and continued listing basis.</P>
                <P>Proposed Rule 5703(d)(1) provides that the requirements of paragraph (d) of this Rule must be satisfied by a series of Multi-Class ETF Shares on an initial and continued listing basis. Such securities must also satisfy the following criteria on an initial and, except for sub-paragraph (A) below, continued, listing basis. Further, proposed Rule 5703(d)(1) provides that: (A) for each series, the Exchange will establish a minimum number of Multi-Class ETF Shares required to be outstanding at the time of commencement of trading on the Exchange; (B) if an index underlying a series of Multi- Class ETF Shares is maintained by a broker-dealer or fund adviser, the broker-dealer or fund adviser shall erect and maintain a “fire wall” around the personnel who have access to information concerning changes and adjustments to the index and the index shall be calculated by a third party who is not a broker-dealer or fund adviser. If the investment adviser to the investment company issuing an actively managed series of Multi-Class ETF Shares is affiliated with a broker-dealer, such investment adviser shall erect and maintain a “fire wall” between the investment adviser and the broker-dealer with respect to access to information concerning the composition and/or changes to such Multi-Class ETF's portfolio; and (C) any advisory committee, supervisory board, or similar entity that advises a Reporting Authority or that makes decisions on the composition, methodology, and related matters of an index underlying a series of Multi-Class ETF Shares, must implement and maintain, or be subject to, procedures designed to prevent the use and dissemination of material non-public information regarding the applicable index. For actively managed Multi-Class ETFs, personnel who make decisions on the portfolio composition must be subject to procedures designed to prevent the use and dissemination of material nonpublic information regarding the applicable portfolio.</P>
                <P>
                    Proposed Rule 5703(d)(2) provides that each series of Multi-Class ETF Shares will be listed and traded on the Exchange subject to application of the continued listing criteria therein. Proposed Rule 5703(d)(2)(A) provides that the Exchange will consider the suspension of trading in, and will initiate delisting proceedings under the Rule 5800 Series of, a series of Multi-Class ETF Shares under any of the following circumstances: (i) if the Exchange becomes aware that the issuer of the Multi-Class ETF Shares is no longer in compliance with the requirements of Rule 6c-11 under the Investment Company Act or of the applicable exemptive relief applicable to Muti-Class ETF Shares; (ii) if any of the other listing requirements set forth 
                    <PRTPAGE P="22376"/>
                    in this Rule are not continuously maintained; (iii) if, following the initial twelve month period after commencement of trading on the Exchange of a series of Multi-Class ETF Shares, there are fewer than 50 beneficial holders of the series of Multi-Class ETF Shares for 30 or more consecutive trading days; or (iv) if such other event shall occur or condition exists which, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. Proposed Rule 5703(d)(2)(B) provides that upon termination of an investment company, the Exchange requires that Multi-Class ETF Shares issued in connection with such entity be removed from Exchange listing.
                </P>
                <P>Proposed Rule 5703(e) provides that neither the Exchange, the Reporting Authority, nor any agent of the Exchange shall have any liability for damages, claims, losses or expenses caused by any errors, omissions, or delays in calculating or disseminating any current index or portfolio value; the current value of the portfolio of securities required to be deposited in connection with issuance of Multi-Class ETF Shares; the amount of any dividend equivalent payment or cash distribution to holders of Multi-Class ETF Shares; net asset value; or other information relating to the purchase, redemption, or trading of Multi-Class ETF Shares, resulting from any negligent act or omission by the Exchange, the Reporting Authority, or any agent of the Exchange, or any act, condition, or cause beyond the reasonable control of the Exchange, its agent, or the Reporting Authority, including, but not limited to, an act of God; fire; flood; extraordinary weather conditions; war; insurrection; riot; strike; accident; action of government; communications or power failure; equipment or software malfunction; or any error, omission, or delay in the reports of transactions in one or more underlying securities.</P>
                <P>
                    The Exchange is also proposing to make corresponding amendments to include Multi-Class ETF Shares in other Exchange rules, which are intended to align the treatment of the proposed products with how other open-end management investment company shares (
                    <E T="03">e.g.,</E>
                     Exchange Traded Fund Shares, Index Fund Shares, and Managed Fund Shares) are treated under the Exchange's rules. First, the Exchange proposes to amend the definition of “Derivative Securities” in Rule 5615(a)(6)(B) to add Multi-Class ETF Shares so that Rule 5615(a)(6)(A) and its exemptions from certain corporate governance requirements are applicable to Multi-Class ETF Shares.
                    <SU>15</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         Rule 5615(a)(6)(A) provides that issuers whose only securities listed on Nasdaq are non-voting preferred securities, debt securities or Derivative Securities, are exempt from the requirements relating to Independent Directors (as set forth in Rule 5605(b)), Compensation Committees (as set forth in Rule 5605(d)), Director Nominations (as set forth in Rule 5605(e)), Codes of Conduct (as set forth in Rule 5610), and Meetings of Shareholders (as set forth in Rule 5620(a)). In addition, these issuers are exempt from the requirements relating to Audit Committees (as set forth in Rule 5605(c)), except for the applicable requirements of SEC Rule 10A-3. Notwithstanding, if the issuer also lists its common stock or voting preferred stock, or their equivalent on Nasdaq it will be subject to all the requirements of the Nasdaq 5600 Rule Series.
                    </P>
                </FTNT>
                <P>Second, the Exchange proposes to amend the definition of “Derivative Securities Products in Rule 5705(b)(3)(A)(i)a. to add Multi-Class ETF Shares so the exclusions applicable to Derivative Securities Products in Nasdaq Rule 5705(b)(3)(A) will also apply to Multi-Class ETF Shares. The Exchange believes this is appropriate to ensure that Multi-Class ETF Shares are treated consistently with other open-end management investment company shares listed on the Exchange such as Exchange Traded Fund Shares, Index Fund Shares, and Managed Fund Shares.</P>
                <P>Third, the Exchange proposes to amend the definition of “Exchange Traded Derivative Securities” in Rule 5735(c)(6) to add Multi-Class ETF Shares so the exclusions applicable to Exchange Traded Derivative Securities in Rule 5735(b)(1)(A) will also apply to Multi-Class ETF Shares. The Exchange believes this is appropriate to ensure that Multi-Class ETF Shares are treated consistently with other open-end management investment company shares listed on the Exchange such as Exchange Traded Fund Shares, Index Fund Shares, and Managed Fund Shares.</P>
                <P>
                    Fourth, the Exchange proposes to amend Equity 4, Rule 4120 to include Multi-Class ETF Shares in the Exchange's trading halt provisions in Rule 4120(a)(9) and 4120(b)(4)(A).
                    <SU>16</SU>
                    <FTREF/>
                     This will ensure the applicability of trading halts to the trading of Multi-Class ETF Shares listed on Nasdaq, and those traded on Nasdaq pursuant to unlisted trading privileges.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         Rule 4120(b)(4)(A) sets out the definition of “Derivative Securities Product,” which is referenced in the Exchange's halt authority pursuant to Rules 4120(a)(10) and 4120(b).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Discussion</HD>
                <P>Proposed Rule 5703 is based in large part on Rules 5704, 5705(b), and 5735, related to the listing and trading of ETF Shares, Index Fund Shares, and Managed Fund Shares, respectively, each of which are issued under the Investment Company Act and qualify as ETF Shares under Rule 6c-11. Rules 5705(b) and 5735 are very similar, their primary difference being that Index Fund Shares are designed to track an underlying index and Managed Fund Shares are based on an actively managed portfolio that is not designed to track an index. ETF Shares are identical to Multi-Class ETF Shares except that Multi-Class ETF Shares have received exemptive relief to operate an exchange-traded fund class in addition to classes of shares that are not exchange-traded. As such, the Exchange believes that using Rules 5705(b) and 5735 (collectively, the “Current ETF Standards”) as well as Rule 5704 as the basis for proposed Rule 5703 is appropriate because they are generally designed to address the issues associated with Multi-Class ETF Shares. The only substantial difference between Rule 5704 and proposed Rule 5703 from the Current ETF Standards that are not otherwise required under Rule 6c-11 is that proposed Rule 5703 and Rule 5704 do not include the quantitative standards applicable to a fund or an index that are included in the Current ETF Standards. This difference is discussed below.</P>
                <P>
                    The Exchange believes that the proposal is designed to prevent fraudulent and manipulative acts and practices because the Exchange will perform ongoing surveillance of Multi-Class ETF Shares listed on the Exchange in order to ensure compliance with Rule 6c-11, the Investment Company Act, and any applicable exemptive relief on an ongoing basis. While proposed Rule 5703 does not include the quantitative requirements applicable to an ETF or an ETF's holdings or underlying index that are included in Rules 5705(b) and 5735,
                    <SU>17</SU>
                    <FTREF/>
                     the Exchange believes that the manipulation concerns that such standards are intended to address are otherwise mitigated by a combination of the Exchange's surveillance procedures, the Exchange's ability to halt trading under the proposed Rule 5703(d)(2)(B), and the Exchange's ability to suspend trading and commence delisting proceedings under proposed Rule 5703(d)(2)(A). The Exchange will halt 
                    <PRTPAGE P="22377"/>
                    trading in the Shares under the conditions specified in Nasdaq Rules 4120 and 4121, including without limitation the conditions specified in Nasdaq Rule 4120(a)(9) and (10) and under Nasdaq Rules 4120(a)(12). The Exchange also believes that such concerns are further mitigated by enhancements to the arbitrage mechanism that have come from Rule 6c-11, specifically the additional flexibility provided to issuers of Multi-Class ETF Shares through the use of custom baskets for creations and redemptions and the additional information made available to the public through the additional daily website disclosure obligations applicable under Rule 6c-11.
                    <SU>18</SU>
                    <FTREF/>
                     The Exchange believes that the combination of these factors will act to keep Multi-Class ETF Shares trading near the value of their underlying holdings and further mitigate concerns around manipulation of Multi-Class ETF Shares on the Exchange without the inclusion of quantitative standards.
                    <SU>19</SU>
                    <FTREF/>
                     The Exchange will monitor for compliance with Rule 6c-11 and any applicable exemptive relief in order to ensure that the continued listing standards are being met.
                    <SU>20</SU>
                    <FTREF/>
                     Specifically, the Exchange will review the website of each series of Multi-Class ETF Shares listed on the Exchange in order to ensure that the requirements of Rule 6c-11 are being met. The Exchange will also employ numerous intraday alerts that will notify Exchange personnel of trading activity throughout the day that is potentially indicative of certain disclosures not being made accurately or the presence of other unusual conditions or circumstances that could be detrimental to the maintenance of a fair and orderly market. As a backstop to the surveillances described above, the Exchange also notes that Rule 5703 would require an issuer of Multi-Class ETF Shares to notify the Exchange of any failure to comply with Rule 6c-11 or the Investment Company Act.
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         The Exchange notes that Rules 5705(b) and 5735 include certain quantitative standards related to the size, trading volume, concentration, and diversity of the holdings of a series of Index Fund Shares or Managed Fund Shares (the “Holdings Standards”) as well as related to the minimum number of beneficial holders of a fund (the “Distribution Standards”). The Exchange believes that to the extent that manipulation concerns are mitigated based on the factors described herein, such concerns are mitigated both as it relates to the Holdings Standards and the Distribution Standards.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         The Exchange notes that the Commission came to a similar conclusion in several places in the Rule 6c-11 Release. 
                        <E T="03">See</E>
                         Rule 6c-11 Release at 15-18; 60-61; 69-70; 78-79; 82-84; and 95-96.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         The Exchange believes that this applies to all quantitative standards, whether applicable to the portfolio holdings of a series of Multi-Class ETF Shares or the distribution of the Multi-Class ETF Shares.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         As noted throughout, proposed Rule 5703, unlike Rule 5705(b) and Rule 5735, does not include Holdings Standards and, as such, there will be no quantitative standards applicable by the Exchange to the portfolio holdings of a series of Multi-Class ETF Shares on an initial or continued listing basis.
                    </P>
                </FTNT>
                <P>
                    The Exchange may suspend trading in and commence delisting proceedings for a series of Multi-Class ETF Shares where such series is not in compliance with the applicable listing standards or where the Exchange believes that further dealings on the Exchange are inadvisable.
                    <SU>21</SU>
                    <FTREF/>
                     The Exchange also notes that Rule 5701(d) requires any issuer to provide the Exchange with prompt notification after it becomes aware of any non-compliance with proposed Rule 5703, which would include any failure of the issuer to comply with Rule 6c-11, the Investment Company Act, or any exemptive relief applicable to Multi-Class ETF Shares.
                    <SU>22</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         Specifically, proposed Rule 5703(d)(2) provides that each series of Multi-Class ETF Shares will be listed and traded on the Exchange subject to application of Proposed Rule 5703(d)(2)(A) and (B). Proposed Rule 5703(d)(2)(A) provides that the Exchange will consider the suspension of trading in, and will commence delisting proceedings under the Rule 5800 Series of, a series of Multi-Class ETF Shares under any of the following circumstances: (i) if the Exchange becomes aware that the issuer of the Multi-Class ETF Shares is no longer eligible to operate in reliance on Rule 6c-11 under the Investment Company Act of 1940 or any applicable exemptive relief applicable to Multi-Class ETF Shares; (ii) if any of the other listing requirements set forth in this Rule are not continuously maintained; (iii) if, following the initial twelve month period after commencement of trading on the Exchange of a series of Multi-Class ETF Shares, there are fewer than 50 beneficial holders of the series of Multi-Class ETF Shares for 30 or more consecutive trading days; or (iv) if such other event shall occur or condition exists which, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. Proposed Rule 5703(d)(2)(B) provides that upon termination of an investment company, the Exchange requires that Multi-Class ETF Shares issued in connection with such entity be removed from Exchange listing.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         The Exchange notes that failure by an issuer to notify the Exchange of non-compliance pursuant to Rule 5701(d) would itself be considered non-compliance with the requirements of proposed Rule 5703 and would subject the series of Multi-Class ETF Shares to potential trading halts and the delisting process under the Rule 5800 Series.
                    </P>
                </FTNT>
                <P>
                    Further, the Exchange also represents that its surveillance procedures are adequate to properly monitor the trading of the Multi-Class ETF Shares in all trading sessions and to deter and detect violations of Exchange rules and applicable federal securities laws. Specifically, the Exchange intends to utilize its existing surveillance procedures applicable to derivative products, which are currently applicable to ETF Shares, Index Fund Shares and Managed Fund Shares, among other product types, to monitor trading in Multi-Class ETF Shares. The Exchange or the Financial Industry Regulatory Authority, Inc. (“FINRA”), on behalf of the Exchange, will communicate as needed regarding trading in Multi-Class ETF Shares and certain of their applicable underlying components with other markets that are members of the Intermarket Surveillance Group (“ISG”) or with which the Exchange has in place a comprehensive surveillance sharing agreement. In addition, the Exchange may obtain information regarding trading in Multi-Class ETF Shares and certain of their applicable underlying components from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. Finally, the issuer of a series of Multi-Class ETF Shares will be required to comply with Rule 10A-3 under the Act for the initial and continued listing of Multi-Class ETF Shares, as provided under Rule 5615(a)(6).
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See supra</E>
                         note 15. The Exchange notes that these proposed changes in Rule 5615(a)(6)(B) would subject ETF Shares to the same corporate governance requirements as other open-end management investment companies listed on the Exchange.
                    </P>
                </FTNT>
                <P>
                    The Exchange notes that it may consider all relevant factors in exercising its discretion to halt or suspend trading in a series of Multi-Class ETF Shares. Trading may be halted if the circuit breaker parameters in Rule 4121 have been reached, because of other market conditions, or for reasons that, in the view of the Exchange, make trading in the Shares inadvisable. These may include: (1) the extent to which certain information about the Multi-Class ETF Shares that is required to be disclosed under Rule 6c-11 of the Investment Company Act is not being made available, including specifically where the Exchange becomes aware that the net asset value or the daily portfolio disclosure with respect to a series of Multi-Class ETF Shares is not disseminated to all market participants at the same time, it will halt trading in such series until such time as the net asset value or the daily portfolio disclosure is available to all market participants; 
                    <SU>24</SU>
                    <FTREF/>
                     (2) if an interruption to the dissemination to the value of the index or reference asset on which a series of Multi-Class ETF Shares is based persists past the trading day in which it occurred or is no longer calculated or available; (3) trading in the securities comprising the underlying index or portfolio has been halted in the primary market(s); or (4) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         The Exchange will obtain a representation from the issuer of Multi-Class ETF Shares that the net asset value per share will be calculated daily and the requirements under 6c-11 will be satisfied for the series will be calculated daily and made available to all market participants at the same time.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that its proposal is consistent with Section 6(b) 
                    <PRTPAGE P="22378"/>
                    of the Act,
                    <SU>25</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Section 6(b)(5) of the Act,
                    <SU>26</SU>
                    <FTREF/>
                     in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes that proposed Rule 5703 is designed to prevent fraudulent and manipulative acts and practices in that the proposed rules relating to listing and trading Multi-Class ETF Shares on the Exchange provide specific initial and continued listing criteria required to be met by such securities. Proposed Rule 5703(d) sets forth initial and continued listing criteria applicable to Multi-Class ETF Shares, specifically providing that the Exchange may approve a series of Multi-Class ETF Shares for listing and/or trading (including pursuant to unlisted trading privileges) on the Exchange pursuant to Rule 19b-4(e) under the Act, provided such series of Multi-Class ETF Shares complies with the requirements of Rule 6c-11 under the Investment Company Act, and is eligible to operate in reliance on exemptive relief from certain requirements of the Investment Company Act and the rules and regulations thereunder that permits the fund to offer Multi-Class ETF Shares, and must satisfy the requirements of this Rule on an initial and continued listing basis.
                    <SU>27</SU>
                    <FTREF/>
                     The Exchange will submit a Form 19b-4(e) for all series of Multi-Class ETF Shares upon being listed pursuant to Rule 5703 and such Form 19b-4(e) will specifically note that such series of Multi-Class ETF Shares are being listed on the Exchange pursuant to Rule 5703.
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         The Exchange notes that eligibility to operate in reliance on Rule 6c-11 or any applicable exemptive relief thereunder does not necessarily mean that an investment company would be listed on the Exchange pursuant to proposed Rule 5703. To this point, an investment company that operates in reliance of exemptive relief providing for Multi-Class ETF Shares could also be listed as a series of Index Fund Shares or Managed Fund Shares pursuant to Rule 5705(b) or 5735, respectively, and would be subject to all requirements under each of those rules. Further to this point, in the event that a series of Multi-Class ETF Shares listed on the Exchange preferred to be listed as a series of Index Fund Shares or Managed Fund Shares (as applicable), nothing would preclude such a series from changing to be listed as a series of Index Fund Shares or Managed Fund Shares (as applicable), as long as the series met each of the initial and continued listing obligations under the applicable rules.
                    </P>
                </FTNT>
                <P>Proposed Rule 5704(d)(2) [sic] provides that each series of Multi-Class ETF Shares will be listed and traded on the Exchange subject to application of proposed Rules 5704(d)(2)(A) [sic] and (B). Proposed Rule 5704(d)(2)(A) [sic] provides that the Exchange will consider the suspension of trading in, and will commence delisting proceedings under the Rule 5800 Series of, a series of Multi-Class ETF Shares under any of the following circumstances: (i) if the Exchange becomes aware that the issuer of the Multi-Class ETF Shares is no longer in compliance with the requirements of Rule 6c-11 under the Investment Company Act of 1940 or the exemptive relief applicable to Multi-Class ETF Shares; (ii) if any of the other listing requirements set forth in this Rule 14.11(n) are not continuously maintained; (iii) if, following the initial twelve month period after commencement of trading on the Exchange of a series of Multi-Class ETF Shares, there are fewer than 50 beneficial holders of the series of Multi-Class ETF Shares for 30 or more consecutive trading days; or (d) if such other event shall occur or condition exists which, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange notes that it may become aware that the issuer is no longer compliant with Rule 6c-11 or any applicable exemptive relief thereunder, as described in proposed Rule 5703(d)(2)(A)(i), as a result of either the Exchange identifying non-compliance through its own monitoring process or through notification by the issuer.</P>
                <P>Proposed Rule 5703(d)(2)(B) provides that upon termination of an investment company, the Exchange requires that Multi-Class ETF Shares issued in connection with such entity be removed from Exchange listing. The Exchange also notes that it will obtain a representation from the issuer of each series of Multi-Class ETF Shares stating that the requirements of Rule 6c-11 will be continuously satisfied and that the issuer will notify the Exchange of any failure to do so.</P>
                <P>The Exchange further believes that proposed Rule 5703 is designed to prevent fraudulent and manipulative acts and practices because of the robust surveillances in place on the Exchange as required under proposed Rule 5703(b)(2) along with the similarities of proposed Rule 5703 to the rules related to other securities that are already listed and traded on the Exchange and which would qualify as Multi-Class ETF Shares. Proposed Rule 5703 is based in large part on Rules 5705(b) and 5735 related to the listing and trading of Index Fund Shares and Managed Fund Shares on the Exchange, respectively, both of which are issued under the 1940 Act and would qualify as Multi-Class ETF Shares. Rules 5705(b) and 5735 are very similar, their primary difference being that Index Fund Shares are designed to track an underlying index and Managed Fund Shares are based on an actively managed portfolio that is not designed to track an index. ETF Shares are identical to Multi-Class ETF Shares except that Multi-Class ETF Shares have received exemptive relief to operate an exchange-traded fund class in addition to classes of shares that are not exchange-traded. As such, the Exchange believes that using the Current ETF Standards and Rule 5704 as the basis for proposed Rule 5703 is appropriate because they are generally designed to address the issues associated with Multi-Class ETF Shares. The only substantial difference between proposed Rule 5703 and the Current ETF Standards that are not otherwise required under Rule 6c-11 is that proposed Rule 5703 does not include the quantitative standards applicable to a fund or an index that are included in the Current ETF Standards.</P>
                <P>
                    The Exchange believes that the proposal is consistent with Section 6(b)(1) of the Act 
                    <SU>28</SU>
                    <FTREF/>
                     in that, in addition to being designed to prevent fraudulent and manipulative acts and practices, the Exchange has the capacity to enforce proposed Rule 5703 by performing ongoing surveillance of Multi-Class ETF Shares listed on the Exchange in order to ensure compliance with Rule 6c-11 and the 1940 Act on an ongoing basis. While proposed Rule 5703 does not include the quantitative requirements applicable to a fund and a fund's holdings or underlying index that are included in Rules 5705(b) and 5735,
                    <SU>29</SU>
                    <FTREF/>
                     the Exchange believes that the manipulation concerns that such standards are intended to address are otherwise mitigated by a combination of the Exchange's surveillance procedures, the Exchange's ability to halt trading under the proposed Rule 5703(d)(2)(B), and the Exchange's ability to suspend trading and commence delisting proceedings under proposed Rule 5703(d)(2)(A). The Exchange also believes that such concerns are further mitigated by enhancements to the arbitrage mechanism that have come from compliance with Rule 6c-11, specifically the additional flexibility provided to issuers of Multi-Class ETF 
                    <PRTPAGE P="22379"/>
                    Shares through the use of custom baskets for creations and redemptions and the additional information made available to the public through the additional daily website disclosure obligations applicable under Rule 6c-11.
                    <SU>30</SU>
                    <FTREF/>
                     The Exchange believes that the combination of these factors will act to keep Multi-Class ETF Shares trading near the value of their underlying holdings and further mitigate concerns around manipulation of Multi-Class ETF Shares on the Exchange without the inclusion of quantitative standards.
                    <SU>31</SU>
                    <FTREF/>
                     The Exchange will monitor for compliance with Rule 6c-11 and any applicable exemptive relief in order to ensure that the continued listing standards are being met. Specifically, the Exchange plans to review the website of series of Multi-Class ETF Shares in order to ensure that the requirements of Rule 6c-11 are being met. The Exchange will also employ numerous intraday alerts that will notify Exchange personnel of trading activity throughout the day that is potentially indicative of certain disclosures not being made accurately or the presence of other unusual conditions or circumstances that could be detrimental to the maintenance of a fair and orderly market. As a backstop to the surveillances described above, the Exchange also notes that Rule 5701(d) would require an issuer of Multi-Class ETF Shares to notify the Exchange of any failure to comply with Rule 6c-11 or the Investment Company Act.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         15 U.S.C. 78f(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         The Exchange notes that Rules 5705(b) and 5735 include certain Holdings Standards and Distribution Standards. The Exchange believes that to the extent that manipulation concerns are mitigated based on the factors described herein, such concerns are mitigated both as it relates to the Holdings Standards and the Distribution Standards.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         The Exchange notes that the Commission came to a similar conclusion in several places in the Rule 6c-11 Release. See Rule 6c-11 Release at 15-18; 60-61; 69-70; 78-79; 82-84; and 95-96.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         The Exchange believes that this applies to all quantitative standards, whether applicable to the portfolio holdings of a series of Multi-Class ETF Shares or the distribution of the Multi-Class ETF Shares.
                    </P>
                </FTNT>
                <P>To the extent that any of the requirements under Rule 6c-11 or the 1940 Act are not being met, the Exchange may halt trading in a series of Multi-Class ETF Shares as provided in proposed Rule 5703(d)(2)(B). Further, the Exchange may also suspend trading in and commence delisting proceedings for a series of Multi-Class ETF Shares where such series is not in compliance with the applicable listing standards or where the Exchange believes that further dealings on the Exchange are inadvisable. As discussed above, the Exchange also notes that Rule 5701(d) requires any issuer to provide the Exchange with prompt notification after it becomes aware of any non-compliance with proposed Rule 5703, which would include any failure of the issuer to comply with Rule 6c-11 or the 1940 Act.</P>
                <P>Further, the Exchange also represents that its surveillance procedures are adequate to properly monitor the trading of the Multi-Class ETF Shares in all trading sessions and to deter and detect violations of Exchange rules. Specifically, the Exchange intends to utilize its existing surveillance procedures applicable to derivative products, which are currently applicable to Index Fund Shares, Managed Fund Shares and ETF Shares, among other product types, to monitor trading in Multi-Class ETF Shares. The Exchange or FINRA, on behalf of the Exchange, will communicate as needed regarding trading in Multi-Class ETF Shares and certain of their applicable underlying components with other markets that are members of the ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. In addition, the Exchange may obtain information regarding trading in Multi-Class ETF Shares and certain of their applicable underlying components from markets and other entities that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement.</P>
                <P>
                    Additionally, FINRA, on behalf of the Exchange, is able to access, as needed, trade information for certain fixed income securities that may be held by a series of Multi-Class ETF Shares reported to FINRA's TRACE. FINRA also can access data obtained from the MSRB's EMMA system relating to municipal bond trading activity for surveillance purposes in connection with trading in a series of Multi-Class ETF Shares, to the extent that a series of Multi-Class ETF Shares holds municipal securities. Finally, as noted above, the issuer of a series of Multi-Class ETF Shares will be required to comply with Rule 10A-3 under the Act for the initial and continued listing of Multi-Class ETF Shares, as provided under Rule 5615(a)(6).
                    <SU>32</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">See supra</E>
                         notes 15 and 23.
                    </P>
                </FTNT>
                <P>The Exchange believes that permitting Multi-Class ETF Shares to list on the Exchange is consistent with the applicable exemptive relief and will help perfect the mechanism of a free and open market and, in general, will protect investors and the public interest in that it will permit the listing and trading of Multi-Class ETF Shares, consistent with the applicable exemptive relief, and in a manner that will benefit investors. Specifically, the Exchange believes that the relief proposed in the Applications and the expected benefits of the Multi-Class ETF Shares described above would be to the benefit of investors. Eliminating any unnecessary delay for additional Multi-Class ETF Shares listing on the Exchange under proposed Rule 5703 will simply help accrue those benefits to investors more expeditiously. Further, the Exchange is only proposing to amend its rules to allow such a series of Multi-Class ETF Shares to list on the Exchange pursuant to Rule 5703, a change to its rules that will only be meaningful if and when the Commission grants such relief to an Applicant. As noted above, the Exchange submits this proposal only to prevent any unnecessary delay in listing additional Multi-Class ETF Shares generically under Rule 5703 when and if such requests are granted by the Commission.</P>
                <P>The Exchange also believes that proposed Rule 5703 to explicitly provide the initial and continued listing standards applicable to Multi-Class ETF Shares, including the suspension of trading or removal standards, are designed to promote transparency and clarity in the Exchange's Rules. The Exchange believes that with these changes, Rule 5703 would clearly allow for the listing and trading of Multi-Class ETF Shares upon the Commission's order of exemptive relief.</P>
                <P>The Exchange also believes that the corresponding changes to add Multi-Class ETF Shares in the Exchange's corporate governance requirements under Rule 5615(a)(6)(B), the Index Fund Shares provisions in Rule 5705(b), the Managed Fund Shares provisions in Rule 5735, and the trading halt provisions in Equity 4, Rule 4120, each as discussed in detail above, will add clarity to the Exchange's Rulebook. ETF Shares, Managed Fund Shares, and Index Fund Shares are similarly included in these provisions. Therefore, the Exchange believes these are non-substantive changes meant only to subject Multi-Class ETF Shares to the same exemptions and provisions currently applicable to Index Fund Shares, Managed Fund Shares, and ETF Shares so that the treatment of these open-end management investment companies is consistent under the Exchange's rules.</P>
                <P>For the above reasons, the Exchange believes that the proposed rule change is consistent with the requirements of Section 6(b)(5) of the Act.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    The Exchange does not believe that the proposed rule change will impose any burden on competition not 
                    <PRTPAGE P="22380"/>
                    necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes the proposal, by permitting the listing and trading of Multi-Class ETF Shares under exemptive relief from the Investment Company Act and the rules and regulations thereunder, would introduce additional competition among various ETF products to the benefit of investors.
                </P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>No written comments were either solicited or received.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    Within 45 days of the date of publication of this notice in the 
                    <E T="04">Federal Register</E>
                     or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the Exchange consents, the Commission shall: (a) by order approve or disapprove such proposed rule change, or (b) institute proceedings to determine whether the proposed rule change should be disapproved.
                </P>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-NASDAQ-2025-037 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-NASDAQ-2025-037. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-2025-037 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>33</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>33</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09387 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103084; File No. SR-C2-2025-010]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Monthly Fee for 10 Gb Physical Ports</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 9, 2025, Cboe C2 Exchange, Inc. (“Exchange” or “C2”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to increase the monthly fee for 10 Gb physical ports. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://markets.cboe.com/us/options/regulation/rule_filings/ctwo/</E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule relating to physical connectivity fees.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially filed the proposed fee changes on July 3, 2023 (SR-C2-2023-014). On September 1, 2023, the Exchange withdrew that filing and submitted SR-C2-2023-020. On September 29, 2023, the Securities and Exchange Commission issued a Suspension of and Order Instituting Proceedings to Determine whether to Approve or Disapprove a Proposed Rule Change to Amend its Fees Schedule Related to Physical Port Fees (the “OIP”) in anticipation of a possible U.S. government shutdown. ”). On September 29, 2023, the Exchange filed the proposed fee change (SR-C2-2023-021). On October 13, 2023, the Exchange withdrew that filing and submitted SR-C2-2023-022. On December 12, 2023, the Exchange withdrew that filing and submitted SR-C2-2023-025. On February 9, 2024, the Exchange withdrew that filing and submitted SR-C2-2024-004. On April 9, 2024, the Exchange withdrew that filing and submitted SR-C2-2024-005. On June 7, 2024 the Exchange withdrew that filing and submitted SR-C2-2024-010. On August 29, 2024, the Exchange withdrew that filing and submitted SR-C2-2024-015. On October 25, 2024, the Exchange withdrew that filing and submitted SR-C2-2024-019. On October 28, 2024, the Exchange withdrew that filing and submitted SR-C2-2024-020. On December 18, 2024 the Exchange withdrew that filing and submitted SR-C2-2024-023. On February 14, 2025, the Exchange withdrew that filing and submitted SR-C2-2025-004. On March 13, 2025, the Exchange withdrew that filing and submitted SR-C2-2025-006. On May 9, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <PRTPAGE P="22381"/>
                <P>
                    By way of background, a physical port is utilized by a Member or non-Member to connect to the Exchange at the data centers where the Exchange's servers are located. The Exchange currently assesses the following physical connectivity fees for Trading Permit Holders (“TPHs”) and non-TPHs on a monthly basis: $2,500 per physical port for a 1 gigabit (“Gb”) circuit and $7,500 per physical port for a 10 Gb circuit. The Exchange proposes to increase the monthly fee for 10 Gb physical ports from $7,500 to $8,500 per port. The Exchange notes the proposed fee change better enables it to continue to maintain and improve its market technology and services and also notes that the proposed fee amount, even as amended, continues to be in line with, or even lower than, amounts assessed by other exchanges for similar connections.
                    <SU>4</SU>
                    <FTREF/>
                     The Exchange also notes that a single 10 Gb physical port can be used to access the Systems of the following affiliate exchanges: the Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc. (options and equities platforms), Cboe EDGX Exchange, Inc. (options and equities platforms), and Cboe EDGA Exchange, Inc., (“Affiliate Exchanges”).
                    <SU>5</SU>
                    <FTREF/>
                     Notably, only one monthly fee currently (and will continue) to apply per 10 Gb physical port regardless of how many affiliated exchanges are accessed through that one port.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See e.g.,</E>
                         The Nasdaq Stock Market LLC (“Nasdaq”), General 8, Connectivity to the Exchange. Nasdaq and its affiliated exchanges charge a monthly fee of $16,500 for each 10 Gb Ultra fiber connection to the respective exchange. 
                        <E T="03">See also</E>
                         New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago Inc., NYSE National, Inc. Connectivity Fee Schedule, which provides that 10 Gb LX LCN Circuits (which are analogous to the Exchange's 10 Gb physical port) are assessed $22,000 per month, per port.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         The Affiliate Exchanges are also submitting contemporaneous identical rule filings.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange notes that conversely, other exchange groups charge separate port fees for access to separate, but affiliated, exchanges. 
                        <E T="03">See e.g.,</E>
                         Securities and Exchange Release No. 99822 (March 21, 2024), 89 FR 21337 (March 27, 2024) (SR-MIAX-2024-016).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>7</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>8</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>9</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>10</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities. This belief is based on various factors as described below.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    First, the Exchange believes its proposal is reasonable as it reflects a moderate increase in physical connectivity fees for 10 Gb physical ports and its offering, even as amended, continues to be more affordable as compared to analogous physical connectivity offerings at competitor exchanges. For example, The Nasdaq Stock Market LLC (“Nasdaq”) and its affiliated exchanges charge a monthly fee of $16,500 for each 10 Gbps Ultra fiber connection and $11,000 per month for each 10 Gbps fiber connection to their respective exchange.
                    <SU>11</SU>
                    <FTREF/>
                     The Exchange's proposed fee of $8,500 per physical port is lower than both of these offerings.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market LLC (“Nasdaq”), General 8, Connectivity to the Exchange.
                    </P>
                </FTNT>
                <P>
                    Yet another example of higher fees charged by a competitor exchange is the 10 Gpbs LX LCN Circuits offered by the New York Stock Exchange LLC and its affiliates (collectively, “NYSE”). NYSE charges a fee of $22,000 per month,
                    <SU>12</SU>
                    <FTREF/>
                     per port in contrast to the Exchange's proposed monthly fee of $8,500 per month, per port. Despite the Exchange proposing to increase its fee for its 10 Gb physical port, it still comes in at a cost significantly lower than its competitors.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago Inc., NYSE National, Inc. Connectivity Fee Schedule
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange also points towards the equivalent offering from MIAX Saphire and its affiliated options exchanges, MIAX Options, MIAX Pearl and MIAX Emerald (collectively, “MIAX Exchanges”) which is $13,500 per port per month.
                    <SU>13</SU>
                    <FTREF/>
                     The Exchange reiterates that a single physical port offering from the Exchange offers the ability to connect to the Affiliated Exchanges (equities and options) and the monthly price does not change based on the number of exchanges a participant is connected to. In this case, examining only the Exchange and its Affiliated Options Exchanges, (even though the same physical port could also connect to the Exchange's affiliated equities exchanges) a participant could purchase a single physical port from the Exchange and access roughly 14% of the U.S. Options Market for a cost of $8,500. In contrast, if a participant desired to access all MIAX Exchanges, allowing access to roughly 16% of the U.S. Options Market, it would cost that participant $54,000 ($13,500 per port per month × 4 MIAX Exchanges).
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See e.g.,</E>
                         MIAX Options Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         Cboe U.S. Options Market Volume Summary (May 8, 2025).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes the current fee does not properly reflect the quality of the service and product, as fees for 10 Gb physical ports have been static in nominal terms since 2018, and therefore falling in real terms due to inflation. As a general matter, the Producer Price Index (“PPI”) is a family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. PPI measures price change from the perspective of the seller. This contrasts with other metrics, such as the Consumer Price Index (CPI), that measure price change from the purchaser's perspective.
                    <SU>15</SU>
                    <FTREF/>
                     About 10,000 PPIs for individual products and groups of products are tracked and released each month.
                    <SU>16</SU>
                    <FTREF/>
                     PPIs are available for the output of nearly all industries in the goods-producing sectors of the U.S. economy—mining, manufacturing, agriculture, fishing, and forestry—as well as natural gas, electricity, and construction, among others. The PPI program covers approximately 69 percent of the service sector's output, as measured by revenue reported in the 2017 Economic Census.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/overview.htm.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    For purposes of this proposal, the relevant industry-specific PPI is the Data Processing, hosting and related services (“Data PPI”) and more particularly the more granular service line Data Processing, Hosting and Related Services: Hosting, Active Server Pages (ASP), and Other Information 
                    <PRTPAGE P="22382"/>
                    Technology (IT) Infrastructure Provisioning Services.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Provisioning is the process of preparing, assigning, and activating IT infrastructure components, such as servers, storage, and network connectivity, according to user requirements. It is a critical part of IT operations, as it ensures that computing resources are available when needed and that they are set up and connected to work correctly.
                    </P>
                </FTNT>
                <P>
                    The Data PPI was introduced in January 2002 by the Bureau of Labor Statistics (“BLS”) as part of an ongoing effort to expand Producer Price Index coverage of the services sector of the U.S. economy and is identified as NAICS—518210 in the North American Industry Classification System (“NAICS”).
                    <SU>18</SU>
                    <FTREF/>
                     According to the BLS “[t]he primary output of NAICS 518210 is the provision of electronic data processing services. In the broadest sense, computer services companies help their customers efficiently use technology. The processing services market consists of vendors who use their own computer systems—often utilizing proprietary software—to process customers' transactions and data. Price movements for the NAICS 518210 index are based on changes in the revenue received by companies that provide data processing services and price movements for the service line NAICS 518210 index are based on changes in the revenue received by companies that provide, among other things, IT infrastructure provisioning services. Each month, companies provide net transaction prices for a specified service. The transaction is an actual contract selected by probability, where the price-determining characteristics are held constant while the service is repriced. The prices used in index calculation are the actual prices billed for the selected service contract.” 
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/overview.htm.</E>
                         Among the industry-specific PPIs is for North American Industry Classification System (“NAICS”) Code 518210: “Data Processing and Related Services,” NAICS index codes categorize products and services that are common to particular industries. According to BLS, these codes “provide comparability with a wide assortment of industry-based data for other economic programs, including productivity, production, employment, wages, and earnings.”
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-services-industry-naics-518210.htm.</E>
                    </P>
                </FTNT>
                <P>
                    The service (product) lines for which price indexes are available under the Data PPI are: (1) business process management services (2) data management and storage information transformation and other services and (3) hosting ASP and other IT infrastructure provisioning services. The most apt of these industry and product specific categorizations for purposes of this present proposal to modify fees for the 10 Gb physical port fee measures inflation for the provision of data processing, hosting and related services as well as other information technology infrastructure provisioning services which BLS identifies as identified as NAICS—5182105.
                    <SU>20</SU>
                    <FTREF/>
                     The Exchange believes that this measure of inflation is particularly appropriate because the Exchange's connectivity services involve hosting and providing connections to its customers' telecommunications and information technology equipment, as well as preparing, assigning, and activating IT infrastructure components, such as servers, storage, and network connectivity. The Exchange also uses its “proprietary software,” 
                    <E T="03">i.e.,</E>
                     its own proprietary matching engine software, to receive orders on the Exchange's proprietary trading platform as well as to collect, organize, store and report customers' transactions. In other words, the Exchange is in the business of data processing, hosting, ASP, and providing other IT infrastructure provisioning services. Specifically, within this category, the Exchange points to the financial business process management services category under the umbrella of data processing.
                    <SU>21</SU>
                    <FTREF/>
                     The financial business process management services is described as “providing a bundled service package that combines information-technology-intensive services with labor (manual or professional depending on the solution), machinery, and facilities to support, host and manage a financial business process for a client, such as financial transaction processing, credit card processing, payment services, and lending services.” 
                    <SU>22</SU>
                    <FTREF/>
                     The Exchange's connectivity service provides connections to its customers' telecommunications and information technology equipment, as well as preparing, assigning, and activating IT infrastructure components to facilitate the transmission of orders and receipt of financial transactions for its customers' while connected to the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See https://data.bls.gov/timeseries/PCU5182105182105.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         See 
                        <E T="03">https://voorburggroup.org/Documents/2018%20Rome/Papers/1014.pdf.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Further, the Exchange believes that this specific index is best suited to guide this price increase as it reflects the change in this specific instance over the last seven years instead of looking at the underlying components of the service. PPI has published broad guidance regarding price adjustments for contracts,
                    <SU>23</SU>
                    <FTREF/>
                     and within this it noted that contracting parties should choose an index or group of indexes that represent the cost for providing a particular product or service, rather than an index for the product itself.
                    <SU>24</SU>
                    <FTREF/>
                     While this helps a contracting seller avoid a circumstance where it is unable to raise its price for the product itself if the underlying components have increased and the PPI for the product itself has not yet increased—this is not the case here. The Exchange instead is using historical data over a seven-year period as a reference point for its proposed increase moving forward—underlying components that have increased over the course of seven years have since (by and large) been reflected in the product itself.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/publications/price-adjustment-guide-for-contracting-parties.htm#FOOT5.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         “For example, if an apparel manufacturer were contracting for long-term purchases with a producer of finished fabrics, it would be more advisable to tie the price adjustment clause to a PPI for synthetic fibers, processed yarns and threads, or greige fabrics (raw fabric), rather than to a PPI for a type of finished fabric.” 
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange further believes the Data PPI is an appropriate measure for purposes of the proposed rule change on the basis that it is a stable metric with limited volatility, unlike other consumer-side inflation metrics. In fact, the Data PPI has not experienced a greater than 2.16% increase for any one calendar year period since Data PPI was introduced into the PPI in January 2002. For example, the average calendar year change from January 2002 to December 2023 was .62%, with a cumulative increase of 15.67% over this 21-year period. The Exchange believes the Data PPI is considerably less volatile than other inflation metrics such as CPI, which has had individual calendar-year increases of more than 6.5%, and a cumulative increase of over 73% over the same period.
                    <SU>25</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">See https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/.</E>
                    </P>
                </FTNT>
                <P>
                    As noted above, the current 10 Gb physical port fee remained unchanged for almost seven years, particularly since June 2018.
                    <SU>26</SU>
                    <FTREF/>
                     Since its last increase almost 7 years ago however, there has been notable inflation, including under the industry- and product-specific PPI, which as described above is a tailored measure of inflation. Particularly, the Hosting, ASP and other IT Infrastructure Provisioning Services inflation measure had a starting value of 102.2 in June 2018 (the month the Exchange started 
                    <PRTPAGE P="22383"/>
                    assessing the current fee) and an ending value of 118.502 in January 2025, representing a 16% increase.
                    <SU>27</SU>
                    <FTREF/>
                     This indicates that companies who are also in the hosting ASP and other IT infrastructure provisioning services have generally increased prices for a specified service covered under NAICS 5182105 by an average of 16% during this period.
                </P>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Securities and Exchange Release No. 83455 (June 15, 2018), 83 FR 28892 (June 21, 2018) (SR-C2-2018-014).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See https://data.bls.gov/timeseries/PCU5182105182105.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that it is reasonable to increase its fees to compensate for inflation because, over time, inflation has degraded the value of each dollar that the Exchange collects in fees, such that the real revenue collected today is considerably less than that same revenue collected in 2018. The impact of this inflationary effect is also independent of any change in the Exchange's costs in providing its goods and services. The Exchange therefore believes that it is reasonable for it to offset, in part, this erosion in the value of the revenues it collects. Additionally, the Exchange historically does not increase fees every year notwithstanding inflation.
                    <SU>28</SU>
                    <FTREF/>
                     Other exchanges have also filed for increases in certain fees, based in part on comparisons to inflation.
                    <SU>29</SU>
                    <FTREF/>
                     Accordingly, based on the above-described percentage change based on an industry- and product-specific inflationary measure, and in conjunction with the rationale further described above and below, the Exchange believes the proposed fee increase is reasonable.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         As the Exchange historically does not increase fees every year notwithstanding inflation, the Exchange believes that the more specific index is appropriate to look at as it is reflective of the cumulative increase over the course of almost seven years. While the PPI has published guidance that a broader index may be more helpful to reference in a contract to avoid large swings on a shorter duration (and to which such a swing over a brief duration may trigger additional obligations), the Exchange, in contrast, is instead looking forward to adjust its price to reflect changes in the industry over the past seven years. 
                        <E T="03">See</E>
                         supra note 20.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release Nos. 34-100994 (September 10, 2024), 89 FR 75612 (September 16, 2024) (SR-NYSEARCA-2024-79).
                    </P>
                </FTNT>
                <P>Next, the Exchange believes significant investments into, and enhanced performance of, the Exchange, in the years following the last 10 Gb physical port fee increase support the reasonableness of the proposed fee increase. These investments enhanced the quality of its services, as measured by, among other things, increased throughput and faster processing speeds. Customers have therefore greatly benefitted from these investments, while the Exchange's ability to recoup its investments has been hampered.</P>
                <P>For example, the Exchange and its affiliated exchanges recently launched a multi-year initiative to improve Cboe Exchange Platform performance and capacity requirements to increase competitiveness, support growth and advance a consistent world class platform. The goal of the project, among other things, is to provide faster and more consistent order handling and matching performance for options, while ensuring quicker processing time and supporting increasing volumes and capacity needs. For example, the Exchange recently performed switch hardware upgrades. Particularly, the Exchange replaced existing customer access switches with newer models, which the Exchange believes resulted in increased determinism. The recent switch upgrades also increased the Exchange's capacity to accommodate more physical ports by nearly 50%. Network bandwidth was also increased nearly two-fold as a result of the upgrades, which among other things, can lead to reduce message queuing. The Exchange also believes these newer models result in less natural variance in the processing of messages. The Exchange notes that it incurred costs associated with purchasing and upgrading to these newer models, of which the Exchange has not otherwise passed through or offset.</P>
                <P>
                    As of April 1, 2024, market participants also having the option of connecting to a new data center (
                    <E T="03">i.e.,</E>
                     Secaucus NY6 Data Center (“NY6”)), in addition to the current data centers at NY4 and NY5. The Exchange made NY6 available in response to customer requests in connection with their need for additional space and capacity. In order to make this space available, the Exchange expended significant resources to prepare this space, and will also incur ongoing costs with respect to maintaining this offering, including costs related to power, space, fiber, cabinets, panels, labor and maintenance of racks. The Exchange also incurred a large cost with respect to ensuring NY6 would be latency equalized, as it is for NY4 and NY5.
                </P>
                <P>The Exchange also has made various other improvements since the current physical port rates were adopted in 2018. For example, the Exchange has updated its customer portal to provide more transparency with respect to firms' respective connectivity subscriptions, enabling them to better monitor, evaluate and adjust their connections based on their evolving business needs. The Exchange also performs proactive audits on a weekly basis to ensure that all customer cross connects continue to fall within allowable tolerances for Latency Equalized connections. Accordingly, the Exchange expended, and will continue to expend, resources to innovate and modernize technology so that it may benefit its TPHs and continue to compete among other options markets. The ability to continue to innovate with technology and offer new products to market participants allows the Exchange to remain competitive in the options space which currently has 18 registered options markets and potential new entrants. If the Exchange were not able to assess incrementally higher fees for its connectivity, it would effectively impact how the Exchange manages its technology and hamper the Exchange's ability to continue to invest in and fund access services in a manner that allows it to meet existing and anticipated access demands of market participants. Disapproval of fee changes such as the proposal herein, could also have the adverse effect of discouraging an exchange from improving its operations and implementing innovative technology to the benefit of market participants if it believes the Commission would later prevent that exchange from recouping costs and monetizing its operational enhancements, thus adversely impacting competition as well as the interests of market participants and investors.</P>
                <P>
                    Finally, the proposed fee is also the same as is concurrently being proposed for its Affiliate Exchanges. Further, TPHs are able to utilize a single port to connect to all of its Affiliate Exchanges and will only be charged one single fee (
                    <E T="03">i.e.,</E>
                     a market participant will only be assessed the proposed $8,500 even if it uses that physical port to connect to the Exchange and another (or even all 6) of its Affiliate Exchanges. Particularly, the Exchange believes the proposed monthly per port fee is reasonable, equitable and not unfairly discriminatory since as the Exchange has determined to not charge multiple fees for the same port. Indeed, the Exchange notes that several ports are in fact purchased and utilized across one or more of the Exchange's affiliated Exchanges (and charged only once).
                </P>
                <P>
                    The Exchange also believes that the proposed fee change is not unfairly discriminatory because it would be assessed uniformly across all market participants that purchase the physical ports. The Exchange believes increasing the fee for 10 Gb physical ports and charging a higher fee as compared to the 1 Gb physical port is equitable as the 1 Gb physical port is 1/10th the size of the 10 Gb physical port and therefore does not offer access to many of the products 
                    <PRTPAGE P="22384"/>
                    and services offered by the Exchange (
                    <E T="03">e.g.,</E>
                     ability to receive certain market data products). Thus, the value of the 1 Gb alternative is lower than the value of the 10 Gb alternative, when measured based on the type of Exchange access it offers. Moreover, market participants that purchase 10 Gb physical ports utilize the most bandwidth and therefore consume the most resources from the network. The Exchange also anticipates that firms that utilize 10 Gb ports will benefit the most from the Exchange's investment in offering NY6 as the Exchange anticipates there will be much higher quantities of 10 Gb physical ports connecting from NY6 as compared to 1 Gb ports. Indeed, the Exchange notes that 10 Gb physical ports account for approximately 90% of physical ports across the NY4, NY5, and NY6 data centers, and to date, 80% of new port connections in NY6 are 10 Gb ports. As such, the Exchange believes the proposed fee change for 10 Gb physical ports is reasonably and appropriately allocated.
                </P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed fee change will not impact intramarket competition because it will apply to all similarly situated TPHs equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb physical port). Additionally, the Exchange does not believe its proposed pricing will impose a barrier to entry to smaller participants and notes that its proposed connectivity pricing is associated with relative usage of the various market participants. For example, market participants with modest capacity needs can continue to buy the less expensive 1 Gb physical port (which cost is not changing) or may choose to obtain access via a third-party re-seller. While pricing may be increased for the larger capacity physical ports, such options provide far more capacity and are purchased by those that consume more resources from the network. Accordingly, the proposed connectivity fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation reflects the network resources consumed by the various size of market participants—lowest bandwidth consuming members pay the least, and highest bandwidth consuming members pays the most.
                </P>
                <P>The proposed fee change also does not impose a burden on competition or on other Self-Regulatory Organizations that is not necessary or appropriate. As described above, the Exchange evaluated its proposed fee change using objective and stable metric with limited volatility. Utilizing Data Processing PPI over a specified period of time is a reasonable means of recouping a portion of the Exchange's investment in maintaining and enhancing the connectivity service identified above. The Exchange believes utilizing Data Processing PPI, a tailored measure of inflation, to increase certain connectivity fees to recoup the Exchange's investment in maintaining and enhancing its services and products would not impose a burden on competition.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>30</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>31</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-C2-2025-010 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-C2-2025-010. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-C2-2025-010 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>32</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>32</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09400 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="22385"/>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103088; File No. SR-NYSE-2024-44]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Sections 802.02 and 802.03 of the NYSE Listed Company Manual To Provide That the Exchange Will Not Review a Compliance Plan Submitted by a Listed Company That Is Below Compliance With a Continued Listing Standard if the Company Owes Any Unpaid Fees to the Exchange and Will Instead Commence Suspension and Delisting Procedures if Such Fees Are Not Paid in Full</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>
                    On September 27, 2024, New York Stock Exchange LLC (“NYSE” or the “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to amend Sections 802.02 and 802.03 of the NYSE Listed Company Manual (“Manual”) to provide that the Exchange (1) will not review a compliance plan submitted by a domestic or non-U.S. listed company that is determined to be below compliance with a continued listing standard unless the company has paid in full all outstanding listing or annual fees due to the Exchange and will commence suspension and delisting procedures in accordance with Section 804.00 of the Manual if such fees are not paid in full by the plan submission deadline; or (2) with respect to any unpaid fees that have become due and payable since the commencement of its plan period, if such fees are not paid in full at the time of any required periodic review of such plan, will commence suspension and delisting procedures in accordance with Section 804.00 of the Manual. The proposed rule change was published for comment in the 
                    <E T="04">Federal Register</E>
                     on October 16, 2024.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101295 (Oct. 9, 2024), 89 FR 83527 (“Notice”). Comment letters on the proposed rule change are available at: 
                        <E T="03">https://www.sec.gov/comments/sr-nyse-2024-44/srnyse202444.htm.</E>
                    </P>
                </FTNT>
                <P>
                    On November 25, 2024, pursuant to Section 19(b)(2) of the Exchange Act,
                    <SU>4</SU>
                    <FTREF/>
                     the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.
                    <SU>5</SU>
                    <FTREF/>
                     On January 13, 2025, the Commission issued an order instituting proceedings under Section 19(b)(2) of the Exchange Act 
                    <SU>6</SU>
                    <FTREF/>
                     to determine whether to approve or disapprove the proposed rule change.
                    <SU>7</SU>
                    <FTREF/>
                     On March 10, 2025, the Commission issued a notice of designation of a longer period of time for Commission action on proceedings to determine whether to approve or disapprove the proposed rule change.
                    <SU>8</SU>
                    <FTREF/>
                     On May 8, 2025, the Exchange filed Amendment No. 1 to the proposed rule change, which supersedes the original filing in its entirety.
                    <SU>9</SU>
                    <FTREF/>
                     The Commission is publishing this notice to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101738, 89 FR 95283 (Dec. 2, 2024). The Commission designated January 14, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102168, 90 FR 6037 (Jan. 17, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102560, 90 FR 12187 (Mar. 14, 2025). The Commission designated June 13, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         Amendment No. 1 is available on the Commission's website at 
                        <E T="03">https://www.sec.gov/comments/sr-nyse-2024-44/srnyse202444-599155-1740742.pdf.</E>
                         In Amendment No. 1, the Exchange amended the proposed rule text to provide that: (i) the Exchange will disclose the amount of any unpaid fees as of the date of the non-compliance letter and the Exchange will not review and approve a plan unless all such disclosed fees are paid in full; (ii) at the beginning of each calendar fiscal quarter (or semi-annual period in the case of a listed non-U.S. company) during the plan period, the Exchange will disclose to the company the amount of all unpaid fees owed by the company to the Exchange as of the end of the just-completed fiscal quarter or semi-annual period, as applicable, and that, if the company does not pay all of the disclosed outstanding fees within 45 days, the Exchange will commence suspension and delisting procedures; and (iii) a company will not be deemed back into compliance prior to the completion of its plan period unless it has paid in full all of the disclosed outstanding fees and the Exchange will initiate suspension and delisting procedures if the company has not paid all of the disclosed outstanding fees as of the end of the plan period. In addition, in Amendment No. 1, the Exchange added further description to the proposal with respect to: (i) the work undertaken by the Exchange in reviewing compliance plans under Sections 802.02 and 802.03 of the Manual; (ii) why the proposed requirement is not being imposed on companies that are non-compliant with the requirements of Sections 802.01E or 802.01F of the Manual; and (iii) the risk that companies that are delisted at the end of the plan process may never pay outstanding fees owed to the Exchange. 
                        <E T="03">See</E>
                         Amendment No. 1 at 4-5.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Description of the Proposed Rule Change, as Modified by Amendment No. 1</HD>
                <P>
                    Currently, Sections 802.02 and 802.03 of the Manual provide that when the Exchange identifies a domestic company subject to Section 802.02 of the Manual (“listed domestic company”) or a non-U.S. company subject to Section 802.03 of the Manual (“listed non-U.S. company”) as being below the continued listing criteria set forth in Section 802.01 of the Manual (and the company is not able to otherwise qualify under an original listing standard), the Exchange will notify the company of such noncompliance by letter (the “Non-Compliance Letter”) 
                    <SU>10</SU>
                    <FTREF/>
                     and give the company an opportunity to provide the Exchange with a plan (“plan”) advising the Exchange of definitive action the company has taken, or is taking, that would bring it into conformity with continued listing standards within 18 months.
                    <SU>11</SU>
                    <FTREF/>
                     If a company submits a plan pursuant to Sections 802.02 or 802.03 of the Manual, it must identify specific quarterly milestones, in the case of listed domestic companies, or semi-annual milestones, in the case of listed non-U.S. companies, against which the Exchange will evaluate the company's progress.
                    <SU>12</SU>
                    <FTREF/>
                     A company has 45 days, in the case of listed domestic companies, or 90 days, in the case of listed non-U.S. companies, from receipt of the Non-Compliance Letter to submit its plan to the Exchange for review (the “plan submission deadline”).
                    <SU>13</SU>
                    <FTREF/>
                     Otherwise, the Exchange will promptly initiate suspension and delisting procedures in accordance with Section 804.00 of the Manual.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The Exchange's proposal adds the defined term “Non-Compliance Letter” to the rule text. 
                        <E T="03">See</E>
                         Amendment No. 1 at 33, 35.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         Sections 802.02 and 802.03 of the Manual.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See id.</E>
                         The Exchange's proposal clarifies that such suspension and delisting procedures are in accordance with Section 804.00 of the Manual. 
                        <E T="03">See</E>
                         Amendment No. 1 at 5 n.5.
                    </P>
                </FTNT>
                <P>
                    With respect to a plan submitted pursuant to Sections 802.02 or 802.03 of the Manual, Exchange staff will evaluate the plan, including any supporting documentation, and determine whether the company has made a reasonable demonstration in the plan of the company's ability to come into conformity with the relevant continued 
                    <PRTPAGE P="22386"/>
                    listing standards within 18 months.
                    <SU>15</SU>
                    <FTREF/>
                     If the Exchange accepts the plan, the Exchange will review the company for compliance with the plan either quarterly, in the case of a listed domestic company, or semi-annually, in the case of a listed non-U.S. company.
                    <SU>16</SU>
                    <FTREF/>
                     If the Exchange determines that the company has failed to meet the material aspects of the plan or any quarterly or semi-annual milestones, as applicable, the Exchange will review the circumstances and variance, and determine whether the company remains able to come back into compliance or whether such variance warrants commencement of suspension and delisting procedures.
                    <SU>17</SU>
                    <FTREF/>
                     In any event, a company that does not meet the continued listing standards at the end of the 18 months will be subject to the prompt initiation of suspension and delisting procedures in accordance with Section 804.00 of the Manual.
                    <SU>18</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         Sections 802.02 and 802.03 of the Manual. The Exchange will make such determination within 45 days of receipt of the plan and will promptly notify the company of its determination in writing. 
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">See id.</E>
                         The Exchange will deem the plan period over prior to the end of the 18 months if a company is able to demonstrate returning to compliance with the applicable continued listing standards, or achieving the ability to qualify under an original listing standard, for a period of two consecutive quarters. 
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See id.</E>
                         If the Exchange determines to proceed with suspension and delisting procedures in accordance with Section 804.00 of the Manual, it may do so regardless of the company's continued listing status at that time. 
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See id. See also</E>
                         Amendment No. 1 at 6 n.6.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to amend Sections 802.02 and 802.03 of the Manual to provide that the Exchange will not review a plan submitted by a listed domestic company or listed non-U.S. company (each referred to herein as a “listed company” and, together, “listed companies”) that the Exchange has identified as being below the continued listing standards set forth in Section 802.01 of the Manual unless the company has previously paid in full all listing or annual fees due to the Exchange as of the date of the Non-Compliance Letter, as disclosed by the Exchange in the Non-Compliance Letter.
                    <SU>19</SU>
                    <FTREF/>
                     If the listed company is below the continued listing standards and has not paid in full all outstanding listing or annual fees disclosed in the Non-Compliance Letter by the plan submission deadline, the Exchange will promptly initiate suspension and delisting procedures in accordance with Section 804.00 of the Manual.
                    <SU>20</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See</E>
                         Amendment No. 1 at 7.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <P>
                    In addition, the Exchange proposes to amend Sections 802.02 and 802.03 of the Manual to provide that at the beginning of each quarterly or semi-annual period, as applicable, the Exchange will disclose to the listed company in writing the amount of all unpaid listing and annual fees owed by the company to the Exchange as of the end of the just-completed fiscal period.
                    <SU>21</SU>
                    <FTREF/>
                     If the company does not pay in full all of the outstanding fees disclosed therein within 45 days of the date of such disclosure, the Exchange will promptly initiate suspension and delisting procedures with respect to such company in accordance with Section 804.00 of the Manual.
                    <SU>22</SU>
                    <FTREF/>
                     In addition, a company will not be deemed to be back in compliance prior to the completion of its plan period unless it has paid in full all of the outstanding fees owed to the Exchange as disclosed in the most recent quarterly or semi-annual fee disclosure, as applicable, and the Exchange will promptly initiate suspension and delisting procedures in accordance with Section 804.00 of the Manual if a company has not paid in full all of the outstanding fees disclosed in the most recent disclosure as of the end of the plan period.
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange states that the process of reviewing and analyzing plans, and reviewing the periodic updates with respect to plans, is resource-intensive and costly for the Exchange and requires significant work by Exchange staff.
                    <SU>24</SU>
                    <FTREF/>
                     The Exchange also states that, given the significant amount of work required to review and analyze plans, as well as to undertake the required quarterly or semi-annual review of plans, the Exchange believes it is important to ensure that companies that wish to have a plan accepted or continued by the Exchange have paid all outstanding annual and listing fees by the plan submission deadline or at the time of any required review of such plan.
                    <SU>25</SU>
                    <FTREF/>
                     The Exchange further states that the large majority of companies that submit plans do so because they have fallen below compliance with the global market capitalization and stockholders' equity requirement of Section 802.01B of the Manual, which provides that a company will be considered below compliance if its average global market capitalization over a consecutive 30 trading-day period is less than $50,000,000 and, at the same time, stockholders' equity is less than $50,000,000.
                    <SU>26</SU>
                    <FTREF/>
                     The Exchange states that, in many cases, companies that are below compliance with this requirement have limited liquidity and are often delayed in paying their annual and listing fees.
                    <SU>27</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See</E>
                         Notice at 83528. According to the Exchange, in connection with an initial plan review and each subsequent periodic update, the staff engages in a detailed review and analysis of the company's filed financial and other disclosures, as well as supplemental documentation submitted by the company in support of the plan or to evidence progress in successful implementation of the plan. According to the Exchange, the staff is required to become deeply informed about the business and financial condition and the prospects of the company, including any material risks faced by the company. The Exchange states that, to achieve this level of understanding, Exchange staff typically engages in multiple detailed conversations with management in addition to the extensive documentary review that is undertaken and that this process requires significant expenditure of staff resources, including the significant involvement of senior staff members. 
                        <E T="03">See</E>
                         Amendment No. 1 at 6.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">See</E>
                         Notice at 83528.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Amendment No. 1 at 6-7. 
                        <E T="03">See also</E>
                         Section 802.01B of the Manual.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Amendment No. 1 at 7. The Exchange states that, in its experience, when these companies fail to regain compliance under a plan and are subject to delisting, they have often not paid all outstanding fees at the time of delisting and, in many such cases, never pay their outstanding fees. 
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange states that listed companies are already required by Exchange rules to pay fees, as set forth in Section 902.00 
                    <E T="03">et seq.</E>
                     of the Manual 
                    <SU>28</SU>
                    <FTREF/>
                     and their listing agreements,
                    <SU>29</SU>
                    <FTREF/>
                     and the Exchange currently has the authority under Section 802.01D of the Manual to delist companies for violations of their agreements with the Exchange, including their listing agreements.
                    <SU>30</SU>
                    <FTREF/>
                     The Exchange states that while these provisions already give the Exchange authority to delist companies that do not pay their fees, the Exchange believes that it is desirable to have a transparent and uniform process for the delisting of companies that are delinquent in paying their fees and seeking to avail themselves of the plan process under Sections 802.02 or 802.03 of the 
                    <PRTPAGE P="22387"/>
                    Manual.
                    <SU>31</SU>
                    <FTREF/>
                     The Exchange also states that the proposal will help the Exchange to ensure that it has sufficient resources to fund its regulatory activities related to the review and approval and the ongoing monitoring of plans submitted by companies that are below continued listing standards.
                    <SU>32</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         The listing fees and annual fees for all categories of listed securities are set forth in Section 902.00 
                        <E T="03">et seq.</E>
                         of the Manual. 
                        <E T="03">See</E>
                         Notice at 83528 n.4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         The Exchange states that the NYSE listing agreement includes an agreement by the listing applicant to “pay when due all fees associated with its listing of securities on the Exchange, in accordance with the Exchange's rules.” Notice at 83528. 
                        <E T="03">See also</E>
                         NYSE Listing Agreement for Domestic Company Equity Securities 
                        <E T="03">available at: https://www.nyse.com/publicdocs/nyse/listing/Domestic_Co_Listing_Agreement.pdf.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         Notice at 83528. Section 802.01D of the Manual provides that the Exchange may in its sole discretion subject a company to the procedures outlined in Sections 802.02 and 802.03 of the Manual if the company, its transfer agent, or registrar, violates any of its, or their, listing or other agreements with the Exchange. In addition, Section 802.01D of the Manual provides that the Exchange is not limited by the criteria set forth in the rule and “[o]ther factors which may lead to a company's delisting include . . . [a] breach by the company of the terms of its listing agreement.”
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">See</E>
                         Amendment No. 1 at 8.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">See</E>
                         Notice at 83528.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">III. Discussion and Commission Findings</HD>
                <P>
                    After careful review, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with the requirements of the Exchange Act and the rules and regulations thereunder applicable to a national securities exchange.
                    <SU>33</SU>
                    <FTREF/>
                     In particular, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(5) of the Exchange Act,
                    <SU>34</SU>
                    <FTREF/>
                     which requires, among other things, that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest, and not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers; and Section 6(b)(7) of the Exchange Act,
                    <SU>35</SU>
                    <FTREF/>
                     which requires, among other things, that the rules of an exchange provide a fair procedure for the prohibition or limitation by the exchange of any person with respect to access to services offered by the exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 
                        <E T="03">See</E>
                         15 U.S.C. 78c(f).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         15 U.S.C. 78f(b)(7).
                    </P>
                </FTNT>
                <P>
                    The development and enforcement of meaningful listing standards 
                    <SU>36</SU>
                    <FTREF/>
                     for an exchange is of critical importance to financial markets and the investing public. Among other things, such listing standards help ensure that exchange-listed companies will have sufficient public float, investor base, and trading interest to provide the depth and liquidity to promote fair and orderly markets.
                    <SU>37</SU>
                    <FTREF/>
                     Meaningful listing standards also are important given investor expectations regarding the nature of securities that have achieved an exchange listing, and the role of an exchange in overseeing its market and assuring compliance with its listing standards.
                    <SU>38</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         The Commission notes that this reference to “listing standards” is referring to both initial and continued listing standards.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         Adequate listing standards, by promoting fair and orderly markets, are consistent with Section 6(b)(5) of the Exchange Act, in that they are, among other things, designed to prevent fraudulent and manipulative acts and practices, promote just and equitable principles of trade, and protect investors and the public interest. 
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release No. 100816 (Aug. 26, 2024), 89 FR 70674, 70677 n.47 (Aug. 30, 2024) (SR-NASDAQ-2024-019).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release Nos. 101271 (Oct. 7, 2024), 89 FR 82652, 82653 n.23 and accompanying text (Oct. 11, 2024) (SR-NASDAQ-2024-029) (Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 2, to Modify the Application of Bid Price Compliance Periods); 88716 (Apr. 21, 2020), 85 FR 23393 (Apr. 27, 2020) (SR-NASDAQ-2020-001) (Order Approving a Proposed Rule Change To Modify the Delisting Process for Securities With a Bid Price at or Below $0.10 and for Securities That Have Had One or More Reverse Stock Splits With a Cumulative Ratio of 250 Shares or More to One Over the Prior Two-Year Period); 88389 (Mar. 16, 2020), 85 FR 16163 (Mar. 20, 2020) (SR-NASDAQ-2019-089) (Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 5815 To Preclude Stay During Hearing Panel Review of Staff Delisting Determinations in Certain Circumstances). 
                        <E T="03">See also</E>
                         Securities Exchange Act Release No. 81856 (Oct. 11, 2017), 82 FR 48296, 48298 (Oct. 17, 2017) (SR-NYSE-2017-31) (Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Listed Company Manual To Adopt Initial and Continued Listing Standards for Subscription Receipts) (stating that “[a]dequate standards are especially important given the expectations of investors regarding exchange trading and the imprimatur of listing on a particular market” and that “[o]nce a security has been approved for initial listing, maintenance criteria allow an exchange to monitor the status and trading characteristics of that issue . . . so that fair and orderly markets can be maintained”).
                    </P>
                </FTNT>
                <P>
                    Sections 802.02 and 802.03 of the Manual set forth specific procedures for listed companies that are identified as being below the Exchange's continued listing criteria, including procedures for companies to submit a plan to regain compliance.
                    <SU>39</SU>
                    <FTREF/>
                     The Commission has stated that such rules enhance investor protection by ensuring that companies that fail to satisfy the continued listing criteria are identified, reviewed, and then subjected to specified delisting procedures.
                    <SU>40</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         
                        <E T="03">See</E>
                         Sections 802.02 and 802.03 of the Manual.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release No. 41502 (June 9, 1999), 64 FR 32588, 32594 (June 17, 1999) (SR-NYSE-99-13).
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to require listed companies that have been identified to be below the Exchange's continued listing standards and are submitting a plan to regain compliance under Sections 802.02 and 802.03 of the Manual to pay any unpaid listing or annual fees due to the Exchange prior to the Exchange expending resources to initially review a plan, periodically review a plan, or deem a company has demonstrated a return to compliance under a plan. The Exchange will disclose to these listed companies the amount of all unpaid listing and annual fees in the Non-Compliance Letter and at the beginning of the quarterly or semi-annual review period, as applicable. The Exchange also proposes that it will commence suspension and delisting procedures if such companies fail to pay the disclosed fees in full within a certain time period following such disclosure. The Exchange states that Exchange staff must undertake a significant amount of resource-intensive and costly work in initially and periodically reviewing and analyzing plans submitted by noncompliant companies pursuant to Sections 802.02 and 802.03 of the Manual.
                    <SU>41</SU>
                    <FTREF/>
                     The Commission finds that the Exchange's proposal, as modified by Amendment No. 1, will further the purposes of Section 6(b)(5) of the Exchange Act by, among other things, protecting investors and the public interest by helping to ensure the Exchange has sufficient resources to fund its regulatory activities relating to the review, approval, and ongoing monitoring of plans submitted by listed companies subject to Sections 802.02 and 802.03 of the Manual and seeking to regain compliance with continued listing standards.
                    <SU>42</SU>
                    <FTREF/>
                     Moreover, although Sections 802.01D and 902.00 of the Manual provide the Exchange with existing authority to delist companies that fail to pay their listing or annual fees,
                    <SU>43</SU>
                    <FTREF/>
                     the proposal will provide greater transparency to listed companies about how the Exchange will handle unpaid fees in circumstances where companies seek to use or are using a compliance plan under Sections 802.02 and 802.03 of the Manual.
                </P>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         
                        <E T="03">See supra</E>
                         note 24 and accompanying text.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         
                        <E T="03">See supra</E>
                         note 32.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         
                        <E T="03">See supra</E>
                         notes 28-30 and accompanying text.
                    </P>
                </FTNT>
                <P>
                    The Commission finds that proposed rule change is also consistent with the requirement of Section 6(b)(5) of the Exchange Act 
                    <SU>44</SU>
                    <FTREF/>
                     that the rules of a national securities exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. It is reasonable for the Exchange to limit its proposal to listed companies that are below continued listing standards and are subject to the procedures in Sections 802.02 and 802.03 of the Manual. As discussed above, the Exchange states that many of the listed companies that submit plans pursuant to Sections 802.02 and 802.03 of the Manual do so because they have fallen below 
                    <PRTPAGE P="22388"/>
                    compliance with the global market capitalization and stockholders' equity requirement of Section 802.01B of the Manual. The Exchange states that these companies often have limited liquidity and are delayed in paying their annual and listing fees, and when they fail to regain compliance under the plan and are delisted, many times they never pay their outstanding fees.
                    <SU>45</SU>
                    <FTREF/>
                     Moreover, as discussed, above, the Exchange states that the process of reviewing and analyzing plans and reviewing the periodic updates with respect to plans pursuant to Sections 802.02 and 802.03 is resource-intensive and costly for the Exchange.
                    <SU>46</SU>
                    <FTREF/>
                     In addition, while Sections 802.01E and 802.01F of the Manual also provide for compliance periods to allow listed companies to come back into compliance with certain other Exchange rules, the Exchange states that it does not, nor does it expect to, expend a similar amount of effort in reviewing and approving compliance plans under these provisions.
                    <SU>47</SU>
                    <FTREF/>
                     Accordingly, the proposal focuses on companies that are below listing standards and have unpaid fees outstanding in circumstances in which the Exchange can reasonably expect to devote greater resources relating to the company coming back into compliance with listing standards and where the Exchange faces a greater risk of fees remaining unpaid.
                </P>
                <FTNT>
                    <P>
                        <SU>44</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>45</SU>
                         
                        <E T="03">See supra</E>
                         notes 26-27 and accompanying text.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>46</SU>
                         
                        <E T="03">See supra</E>
                         note 24 and accompanying text.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>47</SU>
                         See Amendment No. 1 at 7-9. In particular, Section 802.01E (SEC Annual and Quarterly Report Timely Filing Criteria) applies to a listed company that incurs a late filing delinquency by failing to timely file certain reports with the Commission and provides that such companies may be granted a compliance period of up to 12 months from the extended due date of the delayed filing. Section 802.01F of the Manual (Noncompliance with Section 303A.14 (Erroneously Awarded Compensation)) applies to a listed issuer that is not compliant with the “clawback requirements” relating to erroneously awarded compensation and provides a process for an issuer to come back into compliance with Exchange rules that is similar to the process set forth in Section 802.01E of the Manual. With respect to both rules, the Exchange states that it does not expend a similar amount of effort in reviewing and approving compliance periods to that required in reviewing plans for quantitative non-compliance pursuant to Sections 802.02 and 802.03 of the Manual because the issues involved are generally narrower and more technical in nature and do not require a review of a compliance plan that encompasses all of a company's business and financial condition. The Exchange also states that, with respect to Section 802.01E, companies that are delayed in filing their periodic reports are often in good financial health and do not present significant risks of quantitative non-compliance or of being delisted without paying their outstanding fees. 
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <P>
                    The Commission further believes the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(7) of the Exchange Act 
                    <SU>48</SU>
                    <FTREF/>
                     in that it provides a fair procedure for the prohibition or limitation by the Exchange of any person with respect to access to services offered. A listed company whose securities are subject to prompt suspension and delisting under the proposal will still be able to seek review of a delisting determination from the Committee for Review of the Board of Directors of the Exchange as set forth in Section 804.00 of the Manual. Further, the Exchange will provide notice of unpaid fees by disclosing in writing the amount of all unpaid listing and annual fees owed by a company to the Exchange in the Non-Compliance Letter and prior to any quarterly or semi-annual review of a plan, and the company will then have a reasonable period of time to pay such unpaid fees prior to the Exchange commencing suspension and delisting procedures. Accordingly, the Exchange's process for review of a delisting determination will continue to provide a fair procedure for the review of delisting determinations in accordance with Section 6(b)(7) of the Exchange Act.
                </P>
                <FTNT>
                    <P>
                        <SU>48</SU>
                         15 U.S.C. 78f(b)(7).
                    </P>
                </FTNT>
                <P>
                    For the reasons discussed above, the Commission finds that this proposed rule change, as modified by Amendment No. 1, is consistent with the requirements of the Exchange Act.
                    <SU>49</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>49</SU>
                         The comment letters received on the proposal were generally supportive. 
                        <E T="03">See</E>
                         Letters from Melody Aina Maryann Brand, dated November 30, 2024; Elizabeth Slator, dated January 13, 2025.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments on Amendment No. 1 to the Proposed Rule Change</HD>
                <P>Interested persons are invited to submit written data, views, and arguments concerning whether the proposed rule change, as modified by Amendment No. 1, is consistent with the Exchange Act. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-NYSE-2024-44 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-NYSE-2024-44. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-NYSE-2024-44, and should be submitted on or before June 17, 2025.
                </FP>
                <HD SOURCE="HD1">V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1</HD>
                <P>
                    The Commission finds good cause to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of notice of the filing of Amendment No. 1 in the 
                    <E T="04">Federal Register</E>
                    . The changes in Amendment No. 1 provide greater clarity to the rule text and additional explanation to the proposal. In particular, the changes in Amendment No. 1 provide that the Exchange will disclose in writing the amount of all unpaid listing and annual fees owed by a company to the Exchange in the Non-Compliance Letter and prior to any quarterly or semi-annual review of a plan, and that a company will have a specific period of time to pay such unpaid fees prior to the Exchange commencing suspension and delisting procedures. These changes provide greater clarity to how the Exchange will implement the proposal and help ensure that listed companies receive adequate notice of the fees due to the Exchange prior to the Exchange commencing suspension and delisting procedures. In addition, Amendment No. 1 further describes the work undertaken by the Exchange in 
                    <PRTPAGE P="22389"/>
                    reviewing compliance plans under Sections 802.02 and 802.03 of the Manual and the risks relating to companies being delisted at the end of the plan process without paying outstanding fees owed to the Exchange. These changes help to explain why the proposed requirements are focused on listed companies subject to Sections 802.02 and 802.03 of the Manual and are not being imposed on other companies not subject to such provisions. The changes to the rule text and additional information in Amendment No. 1 assist the Commission in evaluating the Exchange's proposal and in determining that it is consistent with the Exchange Act. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2) of the Exchange Act,
                    <SU>50</SU>
                    <FTREF/>
                     to approve the proposed rule change, as modified by Amendment No. 1, on an accelerated basis.
                </P>
                <FTNT>
                    <P>
                        <SU>50</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">VI. Conclusion</HD>
                <P>
                    <E T="03">It is therefore ordered,</E>
                     pursuant to Section 19(b)(2) of the Exchange Act,
                    <SU>51</SU>
                    <FTREF/>
                     that the proposed rule change (SR-NYSE-2024-44), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis.
                </P>
                <FTNT>
                    <P>
                        <SU>51</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>52</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>52</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09404 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103094; File No. SR-FINRA-2025-002]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Designation of Longer Period for Commission Action on Proposed Rule Change To Adopt FINRA Rule 6152 (Disclosure of Order Execution Information for NMS Stocks)</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    On April 2, 2025, the Financial Industry Regulatory Authority, Inc. (“FINRA”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to adopt FINRA Rule 6152 (Disclosure of Order Execution Information for NMS Stocks) to require members to submit their order execution reports for NMS stocks to FINRA for publication on the FINRA website. The proposed rule change was published for comment in the 
                    <E T="04">Federal Register</E>
                     on April 11, 2025.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102781 (April 7, 2025), 90 FR 15485 (April 11, 2025). Comments received on the proposed rule change are available at: 
                        <E T="03">https://www.sec.gov/comments/sr-finra-2025-002/srfinra2025002.htm.</E>
                    </P>
                </FTNT>
                <P>
                    Section 19(b)(2) of the Act 
                    <SU>4</SU>
                    <FTREF/>
                     provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is May 26, 2025. The Commission is extending this 45-day time period.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <P>
                    The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received. Accordingly, pursuant to Section 19(b)(2) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     the Commission designates July 10, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR-FINRA-2025-002).
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>6</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>6</SU>
                             17 CFR 200.30-3(a)(31).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09410 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103081; File No. SR-SAPPHIRE-2025-24]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Options Regulatory Fee Sunset Date From May 31, 2025 to December 31, 2025</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 14, 2025, MIAX Sapphire, LLC (“MIAX Sapphire” or “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange is filing a proposal to amend the MIAX Sapphire Options Exchange Fee Schedule (the “Fee Schedule”) relating to the Options Regulatory Fee (“ORF”) to extend the current sunset date of May 31, 2025 to December 31, 2025.</P>
                <P>
                    The text of the proposed rule change is available on the Exchange's website at 
                    <E T="03">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings,</E>
                     at MIAX Sapphire's principal office, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>
                    In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.
                    <PRTPAGE P="22390"/>
                </P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>The Exchange proposes to amend its Fee Schedule related to the ORF to extend the current sunset date of May 31, 2025 to December 31, 2025, and thus continue charging the previously established ORF in the amount of $0.0013 per contract side through December 31, 2025. As discussed herein, the ORF sunset date of May 31, 2025 was initially proposed to provide time for the Exchange to inform its approach to ORF and discuss alternative ORF models with market participants, so that it may compete on equal footing with each of the other option exchanges that charge similar regulatory fees. However, those discussions have made clear that there is not yet consensus among market participants on a path forward that would address industry concerns in a manner that would effect change broadly across all U.S. options exchanges. Thus, the Exchange proposes to extend the automatic sunset date of May 31, 2025 until December 31, 2025 in order to provide it additional time to inform its approach to the ORF after the sunset date while continuing to fund a portion of its regulatory program via ORF so that it may operate on equal footing with each of the seventeen (17) other options exchanges that charge similar regulatory fees in amounts that far exceed the relatively modest amounts collected by the Exchange.</P>
                <P>
                    As background, on August 7, 2024 the Exchange initially filed this proposal to establish an ORF in the amount of $0.0013 per contract side that would automatically sunset on October 31, 2024 (SR-SAPPHIRE-2024-14). The Exchange withdrew SR-SAPPHIRE-2024-14, and on August 21, 2024 replaced it with SR-SAPPHIRE-2024-25 (the “Initial ORF Filing”).
                    <SU>3</SU>
                    <FTREF/>
                     The Initial ORF Filing was published for comment in the 
                    <E T="04">Federal Register</E>
                     on September 3, 2024.
                    <SU>4</SU>
                    <FTREF/>
                     On October 31, 2024, the Exchange filed to extend the Initial ORF Filing sunset date of October 31, 2024 to May 31, 2025.
                    <SU>5</SU>
                    <FTREF/>
                     To date, the Securities and Exchange Commission (the “Commission”) received no comments on the Initial ORF Filing or its subsequent extension.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100824 (August 27, 2024), 89 FR 71496 (September 3, 2024) (SR-SAPPHIRE-2024-25).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Supra note 3.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101589 (October 31, 2024) [sic], 89 FR 90787 (November 18, 2024) (SR-SAPPHIRE-2024-35).
                    </P>
                </FTNT>
                <P>
                    The ORF is designed to recover a material portion of the costs to the Exchange of the supervision and regulation of Members’ 
                    <SU>6</SU>
                    <FTREF/>
                     customer options business, including performing routine surveillances and investigations, as well as policy, rulemaking, interpretive and enforcement activities. The Exchange believes that revenue generated from the ORF, when combined with all of the Exchange's other regulatory fees and fines, will cover a material portion, but not all, of the Exchange's regulatory costs. Currently, all other registered options exchanges impose ORF on their members, and those exchanges also charge ORF for executions occurring on the Exchange cleared by their customers.
                    <SU>7</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The term “Member” means an individual or organization that is registered with the Exchange pursuant to Chapter II of MIAX Sapphire Rules for purposes of trading on the Exchange as an “Electronic Exchange Member” or “Market Maker.” Members are deemed “members” under the Exchange Act. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release Nos. 58817 (October 20, 2008), 73 FR 63744 (October 27, 2008) (SR-CBOE-2008-05) (notice of filing and immediate effectiveness of Cboe adopting an ORF applicable to transactions across all options exchanges); 61133 (December 9, 2009), 74 FR 66715 (December 16, 2009) (SR-Phlx-2009-100) (notice of filing and immediate effectiveness of Phlx adopting an ORF applicable to transactions across all options exchanges); 61154 (December 11, 2009), 74 FR 67278 (December 18, 2009) (SR-ISE-2009-105) (notice of filing and immediate effectiveness of ISE adopting an ORF applicable to transactions across all options exchanges); 61388 (January 20, 2010), 75 FR 4431 (January 27, 2010) (SR-BX-2010-001) (notice of filing and immediate effectiveness of Nasdaq OMX BX, Inc. (“BX”) adopting an ORF applicable to transactions across all options exchanges); 70200 (August 14, 2013) 78 FR 51242 (August 20, 2013) (SR-Topaz-2013-01)) (notice of filing and immediate effectiveness of GEMX, formerly known as ISE Gemini and Topaz Exchange, adopting an ORF applicable to transactions across all options exchanges); 64400 (May 4, 2011), 76 FR 27118 (May 10, 2011) (SR-NYSEAmex-2011-27) (notice of filing and immediate effectiveness of NYSE AMEX adopting an ORF applicable to transactions across all options exchanges); 64399 (May 4, 2011), 76 FR 27114 (May 10, 2011) (SR-NYSEArca-2011-20) (notice of filing and immediate effectiveness of NYSE Arca adopting an ORF applicable to transactions across all options exchanges); 65913 (December 8, 2011), 76 FR 77883 (December 14, 2011) (SR-NASDAQ-2011-163) (notice of filing and immediate effectiveness of Nasdaq Options Market (“NOM”) adopting an ORF applicable to transactions across all options exchanges); 66979 (May 14, 2012), 77 FR 29740 (May 18, 2012) (SR-BOX-2012-002) (notice of filing and immediate effectiveness of BOX adopting an ORF applicable to transactions across all options exchanges); 67596 (August 6, 2012), 77 FR 47902 (August 10, 2012) (SR-C2-2012-023) (notice of filing and immediate effectiveness of C2 Options Exchange, Inc. (“C2”) adopting an ORF applicable to transactions across all options exchanges); 68711 (January 23, 2013) 78 FR 6155 (January 29, 2013) (SR-MIAX-2013-01) (notice of filing and immediate effectiveness of MIAX Options adopting an ORF applicable to transactions across all options exchanges); 74214 (February 5, 2015), 80 FR 7665 (February 11, 2015) (SR-BATS-2015-08) (notice of filing and immediate effectiveness of BZX formerly known as BATS, adopting an ORF applicable to transactions across all options exchanges); 80025 (February 13, 2017) 82 FR 11081 (February 17, 2017) (SR-BatsEDGX-2017-04) (notice of filing and immediate effectiveness of EDGX formerly known as Bats EDGX Exchange, Inc., adopting an ORF applicable to transactions across all options exchanges); 80875 (June 7, 2017) 82 FR 27096 (June 13, 2017) (SR-PEARL-2017-26) (notice of filing and immediate effectiveness of MIAX PEARL adopting an ORF applicable to transactions across all options exchanges); 85127 (February 13, 2019) 84 FR 5173 (February 20, 2019) (SR-MRX-2019-03) (notice of filing and immediate effectiveness of Nasdaq MRX, LLC (“MRX”) adopting an ORF applicable to transactions across all options exchanges); 85251 (March 6, 2019) 84 FR 8931 (March 12, 2019) (SR-EMERALD-2019-01) (notice of filing and immediate effectiveness of MIAX Emerald adopting an ORF applicable to transactions across all options exchanges).
                    </P>
                </FTNT>
                <P>
                    The Exchange recognizes that in 2019, the Commission issued suspensions of and orders instituting proceedings to determine whether to approve or disapprove a proposed rule change to modify the Options Regulatory Fee of NYSE American, NYSE Arca, MIAX Options, MIAX PEARL, MIAX Emerald, Cboe, Cboe EDGX Options, and C2.
                    <SU>8</SU>
                    <FTREF/>
                     Each of those exchanges had filed to increase their ORF, and the Commission indicated that each of those filings lacked detail and specificity, signaling that more information was needed to speak to whether the proposed increased ORFs were reasonable, equitably allocated and not unfairly discriminatory, particularly given that the ORF is assessed on transactions that clear in the “customer” range and regardless of the exchange on which the transaction occurs. The Commission also noted that the filings provided only broad general statements regarding options transaction volume and did not provide any information on those exchanges' historic or projected options regulatory costs (including the costs of regulating activity that cleared in the “customer” range and the costs of regulating activity that occurred off exchange), the amount of regulatory revenue they had generated and expected to generate from the ORF as 
                    <PRTPAGE P="22391"/>
                    well as other sources, or the “material portion” of options regulatory expenses that they sought to recover from the ORF. Each of those exchanges withdrew their filings, but continue charging ORF today as discussed above. The Exchange would be at an unfair competitive disadvantage if it were not allowed to charge the ORF to recover a material portion, but not all, of the Exchange's regulatory costs for the supervision and regulation of activity of its Members which as noted above, is charged by all currently operating options exchanges.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 87168 (September 30, 2019), 84 FR 53210 (October 4, 2019) (SR-Emerald-2019-29); Securities Exchange Act Release No. 87167 (September 30, 2019), 84 FR 53189 (October 4, 2019) (SR-PEARL-2019-23); Securities Exchange Act Release No. 87169 (September 30, 2019), 84 FR 53195 (October 4, 2019) (SR-MIAX-2019-35); Securities Exchange Act Release No. 87170 (September 30, 2019), 84 FR 53213 (October 4, 2019) (SRCBOE-2019-040); Securities Exchange Act Release No. 87172 (September 30, 2019) 84 FR 53192 (October 4, 2019) (SR-CboeEDGX-2019-051); Securities Exchange Act Release No 87171 (September 30, 2019), 84 FR 53200 (October 4, 2019) (SR-C2-2019-018); Securities Exchange Act Release No. 86832 (August 30, 2019), 84 FR 46980 (September 6, 2019) (SR-NYSEArca-2019-49); Securities Exchange Act Release No. 86833 (August 30, 2019) 84 FR 47029 (September 6, 2019) (SR-NYSEAMER-2019-27).
                    </P>
                </FTNT>
                <P>The Exchange recognizes that an alternative model is being pursued among industry participants but that a consensus has not yet been reached. As such, the Exchange proposes additional time to work towards a permanent ORF solution by gathering relevant data internally as well from other industry participants, while continuing to charge as other options exchanges currently do, until December 31, 2025, at which time its ORF will automatically sunset.</P>
                <P>The Exchange notes that if, during the proposed sunset period of May 31, 2025 through December 31, 2025, a viable alternative methodology for the ORF presents itself, the Exchange would endeavor to implement said alternative prior to the proposed sunset date. In other words, the existence of the sunset date of December 31, 2025 to the Exchange's current ORF would not preclude it from filing to modify its ORF methodology prior to that date, if applicable.</P>
                <P>As a new exchange, not having the opportunity to fund its regulatory program through the same regulatory fee charged by every other options exchange would place an undue competitive disadvantage upon the Exchange's regulatory program and options business as a whole. Further, the Exchange emphasizes that other exchanges will be charging ORF for transactions occurring on MIAX Sapphire, and as such, it follows that the exchange that is primarily responsible for monitoring those transactions should also be able to charge the ORF for activity occurring on its own market, as well as transactions it surveils on away markets. Again, the Exchange is committed to facilitating and joining efforts to revamp the ORF, however, it must be afforded additional time to do so while recouping a portion of its regulatory costs via the ORF as all other options exchanges do.</P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that its proposal to amend its Fee Schedule is consistent with Section 6(b) of the Act 
                    <SU>9</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Section 6(b)(4) of the Act 
                    <SU>10</SU>
                    <FTREF/>
                     in particular, in that it is an equitable allocation of reasonable dues, fees, and other charges among its members and issuers and other persons using its facilities. The Exchange also believes the proposal furthers the objectives of Section 6(b)(5) of the Act 
                    <SU>11</SU>
                    <FTREF/>
                     in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest and is not designed to permit unfair discrimination between customers, issuers, brokers and dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>
                    The ORF is designed to recover a material portion of the costs of supervising and regulating Members' customer options business including performing routine surveillances and investigations, as well as policy, rulemaking, interpretive, and enforcement activities. Extending the current ORF sunset date to December 31, 2025 is reasonable because continued collection of ORF will serve to balance the Exchange's regulatory revenue against the anticipated regulatory costs, thereby ensuring proper regulatory funding. Moreover, the Exchange's ORF rate is lower than the amount of ORF assessed on other exchanges.
                    <SU>12</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See, e.g.,</E>
                         NYSE Arca Options Fees and Charges, ORF and NYSE American Options Fees Schedule, Section VII(A), which provide that ORF is assessed at a rate of $0.0055 per contract for each respective exchange. 
                        <E T="03">See</E>
                         also Nasdaq PHLX, Options 7 Pricing Schedule, Section 6(D), which provides for an ORF rate of $0.0034 per contract; Cboe Options Fee Schedule, which provides an ORF rate of $0.0017 per contract; Nasdaq Options Market, Options 7 Pricing Schedule, Section 5, which provides an ORF rate of $0.0016 per contract; BOX Options Fee Schedule Section II(C), which provides an ORF rate of $0.00295 per contract; MIAX Options Fee Schedule, Section 2(b), which provides an ORF rate of $0.0019 per contract; MIAX Pearl Fee Schedule, Section 2(b), which provides an ORF rate of $0.0018 per contract; and the MEMX Fee Schedule which provides an ORF rate of $0.0015.
                    </P>
                </FTNT>
                <P>Extending the sunset date is also reasonable because doing so would allow the Exchange additional time to inform its approach to ORF moving forward while recouping a portion of its regulatory expenses via the ORF as other options exchanges do. If the Exchange were not allowed to charge an ORF during this additional time period, then after the sunset date of May 31, 2025, it would be forced to pay for its regulatory program solely out of business revenues while working towards an alternative ORF solution, unlike every other competing exchange, each of which would continue to assess an ORF, including on transactions executed on the Exchange, indefinitely. This would impact the Exchange's ability to assure adequate funding of its regulatory program.</P>
                <P>Extending the ORF sunset date to December 31, 2025 is also equitable and not unfairly discriminatory because prior to the proposed sunset date, the ORF would continue to be objectively allocated to Members in a manner that is consistent with the ORF imposed by the other seventeen (17) options exchanges. The Exchange will continue to monitor the amount of revenue collected from the ORF to ensure that it, in combination with its other regulatory fees and fines, does not exceed the Exchange's total regulatory costs.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>MIAX Sapphire does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. This proposal will not create an unnecessary or inappropriate intra-market burden on competition because the ORF will apply to all customer activity, and is designed to enable the Exchange to recover a material portion of the Exchange's cost related to its regulatory activities. This proposal will not create an unnecessary or inappropriate inter-market burden on competition because it will be a regulatory fee that supports regulation in furtherance of the purposes of the Act. The Exchange is obligated to ensure that the amount of regulatory revenue collected from the ORF, in combination with its other regulatory fees and fines, does not exceed regulatory costs. MIAX Sapphire's ORF, is lower than, or comparable to, fees charged by other options exchanges for the same or similar services.  </P>
                <P>
                    The Exchange notes that while it does not believe that its proposed ORF will impose any burden on inter-market competition, the Exchange not charging an ORF or being precluded from charging an ORF after May 31, 2025 but prior to the proposed sunset date of December 31, 2025 would, in-fact, represent a significant burden on the Exchange's ability to assure adequate funding of its regulatory program. As noted above, the Exchange is a new entrant in the highly competitive environment for equity options trading. Also, as noted above, all registered options exchanges currently impose the ORF on their members, and such ORF fees imposed by other options 
                    <PRTPAGE P="22392"/>
                    exchanges currently do and will continue to extend to executions occurring on the Exchange. The Exchange believes that it is likely that a viable ORF alternative may be presented during the proposed sunset period. The Exchange believes that in order to compete with these existing options exchanges, it must, in fact, impose an ORF on its Members during this additional sunset period, and that the inability to do so would result in an unfair competitive disadvantage to the Exchange.
                </P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>Written comments were neither solicited nor received.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>13</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>14</SU>
                    <FTREF/>
                     thereunder. 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 shall institute proceedings to determine whether the proposed rule change should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-SAPPHIRE-2025-24 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-SAPPHIRE-2025-24. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-SAPPHIRE-2025-24 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>15</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>15</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09396 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103091; File No. SR-MIAX-2025-23]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, Miami International Securities Exchange, LLC (“MIAX” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange is filing a proposal to amend the MIAX Options Exchange Fee Schedule (the “Fee Schedule”) to amend the MIAX Options Exchange Fee Schedule (the “Fee Schedule”) to, among other things, adopt new fee categories for the Exchange's proprietary market data feeds: (1) the Top of Market (“ToM”) feed, (2) the Complex Top of Market feed (“cToM”), (3) the Administrative Information Subscriber feed (“AIS”), and (4) the MIAX Order Feed (“MOR”) (collectively, the “market data feeds”).</P>
                <P>
                    The text of the proposed rule change is available on the Exchange's website at 
                    <E T="03">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings,</E>
                     at MIAX's principal office, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange offers four standard proprietary market data products, ToM, cToM, AIS, and MOR. The ToM data feed is a data feed that contains the Exchange's best bid and offer, with 
                    <PRTPAGE P="22393"/>
                    aggregate size, and last sale information, based on order and quoting interest on the Exchange.
                    <SU>3</SU>
                    <FTREF/>
                     The ToM data feed includes data that is identical to the data sent to the processor for the Options Price Reporting Authority (“OPRA”). The data for ToM and OPRA leave the System 
                    <SU>4</SU>
                    <FTREF/>
                     at the same time, as required under Section 5.2(c)(iii)(B) of the Limited Liability Company Agreement of the Options Price Reporting Authority LLC (the “OPRA Plan”), which prohibits the dissemination of proprietary information on any more timely basis than the same information is furnished to the OPRA system for inclusion in OPRA's consolidated dissemination of options information. The cToM data feed includes the same types of information as ToM, but for Complex Orders 
                    <SU>5</SU>
                    <FTREF/>
                     on the Exchange's Strategy Book.
                    <SU>6</SU>
                    <FTREF/>
                     This information includes the Exchange's best bid and offer for a complex strategy 
                    <SU>7</SU>
                    <FTREF/>
                    , with aggregate size, based on displayable orders in the complex strategy. The cToM data feed also provides subscribers with the following information: (i) the identification of the complex strategies currently trading on the Exchange; (ii) complex strategy last sale information; and (iii) the status of securities underlying the complex strategy (
                    <E T="03">e.g.,</E>
                     halted, open, or resumed). The AIS data feed provides subscribers real-time updates regarding products traded on MIAX, trading status for MIAX and products traded on MIAX, and liquidity seeking event notifications (“administrative information”).
                    <SU>8</SU>
                    <FTREF/>
                     The MOR data feed includes full order book data for orders on the Simple Order Book 
                    <SU>9</SU>
                    <FTREF/>
                     and Strategy Book, and includes the following data: product ID, order price, order original volume, remaining volume open, and origin code.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 69007 (February 28, 2013), 78 FR 14617 (March 6, 2013) (SR-MIAX-2013-05) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish the MIAX Top of Market (“ToM”) Data Product).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         The term “System” means the automated trading system used by the Exchange for the trading of securities. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         In sum, a “Complex Order” is “any order involving the concurrent purchase and/or sale of two or more different options in the same underlying security (the `legs' or `components' of the complex order), for the same account. . . .” 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The “Strategy Book” is the Exchange's electronic book of complex orders and complex quotes. 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(19).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         The term “complex strategy” means a particular combination of components and their ratios to one another. New complex strategies can be created as the result of the receipt of a complex order or by the Exchange for a complex strategy that is not currently in the System. The Exchange may limit the number of new complex strategies that may be in the System at a particular time and will communicate this limitation to Members via Regulatory Circular. 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(6).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 69320 (April 5, 2013), 78 FR 21661 (April 11, 2013) (SR-MIAX-2013-13).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The “Simple Order Book” is the Exchange's regular electronic book of orders and quotes. 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(17).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 74759 (April 17, 2015), 80 FR 22749 (April 23, 2015) (SR-MIAX-2015-28) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Establish the MIAX Order Feed (“MOR”) Data Product). The Exchange amended the MOR data feed in 2016 in connection with the launch of complex orders on the Exchange, in order to include such complex orders in MOR. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 79146 (October 24, 2016), 81 FR 75171(October 28, 2016) (SR-MIAX-2016-36).
                    </P>
                </FTNT>
                <P>Section 6 of the Fee Schedule, Market Data Fees, provides fees for the ToM, cToM, AIS and MOR data feeds. Currently, the Exchange only charges monthly fees to both Internal and External Distributors (proposed definitions below) of the ToM, cToM, AIS and MOR data feeds. Specifically, the Exchange charges Internal Distributors a monthly fee of $2,000.00 for the ToM and cToM data feeds, $1,250.00 for the AIS data feed, and $3,000.00 for the MOR data feed. The Exchange also charges External Distributors a monthly fee of $3,000.00 for the ToM and cToM data feeds, $1,750.00 for the AIS data feed, and $3,500.00 for the MOR data feed.</P>
                <P>The Exchange now proposes to amend the Fee Schedule to, among other things, adopt new fee categories for the Exchange's proprietary market data feeds. The primary purpose of this proposal is to adopt per User (defined below) fees as well as fees for Non-Display Usage (also defined below). The Exchange also proposes to add a “Market Data Definitions” section to Section 6 of the Fee Schedule as well as modify how mid-month subscriptions for Distributors are to be handled. The Exchange believes that adopting the same fee structure as its affiliated exchanges would reduce administrative burdens on market data subscribers that also currently subscribe to market data feeds from the Exchange's affiliates. Each of these proposed changes are described below.</P>
                <STARS/>
                <P>
                    The Exchange believes that exchanges, in setting fees of all types, should meet very high standards of transparency to demonstrate why each new fee or fee increase meets the requirements of the Act that fees be reasonable, equitably allocated, not unfairly discriminatory, and not create an undue burden on competition among Members 
                    <SU>11</SU>
                    <FTREF/>
                     and markets. The Exchange believes this high standard is especially important when an exchange imposes various fees for market participants to access an exchange's market data.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         The term “Member” means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed “members” under the Exchange Act. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <P>Approximately 60% of Members subscribe to one or more market data feeds from the Exchange. Of those Members, approximately 37% subscribe to all four market data feeds, approximately 22% subscribe to three market data feeds, approximately 19% subscribe to two market data feeds, and approximately 22% subscribe to only one market data feed. The Exchange notes that there is no requirement that any Member or market participant subscribe to the ToM, cToM, AIS or MOR data feeds offered by the Exchange. Instead, a Member may choose to maintain subscriptions to the ToM, cToM, AIS or MOR data feeds based on their own business needs and trading models.</P>
                <HD SOURCE="HD3">Definitions</HD>
                <P>
                    The Exchange proposes to include a Definitions section at the beginning of Section 6, Market Data Fees, of the Fee Schedule. The purpose of the Definitions section is to provide market participants greater clarity and transparency regarding the applicability of fees by defining certain terms used in connection with market data feeds within the Fee Schedule in a single location related to the Exchange's market data products. The Exchange notes that it includes similar Definitions in its fee schedule applicable to its own equity trading platform, MIAX Pearl Equities,
                    <SU>12</SU>
                    <FTREF/>
                     and that each of the proposed definitions are based on the MIAX Pearl Equities Fee Schedule and that of other exchanges. The Exchange believes that including a Definitions section for market data products makes the Fee Schedule more user-friendly and comprehensive.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25). 
                        <E T="03">See also</E>
                         Cboe BZX Exchange, Inc. (“Cboe BZX Options”) Fee Schedule, Market Data Fees section, 
                        <E T="03">and</E>
                         Cboe EDGX Exchange, Inc. (“Cboe EDGX Options”) Fee Schedule, Market Data Fees section. 
                        <E T="03">See also</E>
                         MEMX LLC (“MEMX Options”) Fee Schedule, Market Data Fees section, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40) (“MEMX Options Market Data Fee Proposal”).
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to define the following terms in Section 6 of the Fee Schedule:
                    <PRTPAGE P="22394"/>
                </P>
                <P>• Distributor. Any entity that receives the Exchange data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.</P>
                <P>• External Distributor. A Distributor that receives the Exchange data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity.</P>
                <P>• Internal Distributor. A Distributor that receives the Exchange data product and then distributes that data to one or more Users within the Distributor's own entity.</P>
                <P>○ The Exchange notes that it proposes to use the phrase “own entity” in the definition of Internal Distributor and External Distributor because a Distributor would be permitted to share data received from an exchange data product to other legal entities affiliated with the Distributor's entity that have been disclosed to the Exchange without such distribution being considered external to a third party. For instance, if a company has multiple affiliated broker-dealers under the same holding company, that company could have one of the broker-dealers or a non-broker-dealer affiliate subscribe to an exchange data product and then share the data with other affiliates that have a need for the data. This sharing with affiliates would not be considered external distribution to a third party but instead would be considered internal distribution to data recipients within the Distributor's own entity.</P>
                <P>○ The Exchange also notes that the explanatory paragraphs under the ToM, cToM, AIS and MOR data feed fee tables includes the following language which defines the terms Distributor, Internal Distributors, and External Distributors:</P>
                <P>MIAX will assess Market Data Fees applicable to ToM [cToM, AIS or MOR] on Internal and External Distributors in each month the Distributor is credentialed to use ToM [cToM, AIS or MOR] in the production environment. A Distributor of MIAX data is any entity that receives a feed or file of data either directly from MIAX or indirectly through another entity and then distributes it either internally (within that entity) or externally (outside that entity). All Distributors are required to execute a MIAX Distributor Agreement.</P>
                <P>
                    The Exchange proposes to remove these provisions from the Fee Schedule because they: (i) duplicate the proposed definitions of Distributor, External Distributor, and External Distributor proposed herein with no substantive difference; and (ii) provide details that are included in the Exchange's market data policies that are also not also provided for in the fee schedules of other options exchanges.
                    <SU>13</SU>
                    <FTREF/>
                     Removing these provisions would also harmonize the definition and fee descriptions with the fee schedule applicable to MIAX Pearl Equities.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options, Market Data Fees section, both 
                        <E T="03">available athttps://www.cboe.com/us/options/membership/?_gl=1*19q7zz0*_up*MQ..*_ga*NjY5OTA0NzE4LjE3MzQ1MzQzODk.*_ga_5Q99WB9X71*MTczNDUzNzQ0Mi4yLjEuMTczNDUzNzQ5OC4wLjAuMA. See also</E>
                         MEMX Options Fee Schedule 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>• Non-Display Usage. Any method of accessing an Exchange data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons.</P>
                <P>• Non-Professional User. A natural person or qualifying trust that uses Exchange data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an “investment adviser” as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.</P>
                <P>• Professional User. Any User other than a Non-Professional User.</P>
                <P>• User. A Professional User or Non-Professional User.</P>
                <HD SOURCE="HD3">Proposed Market Data Pricing</HD>
                <P>As described above, the Exchange currently only charges Internal Distributors a monthly fee of $2,000.00 for the ToM and cToM data feeds, $1,250.00 for the AIS data feed, and $3,000.00 for the MOR data feed. The Exchange also only currently charges External Distributors a monthly fee of $3,000.00 for the ToM and cToM data feeds, $1,750.00 for the AIS data feed, and $3,500.00 for the MOR data feed. The Exchange now proposes to charge the below per User fees as well as Non-Display Usage fees for the ToM, cToM, AIS and MOR data feeds, which, the Exchange believes are generally similar to or lower than market data fees charged by other similarly situated options exchanges. The Exchange does not propose to adopt any additional fee categories in this proposal. Each of the below capitalized terms are defined above and would be included under the proposed Definitions section under Section 6, Market Data Fees, of the Fee Schedule.</P>
                <P>
                    1. 
                    <E T="03">User Fees.</E>
                     For the ToM, cToM, AIS and MOR data feeds, the Exchange proposes to charge a monthly fee of $20.00 for each Professional User and $1.00 for each Non-Professional User of each data feed.
                    <SU>15</SU>
                    <FTREF/>
                     The proposed User fees would apply to each person that has access to the ToM, cToM, AIS or MOR data feeds that is provided by a Distributor (either Internal or External) for displayed usage. Each Distributor's User count would include every individual that has access to the data regardless of the purpose for which the individual uses the data. The above Professional or Non-Professional User fee would provide the same Professional or Non-Professional User access to all other MIAX Market Data feeds for no additional per User charge.
                    <SU>16</SU>
                    <FTREF/>
                     In other words, a User would receive access to the ToM, cToM, AIS and MOR data feeds for the applicable single per User fee and not have to pay separate per User fees for each data feed. As such, Distributors should report the number of Users per the Exchange, and not per individual data feed. This would be noted in Section 6 of the Fee Schedule under footnote 1 following the fee tables for the ToM, cToM, AIS and MOR data feeds. Distributors of the ToM, cToM, AIS or MOR data feeds would be required to report all Professional and Non-Professional Users in accordance with the following:
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         The Exchange does not propose to adopt an Enterprise Fee at this time and may do so in the future based on feedback from market participants.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         The Exchange notes that similar reporting is required by the Nasdaq options markets, The Nasdaq Stock Market LLC (“Nasdaq Options”), Nasdaq Phlx LLC (“Nasdaq Phlx”), and Nasdaq MRX, LLC (“Nasdaq MRX”). 
                        <E T="03">See, e.g., https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</E>
                         (providing that “[t]he monthly user fee should be reported once for Nasdaq Options, not once per datafeed”).
                    </P>
                </FTNT>
                <P>
                    • In connection with a Distributor's distribution of the ToM, cToM, AIS or MOR data feeds, the Distributor must count as one User each unique User that 
                    <PRTPAGE P="22395"/>
                    the Distributor is entitled for access to the ToM, cToM, AIS or MOR data feeds.
                </P>
                <P>
                    • Distributors must report each unique individual person who receives access through multiple devices or multiple methods (
                    <E T="03">e.g.,</E>
                     a single User has multiple passwords and user identifications) as one User.
                </P>
                <P>• If a Distributor entitles one or more individuals to use the same device, the Distributor must include only the individuals, and not the device, in the count. Thus, Distributors would not be required to report User device counts associated with a User's display use of the data feed.</P>
                <P>
                    2. 
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange proposes to establish a monthly Non-Display Usage 
                    <SU>17</SU>
                    <FTREF/>
                     fee of $1,500.00 for the ToM, cToM, AIS and MOR data feeds.
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Non-Display Usage would include trading uses such as high frequency or algorithmic trading as well as any trading in any asset class, automated order or quote generation and/or order pegging, price referencing for smart order routing, operations control programs, investment analysis, order verification, surveillance programs, risk management, compliance, and portfolio management.
                    </P>
                </FTNT>
                <P>• The Exchange proposes to provide a discount to those that subscribe to two or more MIAX data feeds by capping the Non-Display Usage fee for Subscribers of two or more MIAX data feeds at $3,000.00. This would be noted in Section 6 of the Fee Schedule under footnote 2 following the fee tables for the ToM, cToM, AIS and MOR data feeds.</P>
                <P>
                    Lastly, the Exchange proposes to no longer pro-rate fees for Distributors who subscribe or terminate mid-month. The Exchange notes that there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange also notes that mid-month subscriptions and terminations place an increased burden on Exchange staff and systems that are in place to pro-rate the monthly fee that are not justified by the little to no mid-month subscriptions and terminations that occurred over the past year or that the Exchange anticipates going forward based on its past experience. This portion of the proposal should also encourage subscribers to either begin a new subscription or terminate an existing subscription at the beginning or end of a month, respectively. Lastly, removing these provisions would also harmonize the MIAX Fee Schedule with the MIAX Pearl Equities fee schedule, which also does not provide for pro-ration.
                    <SU>18</SU>
                    <FTREF/>
                     Also, other exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>19</SU>
                    <FTREF/>
                     Therefore, the Exchange proposes to remove the following language providing for pro-rated month fees for mid-month subscribers from the explanatory paragraphs under the ToM, cToM, AIS and MOR data feed fee tables:
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <P>Market Data Fees for [ToM/cToM/AIS/MOR] will be reduced for new Distributors for the first month during which they subscribe to [ToM/cToM/AIS/MOR], based on the number of trading days that have been held during the month prior to the date on which they have been credentialed to use [ToM/cToM/AIS/MOR] in the production environment. Such new Distributors will be assessed a pro-rata percentage of the fees described above, which is the percentage of the number of trading days remaining in the affected calendar month as of the date on which they have been credentialed to use [ToM/cToM/AIS/MOR] in the production environment, divided by the total number of trading days in the affected calendar month.</P>
                <HD SOURCE="HD3">Implementation</HD>
                <P>
                    The Exchange issued alerts publicly announcing the proposed fees on September 30, 2024 and December 17, 2024.
                    <SU>20</SU>
                    <FTREF/>
                     The fees subject to this proposal are immediately effective.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See</E>
                         Fee Change Alert, MIAX Exchange Group—January 1, 2025 and March 1, 2025 Market Data Fee Changes (dated September 30, 2024), 
                        <E T="03">available at https://www.miaxglobal.com/alert/2024/09/30/miax-exchange-group-options-markets-january-1-2025-and-march-1-2025-market-1?nav=all</E>
                         and Fee Change Alert, MIAX Exchange Group—Options Markets—Reminder: January 1, 2025 and March 1, 2025 Market Data Fee Changes (dated December 17, 2024), 
                        <E T="03">available at https://www.miaxglobal.com/alert/2024/12/17/miax-exchange-group-options-markets-reminder-january-1-2025-and-march-1-2?nav=all.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) 
                    <SU>21</SU>
                    <FTREF/>
                     of the Act in general, and furthers the objectives of Section 6(b)(4) 
                    <SU>22</SU>
                    <FTREF/>
                     of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes that the proposed fees are consistent with the objectives of Section 6(b)(5) 
                    <SU>23</SU>
                    <FTREF/>
                     of the Act in that they are designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to a free and open market and national market system, and, in general, to protect investors and the public interest, and, particularly, are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Exchange notes that the ToM, cToM, AIS and MOR data feeds are entirely optional. The Exchange is not required to make the ToM, cToM, AIS and MOR data feeds available to any customers, nor is any customer required to purchase the ToM, cToM, AIS and MOR data feeds.</P>
                <HD SOURCE="HD3">The Proposed Fees Are Reasonable and Comparable to the Fees Charged by Other Exchanges for Similar Data Products</HD>
                <P>
                    <E T="03">Overall.</E>
                     The proposed fees are comparable to those of other options exchanges. Based on publicly-available information, no single exchange had more than 13.65% equity options market share for all of 2024,
                    <SU>24</SU>
                    <FTREF/>
                     and the Exchange compared the fees proposed herein to the fees charged by other options exchanges with similar market share. A more detailed discussion of the comparison follows.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See</E>
                         The OCC, Options Volume by Exchange—2024, 
                        <E T="03">available at https://www.theocc.com/market-data/market-data-reports/volume-and-open-interest/volume-by-exchange</E>
                         (last visited May 5, 2025).
                    </P>
                </FTNT>
                <P>
                    The Exchange assesses the market share for each of the below referenced options markets utilizing total equity options contracts traded in 2024, as set forth in the following charts: 
                    <SU>25</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         Market share is the percentage of volume on a particular exchange relative to the total volume across all exchanges, and indicates the amount of order flow directed to that exchange. High levels of market share enhance the value of trading and ports. Total contracts include both multi-list options and proprietary options products. Proprietary options products are products with intellectual property rights that are not multi-listed.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">User Fees</HD>
                <P>
                    The proposed per User fees for the Exchange's market data products are comparable to or lower than those charged by Nasdaq Options, Nasdaq MRX, Cboe BZX Options, and Cboe C2 Exchange, Inc. (“Cboe C2”), as summarized in the table below.
                    <PRTPAGE P="22396"/>
                </P>
                <GPOTABLE COLS="5" OPTS="L2,nj,tp0,i1" CDEF="s50,12,r30,r30,r30">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share *
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data product</CHED>
                        <CHED H="1">
                            Monthly professional 
                            <LI>user fee</LI>
                            <LI>($)</LI>
                        </CHED>
                        <CHED H="1">
                            Monthly non-professional user fee
                            <LI>($)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX</ENT>
                        <ENT>6.19</ENT>
                        <ENT>All</ENT>
                        <ENT>$20.00 (per Exchange)</ENT>
                        <ENT>$1.00 (per Exchange)</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.45</ENT>
                        <ENT>NOM BONO NOM ITTO</ENT>
                        <ENT>$42.10 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.71</ENT>
                        <ENT>MRX Top MRX Depth MRX Spread</ENT>
                        <ENT>$25.25 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe BZX Options</ENT>
                        <ENT>3.99</ENT>
                        <ENT>BZX Depth</ENT>
                        <ENT>$30.00 (per feed)</ENT>
                        <ENT>$1.00 (per feed).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe C2</ENT>
                        <ENT>3.00</ENT>
                        <ENT>
                            C2 Depth
                            <LI>C2 Complex</LI>
                        </ENT>
                        <ENT>
                            $50.00 (per feed)
                            <LI>$25.00 (per feed)</LI>
                        </ENT>
                        <ENT>
                            $50.00 (per feed).
                            <LI>$25.00 (per feed).</LI>
                        </ENT>
                    </ROW>
                    <TNOTE>* See supra note 24.</TNOTE>
                </GPOTABLE>
                <P>A more detailed discussion of the comparison follows.</P>
                <P>
                    <E T="03">Nasdaq Options.</E>
                     Nasdaq Options, with a market share of approximately 5.45% that is comparable to the Exchange, charges higher or comparable Professional and Non-Professional User fees for its top of book and depth of book feeds than proposed by the Exchange. Further, like Nasdaq Options, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Nasdaq Options Best of Nasdaq Options (“BONO”) feed is an options feed that provides Nasdaq Options' best bid and offer and last sale information.
                    <SU>26</SU>
                    <FTREF/>
                     The Nasdaq Options BONO feed is similar to the Exchange's ToM data feed. The Nasdaq Options ITCH to Trade Options (“ITTO”) feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>27</SU>
                    <FTREF/>
                     ITTO also provides, among other things, product (option series) available for trading on Nasdaq Options, the trading status of such products (
                    <E T="03">i.e.,</E>
                     whether the series is available for closing transactions only), and order imbalances on opening/reopenings. The ITTO feed is similar to the Exchange's MOR and AIS data feeds.
                    <SU>28</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         The Exchange notes that no other exchange offers a market data feed that provides the same scope of information as the AIS feed. However, other exchanges, such as Nasdaq Options via the ITTO feed, include similar information as the AIS feed. The Exchange notes that some, but not all, of the messages included in the AIS feed overlap with the Exchange's other data feeds. However, not all of the Exchange's market data subscribers separately purchase the AIS feed. In any event, subscribers would not necessarily pay more for the AIS feed because the Exchange proposes to charge a single per User fee to receive all of the Exchange's data feeds. Likewise, Nasdaq Options also charges a single per exchange User fee for which their subscribers may receive similar data as the AIS feed via multiple market data feeds for a single per User price. The Exchange is also not comparing its cToM feed to a comparable Nasdaq Options feed because the Exchange understands Nasdaq Options does not offer such a feed.
                    </P>
                </FTNT>
                <P>
                    Nasdaq Options charges Professional Users $42.10 per month and Non-Professional Users $1.00 per month for the BONO feed and ITTO feed.
                    <SU>29</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq Options for Professional Users and the same as Nasdaq Options for Non-Professional Users while also providing access to all of its market data feeds for a single per User fee. Specifically, for both the ToM and MOR data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Nasdaq Options and its Non-Professional User fee is equal to Nasdaq Options. Despite having incrementally lower market share than the Exchange, Nasdaq Options charges higher or comparable per User fees than proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions. See also</E>
                         Securities Exchange Act Release No. 73823 (December 11, 2014), 79 FR 75207 (December 17, 2014) (SR-NASDAQ-2014-119).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Nasdaq MRX.</E>
                     Nasdaq MRX, with a market share of approximately 2.71%, lower than the Exchange, charges higher Professional and Non-Professional User fees for its top of book and depth of book feeds than the fees proposed by the Exchange. Further, like Nasdaq MRX, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                    <SU>30</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         The Exchange notes that Nasdaq MRX also offers the Nasdaq MRX Order Feed and Nasdaq MRX Trades Feed, which are included in the Nasdaq MRX per User fees. 
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 7, Pricing Schedule, Section 7, Market Data.
                    </P>
                </FTNT>
                <P>
                    The Nasdaq MRX Top of Market feed is an options feed that provides Nasdaq MRX's best bid and offer and last sale information.
                    <SU>31</SU>
                    <FTREF/>
                     The Nasdaq MRX Top of Market feed is similar to the Exchange's ToM feed. The Nasdaq MRX Depth of Market feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>32</SU>
                    <FTREF/>
                     The Nasdaq MRX Depth of Market feed is similar to the Exchange's MOR feed. The Nasdaq MRX Spread feed is an options feed that provides information for both simple and complex orders.
                    <SU>33</SU>
                    <FTREF/>
                     The Nasdaq MRX Spread feed is similar to the Exchange's cToM data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <P>
                    Nasdaq MRX charges Professional Users $25.25 per month and Non-Professional Users $1.00 per month for the Nasdaq MRX Top of Market feed, the Nasdaq MRX Depth of Market Feed, and the Nasdaq MRX Spread Feed.
                    <SU>34</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq MRX for Professional Users and the same as Nasdaq MRX for Non-Professional Users while also providing access to all of its market data fees for single per User fee. Specifically, for the ToM, cToM, and MOR data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Nasdaq MRX and its Non-Professional User fee is equal to Nasdaq MRX. Despite having lower market share than the Exchange, Nasdaq MRX charges higher or comparable per User fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Cboe BZX Options.</E>
                     Cboe BZX Options, with a market share of approximately 3.99%, which is lower than the Exchange's market share, charges higher Professional and Non-Professional User fees for its depth of book feed than the fees proposed by the Exchange. Further, Cboe BZX Options also charges separate per User fees per data product, whereas the Exchange proposes to charge a single lower per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Cboe BZX Options Top feed is an options feed that provides top of book 
                    <PRTPAGE P="22397"/>
                    quotations and execution information. The Cboe BZX Options Top feed is similar to the Exchange's ToM feed.
                    <SU>35</SU>
                    <FTREF/>
                     The Cboe BZX Options Depth feed is an options feed that provides depth of book quotations and execution information. The Cboe BZX Options Depth feed is similar to the Exchange's MOR data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         For the Cboe BZX Options Top Feed, Cboe BZX Option charges Professional Users $5.00 per month and Non-Professional Users $0.10 per month. For ToM, cToM, AIS and MOR data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. Although higher, the Exchange's proposed Professional and Non-Professional User fees are not necessarily comparable to Cboe BZX Options Top fees because a User may receive access to each of the Exchange's four data feeds for a single per User fee and, unlike Cboe BZX Options, not be required to pay a separate per User fee for each data product and Cboe BZX Options only provides two data feeds that provide only Cboe BZX Options data. Cboe BZX Options also offers the Cboe One Options Feed, which provides information for not only Cboe BZX Options, but also its three affiliated options markets, Cboe EDGX Options, Cboe, and Cboe C2. 
                        <E T="03">See</E>
                         Cboe BZX Options Rule 21.15 (b)(6).
                    </P>
                </FTNT>
                <P>
                    Cboe BZX Options charges Professional Users $30.00 per month and Non-Professional Users $1.00 per month for the Cboe BZX Options Depth feed. The Exchange proposes to charge less than Cboe BZX Options and provide access to all of its market data fees for single, and still lower, per User fee. Specifically, for ToM, cToM, AIS and MOR data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Cboe BZX Options and its Non-Professional User fee is equal to Cboe BZX Options. However, both of the Exchange's proposed fees can be lower than Cboe BZX Options because a User may receive access to each of the Exchange's data feeds for a single per User fee and, unlike Cboe BZX Options, not be required to pay a separate per User fee for each data product.
                    <SU>36</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Cboe C2.</E>
                     Cboe C2, with a market share of approximately 3.00% that is lower than the Exchange, charges higher Professional and Non-Professional User fees for its C2 Options Depth and C2 COB feed than proposed by the Exchange. Unlike Cboe C2, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Cboe C2 Options Depth feed is an options feed that provides depth of book quotations and execution information. The Cboe C2 Options Depth feed is similar to the Exchange's MOR data feed. The Cboe C2 COB feed is an options data feed that provides information for complex strategies (multi-leg trades, such as spreads, straddles and buy-writes).
                    <SU>37</SU>
                    <FTREF/>
                     The Cboe C2 COB feed is similar to the Exchange's cToM datda feed.
                    <SU>38</SU>
                    <FTREF/>
                     Cboe C2 charges all Users, both Professional Users and Non-Professional Users, $25.00 per month for the Cboe C2 COB feed and $50.00 for the Depth feed.
                    <SU>39</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Cboe C2 for Professional Users and Non-Professional Users while also providing access to all of its market data feeds for a single per User fee. Specifically, for the cToM data feed, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User and Non-Professional User fees are lower than the fees for the Cboe C2 COB feed. Despite having lower market share than the Exchange, Cboe C2 charges higher or comparable per User fees than proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         
                        <E T="03">See https://www.cboe.com/market_data_services/us/options/.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         Cboe C2 also provides the Cboe C2 Top feed, which provides top of book quotations and execution information. Cboe C2 Top is similar to the Exchange's ToM feed. Cboe C2 charges Professional Users $5.00 per month and Non-Professional Users $0.10 per month. For ToM, cToM, AIS and MOR data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. Although higher, the Exchange's proposed Professional and Non-Professional User fees are not necessarily comparable to Cboe C2 Top fees because a User may receive access to each of the Exchange's four data feeds for a single per User fee and, unlike Cboe C2, not be required to pay a separate per User fee for each data product and Cboe C2 only provides three data feeds that provide only Cboe C2 data. It is reasonable, however, to compare the Exchange's data feeds to Cboe C2 data feeds with higher per User fees because they charge the higher fee for a single data product whereas the Exchange includes each of its data products for a single fee. Cboe C2 also offers the Cboe One Options Feed, which provides information for not only Cboe C2, but also its three affiliated options markets, Cboe EDGX Options, Cboe, and Cboe BZX Options.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         
                        <E T="03">See</E>
                         Cboe C2 Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/ctwo/.</E>
                    </P>
                </FTNT>
                <STARS/>
                <P>Each of the above examples of other exchanges' market data fees support the proposition that the Exchange's proposed User fees are comparable to those of other exchanges and therefore reasonable.</P>
                <HD SOURCE="HD3">Non-Display Usage Fee</HD>
                <P>The proposed Non-Display Usage fee for the Exchange's market data products is comparable to those charged by Nasdaq Options and Nasdaq MRX, as summarized in below table.</P>
                <GPOTABLE COLS="4" OPTS="L2,tp0,i1" CDEF="s30,12,r30,r40">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share 
                            <E T="51">†</E>
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data products</CHED>
                        <CHED H="1">Monthly non-display usage fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX</ENT>
                        <ENT>6.19</ENT>
                        <ENT>All</ENT>
                        <ENT>$1,500.00 (per feed (capped at $3,000.00).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.45</ENT>
                        <ENT>NOM BONO; NOM ITTO</ENT>
                        <ENT>$10,530.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.71</ENT>
                        <ENT>MRX Top; MRX Depth; MRX Spread</ENT>
                        <ENT>$7,575.00 (per exchange).</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="51">†</E>
                         
                        <E T="03">See supra</E>
                         note 24.
                    </TNOTE>
                </GPOTABLE>
                <P>A more detailed discussion of the comparison follows.</P>
                <P>
                    <E T="03">Nasdaq Options.</E>
                     Nasdaq Options, with a market share of approximately 5.45%, which is comparable to the Exchange's market share, charges higher Non-Display Usage fees for its top of book and depth of book feeds than proposed by the Exchange. Further, Nasdaq Options also charges the full Non-Display Usage fees to receive all of its data products, whereas the Exchange proposes to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage.
                    <SU>40</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         The Exchange notes that not all options exchanges charge non-display fees for options data. For example, Cboe, Cboe C2, Cboe EDGX Options, Cboe BZX Options, BOX, and MEMX Options do not charge non-display fees. Therefore, the Exchange compared its fees to two comparable exchanges, Nasdaq Options and Nasdaq MRX, which charge non-display fees.
                    </P>
                </FTNT>
                <P>
                    As discussed above, the Nasdaq Options BONO feed is an options feed that provides Nasdaq Options' best bid and offer and last sale information.
                    <SU>41</SU>
                    <FTREF/>
                     The Nasdaq Options BONO feed is similar to the Exchange's ToM data feed. The Nasdaq Options ITTO feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>42</SU>
                    <FTREF/>
                     Nasdaq Options ITTO also provides, among other things, product (option series) available for 
                    <PRTPAGE P="22398"/>
                    trading on Nasdaq Options, the trading status of such products (
                    <E T="03">i.e.,</E>
                     whether the series is available for closing transactions only), and order imbalances on opening/reopenings. The Nasdaq Options ITTO feed is similar to the Exchange's MOR and AIS data feeds.
                    <SU>43</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         
                        <E T="03">See supra</E>
                         note 29. The Exchange proposes to cap the amount of Non-Display Usage fees for those that subscribe to multiple Exchange data feeds. Accordingly, even though some market data included in the AIS feed is included in the Exchange's other data feeds, the Non-Display Usage fee is capped so subscribers would not necessarily pay a higher rate on the Exchange than elsewhere.
                    </P>
                </FTNT>
                <P>
                    Nasdaq Options charges a monthly fee of $10,530.00 for Non-Display Usage of the Nasdaq Options BONO feed and Nasdaq Options ITTO feed.
                    <SU>44</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq Options while also proposing to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage. Specifically, for the ToM, cToM, AIS and MOR data feeds, the Exchange proposes to charge a monthly fee of $1,500.00 for Non-Display Usage and to cap the Non-Display Usage fee at $3,000.00 for those that wish to receive two or more of the Exchange's data feeds for Non-Display Usage. This cap would be in lieu of paying the full Non-Display Usage Fee for each data product, which would total $6,000.00 per month. Despite having incrementally lower market share than the Exchange, Nasdaq Options charges higher Non-Display Usage fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>44</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions. See also</E>
                         Securities Exchange Act Release No. 73823 (December 11, 2014), 79 FR 75207 (December 17, 2014) (SR-NASDAQ-2014-119).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Nasdaq MRX.</E>
                     Nasdaq MRX, with a market share of approximately 2.71%, which is lower than the Exchange's market share, charges higher Non-Display Usage fees for its top of book, depth of book, and order feeds than the fees proposed by the Exchange. Like the Exchange proposes herein, Nasdaq MRX charges the full single Non-Display Usage fee for access to all of its market data feeds. The Exchange proposes to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage, similar to Nasdaq MRX.
                </P>
                <P>
                    The Nasdaq MRX Top of Market feed is an options feed that provides Nasdaq MRX's best bid and offer and last sale information.
                    <SU>45</SU>
                    <FTREF/>
                     The Nasdaq MRX Top of Market feed is similar to the Exchange's ToM data feed. The Nasdaq MRX Depth of Market feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>46</SU>
                    <FTREF/>
                     The Nasdaq MRX Depth of Market feed is similar to the Exchange's MOR feed. The Nasdaq MRX Spread feed is an options feed that provides information for both simple and complex orders.
                    <SU>47</SU>
                    <FTREF/>
                     The Nasdaq MRX Spread feed is similar to the Exchange's cToM data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>45</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>46</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>47</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <P>
                    Nasdaq MRX charges a monthly fee of $7,575.00 for Non-Display Usage of the Nasdaq MRX Top of Market feed, Nasdaq MRX Depth of Market feed, and Nasdaq MRX Spread feed.
                    <SU>48</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq MRX while also proposing to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage. Specifically, for all of the Exchange's data feeds, the Exchange proposes to charge a monthly fee of $1,500.00 and to cap the Non-Display Usage fee at $3,000.00 for those that wish to receive two or more of the Exchange's data feeds for Non-Display Usage. This cap would be in lieu of paying the full Non-Display Usage Fee for each data product, which would total $6,000.00 per month. Despite having lower market share than the Exchange, Nasdaq MRX charges higher Non-Display Usage fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>48</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions.</E>
                    </P>
                </FTNT>
                <STARS/>
                <P>Each of the above examples of other exchanges' market data fees support the proposition that the Exchange's proposed Non-Display Usage fees are lower than those of other exchanges and therefore reasonable.</P>
                <P>
                    The below table sets forth each exchanges' distributor fees for each data feed that the Exchange includes in its above comparisons. The below table also includes the applicable per User and Non-Display Usage fees that are discussed above.
                    <SU>49</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>49</SU>
                         The Exchange notes that other exchanges offer an enterprise license fee that provides access to an unlimited number of users for a single price. This fee covers all of the applicable exchange's market data feeds for a single enterprise license fee. The Exchange does not propose to offer an enterprise license fee at this time because customers have not requested it and, at this time, no individual subscriber distributes Exchange market data to a population of individual users that would necessitate purchasing an enterprise license.
                    </P>
                </FTNT>
                <GPOTABLE COLS="8" OPTS="L2,nj,tp0,p7,7/8,i1" CDEF="s30,8,r35,12,12,r35,r35,r45">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share 
                            <E T="51">‡</E>
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data product</CHED>
                        <CHED H="1">
                            Internal 
                            <LI>distributors</LI>
                        </CHED>
                        <CHED H="1">
                            External 
                            <LI>distributors</LI>
                        </CHED>
                        <CHED H="1">Pro-user</CHED>
                        <CHED H="1">Non-pro user</CHED>
                        <CHED H="1">Non-display fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX</ENT>
                        <ENT>6.19</ENT>
                        <ENT>
                            ToM
                            <LI>cToM</LI>
                            <LI>MOR</LI>
                            <LI>AIS</LI>
                        </ENT>
                        <ENT>
                            $2,000.00
                            <LI>2,000.00</LI>
                            <LI>3,000.00</LI>
                            <LI>1,250.00</LI>
                        </ENT>
                        <ENT>
                            $3,000.00
                            <LI>3,000.00</LI>
                            <LI>3,500.00</LI>
                            <LI>1,750.00</LI>
                        </ENT>
                        <ENT>$20.00 (per Exchange)</ENT>
                        <ENT>$1.00 (per Exchange)</ENT>
                        <ENT>$1,500.00 (per feed capped at $3,000.00.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.45</ENT>
                        <ENT>
                            NOM BONO
                            <LI>NOM ITTO</LI>
                        </ENT>
                        <ENT>
                            1,566.00
                            <LI>1,566.00</LI>
                        </ENT>
                        <ENT>
                            2,089.00
                            <LI>2,089.00</LI>
                        </ENT>
                        <ENT>$42.10 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange)</ENT>
                        <ENT>($10,530.00 (per exchange, no cap).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.71</ENT>
                        <ENT>
                            MRX Top
                            <LI>MRX Depth</LI>
                            <LI>MRX Spread</LI>
                        </ENT>
                        <ENT>
                            1,515.00
                            <LI>1,515.00</LI>
                            <LI>1,010.00</LI>
                        </ENT>
                        <ENT>
                            2,020.00
                            <LI>2,020.00</LI>
                            <LI>1,515.00</LI>
                        </ENT>
                        <ENT>$25.25 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange)</ENT>
                        <ENT>$7,575.00 (per exchange, no cap).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe BZX Options</ENT>
                        <ENT>3.99</ENT>
                        <ENT>BZX Depth</ENT>
                        <ENT>3,000.00</ENT>
                        <ENT>2,000.00</ENT>
                        <ENT>$30.00 (per feed)</ENT>
                        <ENT>$1.00 (per feed)</ENT>
                        <ENT>N/A.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe C2</ENT>
                        <ENT>3.00</ENT>
                        <ENT>
                            C2 Complex
                            <LI>C2 Depth</LI>
                        </ENT>
                        <ENT>
                            1,000.00
                            <LI>2,500.00</LI>
                        </ENT>
                        <ENT>
                            1,000.00
                            <LI>2,500.00</LI>
                        </ENT>
                        <ENT>
                            $25.00 (per feed)
                            <LI>$50.00 (per feed)</LI>
                        </ENT>
                        <ENT>
                            $25.00 (per feed)
                            <LI>$50.00 (per feed)</LI>
                        </ENT>
                        <ENT>
                            N/A.
                            <LI>N/A.</LI>
                        </ENT>
                    </ROW>
                    <TNOTE>
                        <E T="51">‡</E>
                         
                        <E T="03">See supra</E>
                         note 24.
                    </TNOTE>
                </GPOTABLE>
                <P>
                    As illustrated by the above table, while distributor fees may vary across exchanges, and in some instances are higher on the Exchange, the per User fees of other exchanges are generally higher than that proposed by the Exchange and can quickly make up for any difference in distributor fees due to an increased number of Users permissioned for other exchanges' data feeds when compared to the Users permissioned to view data from the 
                    <PRTPAGE P="22399"/>
                    Exchange. In addition, Nasdaq Options and Nasdaq MRX charge materially higher fees for Non-Display Usage. Meanwhile, Cboe BZX Options and Cboe C2 would charge non-display users their applicable distribution fee, which are not capped and are either higher than, or comparable to, the fees proposed by the Exchange. Furthermore, the Exchange proposes to only charge fees to Internal and External Distributors for the ToM, cToM, MOR, and AIS feeds, which, when combined with the above proposed fees, result in fee packages that are generally comparable to the fee packages charged by Nasdaq Options, Nasdaq MRX, Cboe BZX Options, and Cboe C2 due to those exchanges charging higher or similar User and Non-Display Usage fees, as set forth above.
                </P>
                <P>Lastly, the proposed discount to charge per User fees at the Exchange level, and not per data feed, as well as capping the monthly Non-Display Usage fee for use of multiple data feeds, is reasonable and cause the Exchange's proposed fees to be even lower for subscribers to multiple Exchange data products.</P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes its proposal to no longer pro-rate mid-month changes to subscriptions is reasonable because the Exchange had no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated and no other options exchanges provides for the similar pro-ration of market data fees.
                    <SU>50</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration of market data fees.
                    <SU>51</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>50</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>51</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">The Proposed Fees are Equitably Allocated</HD>
                <P>
                    <E T="03">Overall.</E>
                     The Exchange believes that its proposed fees are reasonable, equitable, and not unfairly discriminatory because they are designed to align fees with services provided. The Exchange believes that the proposed fees for the market data feeds are allocated fairly and equitably among the various categories of users of the data feeds, and any differences among categories of users are justified and appropriate.
                </P>
                <P>The Exchange believes that the proposed fees are equitably allocated because they will apply uniformly to all data recipients that choose to subscribe to the market data feeds. Any market participant that chooses to subscribe to the market data feeds is subject to the same Fee Schedule, regardless of what type of business they operate, and the decision to subscribe to one or more market data feeds is based on objective differences in usage of market data feeds among different Members, which are still ultimately in the control of any particular Member. The Exchange believes the proposed pricing of the market data feeds is equitably allocated because it is based, in part, upon the amount of information contained in each data feed, which may have additional value to market participants.</P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes its proposal to no longer pro-rate mid-month changes to subscriptions is equitably allocated because the Exchange had no subscriber utilize pro-ration via a mid-month subscription or termination over the past twelve (12) months, nor does it foresee a subscriber doing so in the near future. The Exchange believes it is equitable to no longer pro-rate fees for Distributors who subscribe mid-month because other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>52</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration of market data fees.
                    <SU>53</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>52</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, Market Data Fees section, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>53</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    <E T="03">User Fees.</E>
                     The Exchange believes that the proposed fee, fee levels, and structure that differentiates between Professional User fees from Non-Professional User fees for display use are equitable. This structure has long been used by other exchanges and OPRA to reduce the price of data to Non-Professional Users and make it more broadly available.
                    <SU>54</SU>
                    <FTREF/>
                     Offering the market data feeds to Non-Professional Users at a lower cost than Professional Users results in greater equity among data recipients, as Professional Users are categorized as such based on their employment and participation in financial markets, and thus, are compensated to participate in the markets. While Non-Professional Users too can receive significant financial benefits through their participation in the markets, the Exchange believes it is reasonable to charge more to those Users who are more directly engaged in the markets.
                </P>
                <FTNT>
                    <P>
                        <SU>54</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release No. 59544 (March 9, 2009), 74 FR 11162 (March 16, 2009) (SR-NYSE-2008-131) (establishing the $15 Non-Professional User Fee (Per User) for NYSE OpenBook); Securities Exchange Act Release No. 20002, File No. S7-433 (July 22, 1983), 48 FR 34552 (July 29, 1983) (establishing Non-Professional fees for CTA data); NASDAQ BX Equity 7 Pricing Schedule, Section 123.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange believes the proposed Non-Display Usage fees are equitably allocated because they would require Distributors to pay fees only for the uses they actually make of the data. As noted above, non-display data can be used by data recipients for a wide variety of profit-generating purposes (including trading and order routing) as well as purposes that do not directly generate revenues (such as risk management and compliance) but nonetheless substantially reduce the recipient's costs by automating certain functions. The Exchange believes that it is equitable to charge non-display data Distributors that use the market data feeds because all such Distributors would have the ability to use such data for as many non-display uses as they wish for one low fee. As noted above, this structure is comparable to that in place for the exchanges referenced above and several other exchanges charge multiple non-display fees to the same client to the extent they use a data feed in several different trading platforms or for several types of non-display use.
                    <SU>55</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>55</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/bzx/</E>
                         (providing fees of $2,000.00 to $3,000.00 for Distribution, which includes Non-Display use); Cboe C2 Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</E>
                         (providing a fee $2,500.00 for Distribution, which includes Non-Display use); Nasdaq Options Fee Schedule, 
                        <E T="03">available at, https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</E>
                         (providing a fee of $10,000.00 for Non-Display Use); and the NYSE American fee schedule 
                        <E T="03">available at https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf</E>
                         (providing a fee of $5,000.00 for Non-Display Use).
                    </P>
                </FTNT>
                <STARS/>
                <P>For all of the foregoing reasons, the Exchange believes that the proposed fees for the market data feeds are equitably allocated.</P>
                <HD SOURCE="HD3">The Proposed Fees Are Not Unfairly Discriminatory</HD>
                <P>
                    The Exchange believes the proposed fees are not unfairly discriminatory 
                    <PRTPAGE P="22400"/>
                    because any differences in the application of the fees are based on meaningful distinctions between customers, and those meaningful distinctions are not unfairly discriminatory between customers.
                </P>
                <P>
                    <E T="03">Overall.</E>
                     The Exchange believes that the proposed fees are not unfairly discriminatory because they would apply to all data recipients that choose to subscribe to the same market data feed(s). Any market participant, including market data vendors, that chooses to subscribe to the market data feeds is subject to the same Fee Schedule, regardless of what type of business they operate. Market participants seeking lower cost options may instead choose to receive data from OPRA or another potentially lower cost option such as a market data vendor. The Exchange notes that market participants can also choose to subscribe to a combination of data feeds for redundancy purposes or to use different feeds for different purposes. In sum, each market participant has the ability to choose the best business solution for itself. The Exchange does not believe it is unfairly discriminatory to base pricing upon the amount of information contained in each data feed and the importance of that information to market participants. As described above, the ToM data feed can be utilized to trade on the Exchange but contains less information than available on the MOR data feed. Thus, the Exchange believes it is not unfairly discriminatory for the products to be priced as proposed, with the same fees being proposed for each data feed coupled with the discounts and caps discussed above.
                </P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes that the proposal to no longer pro-rate mid-month changes to market data subscriptions is not unfairly discriminatory because there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange notes that other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>56</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration.
                    <SU>57</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>56</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, Market Data Fees section, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>57</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    <E T="03">User Fees.</E>
                     The Exchange believes that the proposed fee, fee levels, and structure that differentiates between Professional User fees from Non-Professional User fees for display use are not unfairly discriminatory. This structure has long been used by other exchanges and OPRA to reduce the price of data to Non-Professional Users and make it more broadly available. Offering the market data feeds to Non-Professional Users with the same data as is available to Professional Users, albeit at a lower cost, results in greater equity among data recipients. These User fees would be charged uniformly to all individuals that have access to the market data feeds based on the category of User.
                </P>
                <P>The Exchange also believes the proposed User fees are not unfairly discriminatory, with higher fees for Professional Users than Non-Professional Users, because Non-Professional Users may have less ability to pay for such data than Professional Users as well as less opportunity to profit from their usage of such data.</P>
                <P>
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange believes that the proposed Non-Display Usage fees are not unfairly discriminatory because they would require Distributors for non-display use to pay fees depending on their use of the data. As noted above, non-display data can be used by data recipients for a wide variety of profit-generating purposes as well as purposes that do not directly generate revenues but nonetheless substantially reduce the recipient's costs by automating certain functions.
                </P>
                <STARS/>
                <P>For all of the foregoing reasons, the Exchange believes that the proposed fees for the Exchange's market data feeds are not unfairly discriminatory.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    In accordance with Section 6(b)(8) of the Act,
                    <SU>58</SU>
                    <FTREF/>
                     the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>58</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Intra-Market Competition</HD>
                <P>The Exchange does not believe that the proposed fees place certain market participants at a relative disadvantage to other market participants because, as noted above, the proposed fees are associated with usage of the data feed by each market participant, which are still ultimately in the control of any particular Member, and such fees do not impose a barrier to entry to smaller participants. Accordingly, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation of the proposed fees reflects the types of data consumed by various market participants and their usage thereof. The Exchange also believes that the proposed fees neither favor nor penalize one or more categories of market participants in a manner that would impose an undue burden on competition.</P>
                <P>
                    The Exchange believes its proposal to no longer pro-rate mid-month changes to market data subscriptions does not place an undue burden on intra-market competition because all market participants will be subject to the same Fee Schedule, regardless of which point in the month they subscribe. As noted above, there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange notes that other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>59</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration.
                    <SU>60</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>59</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section and Cboe EDGX Options Fee Schedule, Market Data Fees section. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>60</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Inter-Market Competition</HD>
                <P>
                    The Exchange does not believe the proposed fees place an undue burden on competition on other SROs that is not necessary or appropriate. In particular, market participants are not forced to subscribe to either data feed, as described above. An exchange that overprices its market data products stands a high risk that users may purchase another market's market data product. These competitive pressures ensure that no one exchange's market data fees can impose an unnecessary burden on competition, and the Exchange's proposed fees do not do so here. Additionally, other exchanges have similar market data fees with comparable rates in place for their participants. Other options exchanges are free to adopt comparable fee 
                    <PRTPAGE P="22401"/>
                    structures subject to the Commission's rule filing process.
                </P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>Written comments were neither solicited nor received.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,
                    <SU>61</SU>
                    <FTREF/>
                     and Rule 19b-4(f)(2) 
                    <SU>62</SU>
                    <FTREF/>
                     thereunder. 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 shall institute proceedings to determine whether the proposed rule should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>61</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>62</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-MIAX-2025-23 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                     All submissions should refer to file number SR-MIAX-2025-23. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-MIAX-2025-23 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>63</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>63</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09407 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103087; File No. SR-NYSENAT-2025-11]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE National Schedule of Fees and Rebates</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) 
                    <SU>1</SU>
                    <FTREF/>
                     of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>2</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>3</SU>
                    <FTREF/>
                     notice is hereby given that, on May 13, 2025, NYSE National, Inc. (“NYSE National” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         15 U.S.C. 78a.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>
                    The Exchange proposes to amend the NYSE National Schedule of Fees and Rebates (“Fee Schedule”) to reflect the fee for orders routed pursuant to the Retail Price Improvement Seeking routing strategy. The proposed change is available on the Exchange's website at 
                    <E T="03">www.nyse.com,</E>
                     at the principal office of the Exchange, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>The Exchange proposes to amend the Fee Schedule to reflect the fee for orders routed pursuant to the Retail Price Improvement Seeking routing strategy. The Exchange proposes to implement the fee change effective May 13, 2025.</P>
                <HD SOURCE="HD3">Background</HD>
                <P>
                    The Exchange operates in a highly competitive market. The Securities and Exchange Commission (“Commission”) has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system “has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.” 
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (File No. S7-10-04) (Final Rule) (“Regulation NMS”).
                    </P>
                </FTNT>
                <P>
                    While Regulation NMS has enhanced competition, it has also fostered a “fragmented” market structure where trading in a single stock can occur 
                    <PRTPAGE P="22402"/>
                    across multiple trading centers. When multiple trading centers compete for order flow in the same stock, the Commission has recognized that “such competition can lead to the fragmentation of order flow in that stock.” 
                    <SU>5</SU>
                    <FTREF/>
                     Indeed, equity trading is currently dispersed across 16 exchanges,
                    <SU>6</SU>
                    <FTREF/>
                     numerous alternative trading systems,
                    <SU>7</SU>
                    <FTREF/>
                     and broker-dealer internalizers and wholesalers, all competing for order flow. Based on publicly available information, no single exchange currently has more than 20% market share.
                    <SU>8</SU>
                    <FTREF/>
                     Therefore, no exchange possesses significant pricing power in the execution of equity order flow. More specifically, the Exchange's share of executed volume of equity trades in Tapes A, B and C securities combined is less than 1%.
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 61358, 75 FR 3594, 3597 (January 21, 2010) (File No. S7-02-10) (Concept Release on Equity Market Structure).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         Cboe U.S Equities Market Volume Summary, available at 
                        <E T="03">https://markets.cboe.com/us/equities/market_share. See generally https://www.sec.gov/fast-answers/divisionsmarketregmrexchangesshtml.html.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         FINRA ATS Transparency Data, 
                        <E T="03">available at https://otctransparency.finra.org/otctransparency/AtsIssueData.</E>
                         A list of alternative trading systems registered with the Commission is 
                        <E T="03">available at https://www.sec.gov/foia/docs/atslist.htm.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Cboe Global Markets U.S. Equities Market Volume Summary, available at 
                        <E T="03">http://markets.cboe.com/us/equities/market_share/.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <P>The Exchange believes that the ever-shifting market share among the exchanges from month to month demonstrates that market participants can move order flow, or discontinue or reduce use of certain categories of products. While it is not possible to know a firm's reason for shifting order flow, the Exchange believes that one such reason is because of fee changes at any of the registered exchanges or non-exchange venues to which a firm routes order flow. Accordingly, competitive forces constrain exchange transaction fees, and market participants can readily trade on competing venues if they deem pricing levels at those other venues to be more favorable.</P>
                <HD SOURCE="HD3">Proposed Rule Change</HD>
                <P>
                    Pursuant to Commission approval, the Exchange has amended its rules to provide for the optional Retail Price Improvement Seeking routing strategy, which is available for Type 1 Retail Orders that participate in the Exchange's Retail Liquidity Program.
                    <SU>10</SU>
                    <FTREF/>
                     After checking the Exchange Book for available shares, any remaining quantity of a Type 1 Retail Order designated with the Retail Price Improvement Seeking routing strategy will be routed to New York Stock Exchange, LLC (“NYSE”). Any shares that remain unexecuted after routing will be cancelled. The Retail Price Improvement Seeking routing strategy is intended to offer any remaining quantity of Type 1 Retail Orders, after executing against interest on the Exchange Book, the opportunity to access liquidity on the NYSE, which also operates a retail liquidity program. Type 1 Retail Orders routed to the NYSE with the Retail Price Improvement Seeking routing strategy would be able to interact with Retail Price Improvement Orders and other interest on the NYSE book as a Retail Order in the NYSE retail liquidity program, thereby providing such orders with additional price improvement opportunities.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102912 (April 22, 2025), 90 FR 17655 (April 28, 2025) (SR-NYSENAT-2025-05) (Order Approving a Proposed Rule Change To Amend NYSE National Rules 7.37 and 7.44); 
                        <E T="03">see also</E>
                         Rule 7.37(b)(9)(C).
                    </P>
                </FTNT>
                <P>
                    In connection with the availability of the Retail Price Improvement Seeking routing strategy on May 13, 2025,
                    <SU>11</SU>
                    <FTREF/>
                     the Exchange proposes to amend the Fee Schedule to reflect the routing fee that will apply to orders routed pursuant to the Retail Price Improvement Seeking routing strategy. In the table under Section II of the Fee Schedule, which sets forth routing fees applicable to all ETP Holders, the Exchange proposes to add text specifying that, for orders in securities at or above $1.00, there would be no fee for orders routed pursuant to the Retail Price Improvement Seeking routing strategy (as described in Rule 7.37(b)(9)(C)).
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See https://www.nyse.com/trader-update/history#110000948947.</E>
                    </P>
                </FTNT>
                <P>The Exchange believes that this routing functionality would provide retail orders with access to additional retail liquidity and price improvement opportunities on another trading venue. This routing functionality is completely optional, and ETP Holders can readily select from among various providers of routing services, including other exchanges and non-exchange venues. ETP Holders that choose not to utilize this routing strategy would continue to be able to trade on the Exchange as they currently do.</P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with Section 6(b) of the Act,
                    <SU>12</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,
                    <SU>13</SU>
                    <FTREF/>
                     in particular, because it provides for the equitable allocation of reasonable dues, fees, and other charges among its members, issuers and other persons using its facilities and does not unfairly discriminate between customers, issuers, brokers or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    As discussed above, the Exchange operates in a highly competitive market. The Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system “has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.” 
                    <SU>14</SU>
                    <FTREF/>
                     While Regulation NMS has enhanced competition, it has also fostered a “fragmented” market structure where trading in a single stock can occur across multiple trading centers. When multiple trading centers compete for order flow in the same stock, the Commission has recognized that “such competition can lead to the fragmentation of order flow in that stock.” 
                    <SU>15</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See supra</E>
                         note 4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See supra</E>
                         note 5.
                    </P>
                </FTNT>
                <P>The Exchange believes that the ever-shifting market share among the exchanges from month to month demonstrates that market participants can shift order flow, or discontinue or reduce use of certain categories of products, in response to fee changes. Accordingly, changes to exchange transaction fees can have a direct effect on the ability of an exchange to compete for order flow.</P>
                <P>
                    The Retail Price Improvement Seeking routing strategy is intended to provide Type 1 Retail Orders with the option to, after interacting with interest on the Exchange Book, route remaining quantities to the NYSE to access additional retail liquidity. This routing functionality is provided by the Exchange on a voluntary basis, and no rule or regulation requires that the Exchange offer it. Nor does any rule or regulation require market participants to route orders in this manner. As noted above, the Exchange operates in a highly competitive market in which market participants can readily select between various providers of routing services with different product offerings and different pricing. The Exchange believes its proposal to not charge any fee for orders routed pursuant to the Retail Price Improvement Seeking routing strategy is reasonable to encourage use 
                    <PRTPAGE P="22403"/>
                    of the routing strategy and to facilitate additional trading opportunities for retail order at no additional cost.
                </P>
                <P>The Exchange believes its proposal equitably allocates its fees among market participants. The Exchange believes that the proposal represents an equitable allocation of fees because it would apply uniformly to all orders routed pursuant to the Retail Price Improvement Seeking Strategy, in that all Type 1 Retail Orders may be optionally designated with the Retail Price Improvement Seeking routing strategy, and no such orders would be subject to any routing fee for utilizing the functionality. Without having a view of ETP Holders' activity on other exchanges and off-exchange venues, the Exchange has no way of knowing whether this proposed rule change would serve as an incentive or disincentive to utilize the routing strategy. However, the Exchange believes that a number of ETP Holders would seek to utilize the routing functionality, which would facilitate access to additional price improvement opportunities for retail orders on another trading venue at no charge.</P>
                <P>The Exchange reiterates that the routing functionality offered by the Exchange is completely optional and that the Exchange operates in a highly competitive market in which market participants can readily select between various providers of routing services with different product offerings and different pricing. The Exchange believes that the proposed fee for orders routed pursuant to the Retail Price Improvement Seeking routing strategy is a fair and equitable approach to pricing.</P>
                <P>The Exchange believes that the proposal is not unfairly discriminatory because it applies on an equal basis to all orders routed pursuant to the Retail Price Improvement Seeking routing strategy. Moreover, this proposed rule change neither targets, nor will it have a disparate impact on, any particular category of market participant. The Exchange believes that this proposal does not permit unfair discrimination because the proposed fee described in this proposal would apply to all retail orders designated with the Retail Price Improvement Seeking routing strategy. Accordingly, no member organization already operating on the Exchange would be disadvantaged by the proposed allocation of fees. The Exchange further believes that the proposed rule change would not permit unfair discrimination because the routing functionality would remain available to similarly-situated ETP Holders on an equal basis, and each such participant would be subject to the same fee for using the functionality.</P>
                <P>Finally, the submission of orders to the Exchange is optional for ETP Holders in that they could choose whether to submit orders to the Exchange and, if they do, the extent of its activity in this regard. The Exchange believes that it is subject to significant competitive forces, as described below in the Exchange's statement regarding the burden on competition.</P>
                <P>For the foregoing reasons, the Exchange believes that the proposal is consistent with the Act.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    In accordance with Section 6(b)(8) of the Act,
                    <SU>16</SU>
                    <FTREF/>
                     the Exchange believes that the proposed rule change would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange believes that the proposed change furthers the Commission's goal in adopting Regulation NMS of fostering integrated competition among orders, which promotes “more efficient pricing of individual stocks for all types of orders, large and small.” 
                    <SU>17</SU>
                    <FTREF/>
                     The Exchange does not believe that the proposed fee change represents a significant departure from previous pricing offered by the Exchange or pricing offered by the Exchange's competitors. ETP Holders may opt to disfavor the Exchange's pricing if they believe that alternatives offer them better value. Accordingly, the Exchange does not believe that the proposed change will impair the ability of ETP Holders or competing venues to maintain their competitive standing in the financial markets.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See supra</E>
                         note 4.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Intramarket Competition.</E>
                     The Exchange believes the proposed amendment to its Fee Schedule would not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Retail Price Improvement Seeking routing strategy is available to all Type 1 Retail Orders, and all orders routed pursuant to the strategy would be subject to the same proposed fee. This routing functionality is provided by the Exchange on a voluntary basis, and no rule or regulation requires that the Exchange offer it. ETP Holders have the choice whether or not to use the Retail Price Improvement Seeking routing strategy, and those that choose not to utilize it will not be impacted by the proposed rule change. The Exchange also does not believe the proposed rule change would impact intramarket competition, as the proposed fee would apply equally to all ETP Holders that choose to utilize the Retail Price Improvement Seeking routing strategy, and therefore the proposed change would not impose a disparate burden on competition among market participants on the Exchange.
                </P>
                <P>
                    <E T="03">Intermarket Competition.</E>
                     The Exchange operates in a highly competitive market in which market participants can readily choose to send their orders to other exchange and off-exchange venues if they deem fee levels at those other venues to be more favorable. As noted above, the Exchange's market share of intraday trading (
                    <E T="03">i.e.,</E>
                     excluding auctions) is currently less than 1%. In such an environment, the Exchange must continually adjust its fees and rebates to remain competitive with other exchanges and with off-exchange venues. Because competitors are free to modify their own fees and credits in response, and because market participants may readily adjust their order routing practices, the Exchange does not believe its proposed fee change can impose any burden on intermarket competition.
                </P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>No written comments were solicited or received with respect to the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    Pursuant to Section 19(b)(3)(A)(ii) of the Act,
                    <SU>18</SU>
                    <FTREF/>
                     and Rule 19b-4(f)(2) thereunder 
                    <SU>19</SU>
                    <FTREF/>
                     the Exchange has designated this proposal as establishing or changing a due, fee, or other charge imposed on any person, whether or not the person is a member of the self-regulatory organization, which renders the proposed rule change effective upon filing. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>
                    Interested persons are invited to submit written data, views and 
                    <PRTPAGE P="22404"/>
                    arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:
                </P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-NYSENAT-2025-11 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-NYSENAT-2025-11. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-NYSENAT-2025-11 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>20</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>20</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09403 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103083; File No. SR-CboeEDGX-2025-040]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Increase the Monthly Fee for 10 Gb Physical Ports</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 9, 2025, Cboe EDGX Exchange, Inc. (“Exchange” or “EDGX”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to increase the monthly fee for 10 Gb physical ports. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://markets.cboe.com/us/options/regulation/rule_filings/edgx/</E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule relating to physical connectivity fees.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially filed the proposed fee changes on July 3, 2023 (SR-CboeEDGX-2023-045). On September 1, 2023, the Exchange withdrew that filing and submitted SR-CboeEDGX-2023-058. On September 29, 2023, the Securities and Exchange Commission issued a Suspension of and Order Instituting Proceedings to Determine whether to Approve or Disapprove a Proposed Rule Change to Amend its Fees Schedule Related to Physical Port Fees (the “OIP”) in anticipation of a possible U.S. government shutdown.”). On September 29, 2023, the Exchange filed the proposed fee change (SR-CboeEDGX-2023-063). On October 13, 2023, the Exchange withdrew that filing and submitted SR-CboeEDGX-2023-064. On December 12, 2023, the Exchange withdrew that filing and submitted SR-CboeEDGX-2023-080. On February 12, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-014. On April 9, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-021. On June 7, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-036. On August 29, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-057. On October 25, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-072. On December 18, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGX-2024-086. On February 14, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-012. On March 13, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-023. On May 9, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    By way of background, a physical port is utilized by a Member or non-Member to connect to the Exchange at the data centers where the Exchange's servers are located. The Exchange currently assesses the following physical connectivity fees for Members and non-Members on a monthly basis: $2,500 per physical port for a 1 gigabit (“Gb”) circuit and $7,500 per physical port for a 10 Gb circuit. The Exchange proposes to increase the monthly fee for 10 Gb physical ports from $7,500 to $8,500 per port. The Exchange notes the proposed fee change better enables it to continue to maintain and improve its market technology and services and also notes that the proposed fee amount, even as amended, continues to be in line with, or even lower than, amounts assessed by other exchanges for similar connections.
                    <SU>4</SU>
                    <FTREF/>
                     The Exchange also notes 
                    <PRTPAGE P="22405"/>
                    that a single 10 Gb physical port can be used to access the Systems of the following affiliate exchanges: the Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc. (options and equities platforms), Cboe EDGA Exchange, Inc., and Cboe C2 Exchange, Inc., (“Affiliate Exchanges”).
                    <SU>5</SU>
                    <FTREF/>
                     Notably, only one monthly fee currently (and will continue) to apply per 10 Gb physical port regardless of how many affiliated exchanges are accessed through that one port.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See e.g.,</E>
                         The Nasdaq Stock Market LLC (“Nasdaq”), General 8, Connectivity to the Exchange. Nasdaq and its affiliated exchanges charge a monthly fee of $16,500 for each 10 Gb Ultra fiber connection to the respective exchange. 
                        <E T="03">See also</E>
                         New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago Inc., NYSE National, Inc. Connectivity Fee Schedule, which provides that 10 Gb LX LCN Circuits (which are analogous to the Exchange's 10 
                        <PRTPAGE/>
                        Gb physical port) are assessed $22,000 per month, per port.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         The Affiliate Exchanges are also submitting contemporaneous identical rule filings.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange notes that conversely, other exchange groups charge separate port fees for access to separate, but affiliated, exchanges. 
                        <E T="03">See e.g.,</E>
                         Securities and Exchange Release No. 99822 (March 21, 2024), 89 FR 21337 (March 27, 2024) (SR-MIAX-2024-016).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>7</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>8</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>9</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>10</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities. This belief is based on various factors as described below.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    First, the Exchange believes its proposal is reasonable as it reflects a moderate increase in physical connectivity fees for 10 Gb physical ports and its offering, even as amended, continues to be more affordable as compared to analogous physical connectivity offerings at competitor exchanges. For example, The Nasdaq Stock Market LLC (“Nasdaq”) and its affiliated exchanges charge a monthly fee of $16,500 for each 10 Gbps Ultra fiber connection and $11,000 per month for each 10 Gbps fiber connection to their respective exchange.
                    <SU>11</SU>
                    <FTREF/>
                     The Exchange's proposed fee of $8,500 per physical port is lower than both of these offerings.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market LLC (“Nasdaq”), General 8, Connectivity to the Exchange.
                    </P>
                </FTNT>
                <P>
                    Yet another example of higher fees charged by a competitor exchange is the 10Gpbs LX LCN Circuits offered by the New York Stock Exchange LLC and its affiliates (collectively, “NYSE”). NYSE charges a fee of $22,000 per month,
                    <SU>12</SU>
                    <FTREF/>
                     per port in contrast to the Exchange's proposed monthly fee of $8,500 per month, per port. Despite the Exchange proposing to increase its fee for its 10 Gb physical port, it still comes in at a cost significantly lower than its competitors.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         New York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE Chicago Inc., NYSE National, Inc. Connectivity Fee Schedule
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange also points towards the equivalent offering from MIAX Saphire and its affiliated options exchanges, MIAX Options, MIAX Pearl and MIAX Emerald (collectively, “MIAX Exchanges”) which is $13,500 per port per month.
                    <SU>13</SU>
                    <FTREF/>
                     The Exchange reiterates that a single physical port offering from the Exchange offers the ability to connect to the Affiliated Exchanges (equities and options) and the monthly price does not change based on the number of exchanges a participant is connected to. In this case, examining only the Exchange and its Affiliated Options Exchanges, (even though the same physical port could also connect to the Exchange's affiliated equities exchanges) a participant could purchase a single physical port from the Exchange and access roughly 14% of the U.S. Options Market for a cost of $8,500. In contrast, if a participant desired to access all MIAX Exchanges, allowing access to roughly 16% of the U.S. Options Market, it would cost that participant $54,000 ($13,500 per port per month x 4 MIAX Exchanges).
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See e.g.,</E>
                         MIAX Options Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         Cboe U.S. Options Market Volume Summary (May 8, 2025).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes the current fee does not properly reflect the quality of the service and product, as fees for 10 Gb physical ports have been static in nominal terms since 2018, and therefore falling in real terms due to inflation. As a general matter, the Producer Price Index (“PPI”) is a family of indexes that measures the average change over time in selling prices received by domestic producers of goods and services. PPI measures price change from the perspective of the seller. This contrasts with other metrics, such as the Consumer Price Index (CPI), that measure price change from the purchaser's perspective.
                    <SU>15</SU>
                    <FTREF/>
                     About 10,000 PPIs for individual products and groups of products are tracked and released each month.
                    <SU>16</SU>
                    <FTREF/>
                     PPIs are available for the output of nearly all industries in the goods-producing sectors of the U.S. economy—mining, manufacturing, agriculture, fishing, and forestry—as well as natural gas, electricity, and construction, among others. The PPI program covers approximately 69 percent of the service sector's output, as measured by revenue reported in the 2017 Economic Census.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/overview.htm</E>
                        .
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    For purposes of this proposal, the relevant industry-specific PPI is the Data Processing, hosting and related services (“Data PPI”) and more particularly the more granular service line Data Processing, Hosting and Related Services: Hosting, Active Server Pages (ASP), and Other Information Technology (IT) Infrastructure Provisioning Services.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Provisioning is the process of preparing, assigning, and activating IT infrastructure components, such as servers, storage, and network connectivity, according to user requirements. It is a critical part of IT operations, as it ensures that computing resources are available when needed and that they are set up and connected to work correctly.
                    </P>
                </FTNT>
                <P>
                    The Data PPI was introduced in January 2002 by the Bureau of Labor Statistics (“BLS”) as part of an ongoing effort to expand Producer Price Index coverage of the services sector of the U.S. economy and is identified as NAICS-518210 in the North American Industry Classification System (“NAICS”).
                    <SU>18</SU>
                    <FTREF/>
                     According to the BLS “[t]he primary output of NAICS 518210 is the provision of electronic data processing services. In the broadest sense, computer services companies help their customers efficiently use 
                    <PRTPAGE P="22406"/>
                    technology. The processing services market consists of vendors who use their own computer systems—often utilizing proprietary software— to process customers' transactions and data. Price movements for the NAICS 518210 index are based on changes in the revenue received by companies that provide data processing services and price movements for the service line NAICS 518210 index are based on changes in the revenue received by companies that provide, among other things, IT infrastructure provisioning services. Each month, companies provide net transaction prices for a specified service. The transaction is an actual contract selected by probability, where the price-determining characteristics are held constant while the service is repriced. The prices used in index calculation are the actual prices billed for the selected service contract.” 
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/overview.htm.</E>
                         Among the industry-specific PPIs is for North American Industry Classification System (“NAICS”) Code 518210: “Data Processing and Related Services,” NAICS index codes categorize products and services that are common to particular industries. According to BLS, these codes “provide comparability with a wide assortment of industry-based data for other economic programs, including productivity, production, employment, wages, and earnings.”
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/factsheets/producer-price-index-for-the-data-processing-and-related-services-industry-naics-518210.htm.</E>
                    </P>
                </FTNT>
                <P>
                    The service (product) lines for which price indexes are available under the Data PPI are: (1) business process management services (2) data management and storage information transformation and other services and (3) hosting ASP and other IT infrastructure provisioning services. The most apt of these industry and product specific categorizations for purposes of this present proposal to modify fees for the 10 Gb physical port fee measures inflation for the provision of data processing, hosting and related services as well as other information technology infrastructure provisioning services which BLS identifies as identified as NAICS-5182105.
                    <SU>20</SU>
                    <FTREF/>
                     The Exchange believes that this measure of inflation is particularly appropriate because the Exchange's connectivity services involve hosting and providing connections to its customers’ telecommunications and information technology equipment, as well as preparing, assigning, and activating IT infrastructure components, such as servers, storage, and network connectivity. The Exchange also uses its “proprietary software,” 
                    <E T="03">i.e.,</E>
                     its own proprietary matching engine software, to receive orders on the Exchange's proprietary trading platform as well as to collect, organize, store and report customers’ transactions. In other words, the Exchange is in the business of data processing, hosting, ASP, and providing other IT infrastructure provisioning services. Specifically, within this category, the Exchange points to the financial business process management services category under the umbrella of data processing.
                    <SU>21</SU>
                    <FTREF/>
                     The financial business process management services is described as “providing a bundled service package that combines information-technology-intensive services with labor (manual or professional depending on the solution), machinery, and facilities to support, host and manage a financial business process for a client, such as financial transaction processing, credit card processing, payment services, and lending services.” 
                    <SU>22</SU>
                    <FTREF/>
                     The Exchange's connectivity service provides connections to its customers' telecommunications and information technology equipment, as well as preparing, assigning, and activating IT infrastructure components to facilitate the transmission of orders and receipt of financial transactions for its customers' while connected to the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See https://data.bls.gov/timeseries/PCU5182105182105.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         
                        <E T="03">See https://voorburggroup.org/Documents/2018%20Rome/Papers/1014.pdf.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Further, the Exchange believes that this specific index is best suited to guide this price increase as it reflects the change in this specific instance over the last seven years instead of looking at the underlying components of the service. PPI has published broad guidance regarding price adjustments for contracts,
                    <SU>23</SU>
                    <FTREF/>
                     and within this it noted that contracting parties should choose an index or group of indexes that represent the cost for providing a particular product or service, rather than an index for the product itself.
                    <SU>24</SU>
                    <FTREF/>
                     While this helps a contracting seller avoid a circumstance where it is unable to raise its price for the product itself if the underlying components have increased and the PPI for the product itself has not yet increased- this is not the case here. The Exchange instead is using historical data over a seven-year period as a reference point for its proposed increase moving forward- underlying components that have increased over the course of seven years have since (by and large) been reflected in the product itself.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See https://www.bls.gov/ppi/publications/price-adjustment-guide-for-contracting-parties.htm#FOOT5.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         “For example, if an apparel manufacturer were contracting for long-term purchases with a producer of finished fabrics, it would be more advisable to tie the price adjustment clause to a PPI for synthetic fibers, processed yarns and threads, or greige fabrics (raw fabric), rather than to a PPI for a type of finished fabric.” 
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange further believes the Data PPI is an appropriate measure for purposes of the proposed rule change on the basis that it is a stable metric with limited volatility, unlike other consumer-side inflation metrics. In fact, the Data PPI has not experienced a greater than 2.16% increase for any one calendar year period since Data PPI was introduced into the PPI in January 2002. For example, the average calendar year change from January 2002 to December 2023 was .62%, with a cumulative increase of 15.67% over this 21-year period. The Exchange believes the Data PPI is considerably less volatile than other inflation metrics such as CPI, which has had individual calendar-year increases of more than 6.5%, and a cumulative increase of over 73% over the same period.
                    <SU>25</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">See https://www.usinflationcalculator.com/inflation/consumer-price-index-and-annual-percent-changes-from-1913-to-2008/.</E>
                    </P>
                </FTNT>
                <P>
                    As noted above, the current 10 Gb physical port fee remained unchanged for almost seven years, particularly since June 2018.
                    <SU>26</SU>
                    <FTREF/>
                     Since its last increase almost 7 years ago however, there has been notable inflation, including under the industry- and product-specific PPI, which as described above is a tailored measure of inflation. Particularly, the Hosting, ASP and other IT Infrastructure Provisioning Services inflation measure had a starting value of 102.2 in June 2018 (the month the Exchange started assessing the current fee) and an ending value of 118.502 in January 2025, representing a 16% increase.
                    <SU>27</SU>
                    <FTREF/>
                     This indicates that companies who are also in the hosting ASP and other IT infrastructure provisioning services have generally increased prices for a specified service covered under NAICS 5182105 by an average of 16% during this period.
                </P>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Securities and Exchange Release No. 83430 (June 14, 2018), 83 FR 28697 (June 20, 2018) (SR-CboeEDGX-2018-017).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See https://data.bls.gov/timeseries/PCU5182105182105.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that it is reasonable to increase its fees to compensate for inflation because, over time, inflation has degraded the value of each dollar that the Exchange collects in fees, such that the real revenue collected today is considerably less than that same revenue collected in 2018. The impact of this inflationary effect is also independent of any change in the Exchange's costs in providing its goods and services. The Exchange therefore believes that it is reasonable for it to offset, in part, this erosion in the value of the revenues it collects. Additionally, the Exchange historically does not increase fees every year notwithstanding inflation.
                    <SU>28</SU>
                    <FTREF/>
                     Other exchanges have also 
                    <PRTPAGE P="22407"/>
                    filed for increases in certain fees, based in part on comparisons to inflation.
                    <SU>29</SU>
                    <FTREF/>
                     Accordingly, based on the above-described percentage change based on an industry- and product-specific inflationary measure, and in conjunction with the rationale further described above and below, the Exchange believes the proposed fee increase is reasonable.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         As the Exchange historically does not increase fees every year notwithstanding inflation, the Exchange believes that the more specific index is 
                        <PRTPAGE/>
                        appropriate to look at as it is reflective of the cumulative increase over the course of almost seven years. While the PPI has published guidance that a broader index may be more helpful to reference in a contract to avoid large swings on a shorter duration (and to which such a swing over a brief duration may trigger additional obligations), the Exchange, in contrast, is instead looking forward to adjust its price to reflect changes in the industry over the past seven years. 
                        <E T="03">See</E>
                         supra note 20.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release Nos. 34-100994 (September 10, 2024), 89 FR 75612 (September 16, 2024) (SR-NYSEARCA-2024-79).
                    </P>
                </FTNT>
                <P>Next, the Exchange believes significant investments into, and enhanced performance of, the Exchange, in the years following the last 10 Gb physical port fee increase support the reasonableness of the proposed fee increase. These investments enhanced the quality of its services, as measured by, among other things, increased throughput and faster processing speeds. Customers have therefore greatly benefitted from these investments, while the Exchange's ability to recoup its investments has been hampered.</P>
                <P>For example, the Exchange and its affiliated exchanges recently launched a multi-year initiative to improve Cboe Exchange Platform performance and capacity requirements to increase competitiveness, support growth and advance a consistent world class platform. The goal of the project, among other things, is to provide faster and more consistent order handling and matching performance for options, while ensuring quicker processing time and supporting increasing volumes and capacity needs. For example, the Exchange recently performed switch hardware upgrades. Particularly, the Exchange replaced existing customer access switches with newer models, which the Exchange believes resulted in increased determinism. The recent switch upgrades also increased the Exchange's capacity to accommodate more physical ports by nearly 50%. Network bandwidth was also increased nearly two-fold as a result of the upgrades, which among other things, can lead to reduce message queuing. The Exchange also believes these newer models result in less natural variance in the processing of messages. The Exchange notes that it incurred costs associated with purchasing and upgrading to these newer models, of which the Exchange has not otherwise passed through or offset.</P>
                <P>
                    As of April 1, 2024, market participants also having the option of connecting to a new data center (
                    <E T="03">i.e.,</E>
                     Secaucus NY6 Data Center (“NY6”)), in addition to the current data centers at NY4 and NY5. The Exchange made NY6 available in response to customer requests in connection with their need for additional space and capacity. In order to make this space available, the Exchange expended significant resources to prepare this space, and will also incur ongoing costs with respect to maintaining this offering, including costs related to power, space, fiber, cabinets, panels, labor and maintenance of racks. The Exchange also incurred a large cost with respect to ensuring NY6 would be latency equalized, as it is for NY4 and NY5.
                </P>
                <P>The Exchange also has made various other improvements since the current physical port rates were adopted in 2018. For example, the Exchange has updated its customer portal to provide more transparency with respect to firms' respective connectivity subscriptions, enabling them to better monitor, evaluate and adjust their connections based on their evolving business needs. The Exchange also performs proactive audits on a weekly basis to ensure that all customer cross connects continue to fall within allowable tolerances for Latency Equalized connections. Accordingly, the Exchange expended, and will continue to expend, resources to innovate and modernize technology so that it may benefit its Members and continue to compete among other options markets. The ability to continue to innovate with technology and offer new products to market participants allows the Exchange to remain competitive in the options space which currently has 18 registered options markets and potential new entrants. If the Exchange were not able to assess incrementally higher fees for its connectivity, it would effectively impact how the Exchange manages its technology and hamper the Exchange's ability to continue to invest in and fund access services in a manner that allows it to meet existing and anticipated access demands of market participants. Disapproval of fee changes such as the proposal herein, could also have the adverse effect of discouraging an exchange from improving its operations and implementing innovative technology to the benefit of market participants if it believes the Commission would later prevent that exchange from recouping costs and monetizing its operational enhancements, thus adversely impacting competition as well as the interests of market participants and investors.</P>
                <P>
                    Finally, the proposed fee is also the same as is concurrently being proposed for its Affiliate Exchanges. Further, Members are able to utilize a single port to connect to all of its Affiliate Exchanges and will only be charged one single fee (
                    <E T="03">i.e.,</E>
                     a market participant will only be assessed the proposed $8,500 even if it uses that physical port to connect to the Exchange and another (or even all 6) of its Affiliate Exchanges. Particularly, the Exchange believes the proposed monthly per port fee is reasonable, equitable and not unfairly discriminatory since as the Exchange has determined to not charge multiple fees for the same port. Indeed, the Exchange notes that several ports are in fact purchased and utilized across one or more of the Exchange's affiliated Exchanges (and charged only once).
                </P>
                <P>
                    The Exchange also believes that the proposed fee change is not unfairly discriminatory because it would be assessed uniformly across all market participants that purchase the physical ports. The Exchange believes increasing the fee for 10 Gb physical ports and charging a higher fee as compared to the 1 Gb physical port is equitable as the 1 Gb physical port is 1/10th the size of the 10 Gb physical port and therefore does not offer access to many of the products and services offered by the Exchange (
                    <E T="03">e.g.,</E>
                     ability to receive certain market data products). Thus, the value of the 1 Gb alternative is lower than the value of the 10 Gb alternative, when measured based on the type of Exchange access it offers. Moreover, market participants that purchase 10 Gb physical ports utilize the most bandwidth and therefore consume the most resources from the network. The Exchange also anticipates that firms that utilize 10 Gb ports will benefit the most from the Exchange's investment in offering NY6 as the Exchange anticipates there will be much higher quantities of 10 Gb physical ports connecting from NY6 as compared to 1 Gb ports. Indeed, the Exchange notes that 10 Gb physical ports account for approximately 90% of physical ports across the NY4, NY5, and NY6 data centers, and to date, 80% of new port connections in NY6 are 10 Gb ports. As such, the Exchange believes the proposed fee change for 10 Gb physical ports is reasonably and appropriately allocated.
                </P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    The Exchange does not believe that the proposed rule change will impose 
                    <PRTPAGE P="22408"/>
                    any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed fee change will not impact intramarket competition because it will apply to all similarly situated Members equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb physical port). Additionally, the Exchange does not believe its proposed pricing will impose a barrier to entry to smaller participants and notes that its proposed connectivity pricing is associated with relative usage of the various market participants. For example, market participants with modest capacity needs can continue to buy the less expensive 1 Gb physical port (which cost is not changing) or may choose to obtain access via a third-party re-seller. While pricing may be increased for the larger capacity physical ports, such options provide far more capacity and are purchased by those that consume more resources from the network. Accordingly, the proposed connectivity fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation reflects the network resources consumed by the various size of market participants—lowest bandwidth consuming members pay the least, and highest bandwidth consuming members pays the most.
                </P>
                <P>The proposed fee change also does not impose a burden on competition or on other Self-Regulatory Organizations that is not necessary or appropriate. As described above, the Exchange evaluated its proposed fee change using objective and stable metric with limited volatility. Utilizing Data Processing PPI over a specified period of time is a reasonable means of recouping a portion of the Exchange's investment in maintaining and enhancing the connectivity service identified above. The Exchange believes utilizing Data Processing PPI, a tailored measure of inflation, to increase certain connectivity fees to recoup the Exchange's investment in maintaining and enhancing its services and products would not impose a burden on competition.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>30</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>31</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number
                </P>
                <P>SR-CboeEDGX-2025-040 on the subject line.</P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeEDGX-2025-040. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeEDGX-2025-040 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>32</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>32</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09398 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103077; File No. SR-CboeEDGA-2025-011]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Regarding Dedicated Cores</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, Cboe EDGA Exchange, Inc. (“Exchange” or “EDGA”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">
                        http://markets.cboe.com/us/
                        <PRTPAGE P="22409"/>
                        equities/regulation/rule_filings/edga/
                    </E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its fee schedule to adopt fees for Dedicated Cores.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially introduced Dedicated Cores and corresponding pricing on March 1, 2024 (SR-CboeEDGA-2024-008). On March 20, 2024, the Exchange refiled the proposed fees (SR-CboeEDGA-2024-009). The Exchange amended the Dedicated Cores fees on April 1, 2024 (SR-CboeEDGA-2024-012). On April 12, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGA2024-014. On May 13, 2024, the Exchange withdrew SR-CboeEDGA-2024-009. On June 3, 2024, the Exchange also withdrew SR-CboeEDGA-014 and SR-CboeEDGA-2024-020. On August 1, the Exchange withdrew that filing and submitted SR-CboeEDGA-2024-032. On business date September 30, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGA-2024-039. On November 26, 2024, the Exchange withdrew that filing and submitted SR-CboeEDGA-2024-048. On January 24, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGA-2025-001. On March 13, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGA-2025-006. On May 7, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    By way of background, the Exchange recently began to allow Users 
                    <SU>4</SU>
                    <FTREF/>
                     to assign a Single Binary Order Entry (“BOE”) logical order entry port 
                    <SU>5</SU>
                    <FTREF/>
                     to a single dedicated Central Processing Unit (CPU Core) (“Dedicated Core”). Historically, CPU Cores had been shared by logical order entry ports (
                    <E T="03">i.e.,</E>
                     multiple logical ports from multiple firms may connect to a single CPU Core). Use of Dedicated Cores however, can provide reduced latency, enhanced throughput, and improved performance since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core instead of sharing that power with other firms. This offering is completely voluntary and is available to all Users that wish to purchase Dedicated Cores. Users may utilize BOE logical order entry ports on shared CPU Cores, either in lieu of, or in addition to, their use of Dedicated Core(s). As such, Users are able to operate across a mix of shared and dedicated CPU Cores which the Exchange believes provides additional risk and capacity management. Further, Dedicated Cores are not required nor necessary to participate on the Exchange and as such Users may opt not to use Dedicated Cores at all.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         A User may be either a Member or Sponsored Participant. The term “Member” shall mean any registered broker or dealer that has been admitted to membership in the Exchange, limited liability company or other organization which is a registered broker or dealer pursuant to Section 15 of the Act, and which has been approved by the Exchange. A Sponsored Participant may be a Member or non-Member of the Exchange whose direct electronic access to the Exchange is authorized by a Sponsoring Member subject to certain conditions. See Exchange Rule 11.3.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         Users may currently connect to the Exchange using a logical port available through an application programming interface (“API”), such as the Binary Order Entry (“BOE”) protocol. A BOE logical order entry port is used for order entry.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to assess the following monthly fees for Users that wish to use Dedicated Cores and adopt a maximum limit. First, the Exchange proposes to provide up to two Dedicated Cores to all Users who wish to use Dedicated Cores, at no additional cost. In the event that a User voluntarily chooses to use more than two Dedicated Cores, only then would the Exchange assess the following fees: $650 per Dedicated Core for 3-10 Dedicated Cores; $850 per Dedicated Core for 11-15 Dedicated Cores; and $1,050 per Dedicated Core for 16 or more Dedicated Cores. The proposed fees are progressive and the Exchange proposes to include the following example in the Fees Schedule to provide clarity as to how the fees will be applied. Particularly, the Exchange will provide the following example: if a User were to purchase 11 Dedicated Cores, it will be charged a total of $6,050 per month ($0 * 2) + ($650 * 8) + ($850 * 1). The Exchange also proposes to make clear in the Fees Schedule that the monthly fees are assessed and applied in their entirety and are not prorated. The Exchange notes the current standard fees assessed for BOE Logical Ports, whether used with Dedicated or shared CPU cores, will remain applicable and unchanged.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange currently assesses $550 per port per month. Port fees will also continue to be assessed on the first two Dedicated Cores that Users receive at no additional cost. 
                        <E T="03">See</E>
                         Cboe EDGA Equities Fee Schedule.
                    </P>
                </FTNT>
                <P>
                    Since the Exchange currently has a finite amount of physical space in its data centers in which its servers (and therefore corresponding CPU Cores) are located, the Exchange also proposes to prescribe a maximum limit on the number of Dedicated Cores that Users may purchase each month. The purpose of establishing these limits is to manage the allotment of Dedicated Cores in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an unlimited number of Dedicated Cores. The Exchange previously established a limit for Members of a maximum number of 60 Dedicated Cores and Sponsoring Members a limit of a maximum number of 25 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>7</SU>
                    <FTREF/>
                     The Exchange has since been able to procure additional servers with CPU Cores and also has a better understanding of User demand relative to its available space and available Dedicated Cores since the initial launch of Dedicated Cores. After seeing increased User demand, the Exchange proposed to increase that cap and provided that Members will be limited to a maximum number of 80 Dedicated Cores and Sponsoring Members will be limited to a maximum number of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange noted at that time that it would continue monitoring Dedicated Core interest by all Users and allotment availability with the goal of increasing these limits to meet Users' needs if and when the demand is there and/or the Exchange is able to accommodate additional Dedicated Cores. Since then, the Exchange has determined that it is able to accommodate an increased cap relative to current demand. As such, the Exchange proposed to increase the cap to 120 Dedicated Cores for Members, effective December 1, 2024.
                    <SU>9</SU>
                    <FTREF/>
                     Sponsoring Members will continue to be limited to a maximum of 35 Dedicated Cores for each of their Sponsored Access relationships.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100300 (June 10, 2024), 89 FR 50653 (June 14, 2024) (SR-CboeEDGA-2024-020).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101304 (October 10, 2024), 89 FR 83748 (October 17, 2024) (SR-CboeEDGA-2024-039).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The prescribed maximum quantity of Dedicated Cores for Members applies regardless of whether that Member purchases the Dedicated Cores directly from the Exchange and/or through a Service Bureau. In a Service Bureau relationship, a customer allows its MPID to be used on the ports of a technology provider, or Service Bureau. One MPID may be allowed on several different Service Bureaus.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The fee tier(s) applicable to Sponsoring Members are determined on a per Sponsored Access relationship basis and not on the combined total of Dedicated Cores across Sponsored Users. For example, under the proposed changes, a 
                        <PRTPAGE/>
                        Sponsoring Member that has three Sponsored Access relationships is entitled to a total of 105 Dedicated Cores for those 3 Sponsored Access relationships but would be assessed fees separately based on the 35 Dedicated Cores for each Sponsored User (instead of combined total of 105 Dedicated Cores). For example, a Sponsoring Member with 3 Sponsored Access relationships would pay $30,450 per month if each Sponsored Access relationship purchased the maximum 35 Dedicated Cores. More specifically, the Sponsoring Member would be provided 2 Dedicated Cores at no additional cost for each Sponsored User under Tier 1 (total of 6 Dedicated Cores at no additional cost) and provided an additional 8 Dedicated Cores at $650 each for each Sponsored User, 5 Dedicated Cores at $850 each for each Sponsored User and 20 Dedicated Cores at $1,050 each for each Sponsored User (combined total of 99 additional Dedicated Cores).
                    </P>
                </FTNT>
                <PRTPAGE P="22410"/>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>12</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>13</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. The Exchange also believes the proposed rule change is consistent with Section 6(b)(4) 
                    <SU>14</SU>
                    <FTREF/>
                     of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its Members and other persons using its facilities.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes the proposal is reasonable because the Exchange is offering 
                    <E T="03">all</E>
                     Users who voluntarily choose to utilize Dedicated Cores up to two Dedicated Cores at no additional cost. Notably, of the Members that currently maintain Dedicated Cores, 38% maintain only 1 or 2 Dedicated Cores and therefore pay no additional fees. The Exchange believes the proposed fees are reasonable because Dedicated Cores provide a valuable service in that it can provide reduced latency, enhanced throughput, and improved performance compared to use of a shared CPU Core since a firm using a Dedicated Core is utilizing the full processing power of a CPU Core. The Exchange also emphasizes however, that the use of Dedicated Cores is not necessary for trading and as noted above, is entirely optional. Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Indeed, only 36% of the Exchange's Members currently use Dedicated Cores and as noted above, of those 36%, 38% take only 1 or 2 Dedicated Cores at no additional cost. Depending on a firm's specific business needs, the proposal enables Users to choose to use Dedicated Cores in lieu of, or in addition to, shared CPU Cores (or as emphasized, not use Dedicated Cores at all). If a User finds little benefit in having Dedicated Cores based on its business model and trading strategies, or determines Dedicated Cores are not cost-efficient for its needs or does not provide sufficient value to the firm, such User may continue its use of the shared CPU Cores, unchanged. The Exchange is not aware of any specific reason (operational or otherwise) why a firm would not partake in the use of the one to two free Dedicated Cores the Exchange offers. Indeed the Exchange does not believe that the set up a firm would undertake to use free Dedicated Cores offered by the Exchange is prohibitively difficult or burdensome; ultimately, whether or not a firm avails itself of the free Dedicated Cores is a business decision, and some firms may decide that the impact that Dedicated Cores may have is simply not beneficial or necessary to how that firm operates. The Exchange also has no plans to eliminate shared CPU Cores nor to require Users to purchase Dedicated Cores.
                </P>
                <P>
                    The Exchange has seen general interest in Dedicated Cores from a variety of market participants, with varying size and business models. Such market participants include proprietary trading firms (who tend to be more latency sensitive), as well as sell-side market participants and buy-side market participants (who tend to be less latency sensitive). For background, proprietary trading firms utilize their own capital to trade without taking outside money from clients. Due to the nature of their respective businesses, the Exchange has classified proprietary trading firms as latency sensitive, and other groups, such as buy-side hedge funds, sell-side banks and sell-side non-banks (such as agency brokers) as non-latency sensitive. Proprietary trading firms' strategies may range from, market making, to relative value trading and arbitrage—these all rely on profiting from general market activity and, generally, requires faster entry and exit into trades and positions making proprietary trading firms more latency sensitive than other market segments. Buy-side hedge funds, banks and agency brokers are not as latency sensitive as, generally, the strategy for hedge funds is based on overall long-term positioning in the market, and banks and agency brokers may profit from commissions of customer order flow; both are generally strategies that are not reliant on speed to the same extent proprietary trading firms are. Further, Users have various reasons for obtaining Dedicated Cores. Some Users for example, may be seeking to further reduce latency or increase execution determinism, whereas others may use Dedicated Cores as a general risk mitigation by siloing their respective activity. For example, by using the Dedicated Core(s) to silo its respective activity, a firm may be able to mitigate risk during periods of heightened volatility as the firm will not need to compete for a shared resource (
                    <E T="03">i.e.,</E>
                     the shared core). Of further note, only 68% of Members that are propriety trading firms (who again, generally tend to be more latency sensitive) utilize Dedicated Cores, and of that 68%, 40% are only utilizing the 1 to 2 free Dedicated Cores available to all Users. As mentioned above, some non-latency sensitive firms have chosen to also adopt Dedicated Cores. 21% of Members that are not latency sensitive utilize Dedicated Cores, and of that 21%, 33% are only utilizing the 1 to 2 free Dedicated Cores available to all Users.
                </P>
                <P>
                    The lack of universal, or even widespread, adoption by all such users therefore demonstrates that purchasing Dedicated Cores is not effectively a requirement to compete for any one type of market participant, including latency sensitive market participants. Instead, Dedicated Cores are an optional and voluntary connectivity offering, which market participants are free to choose whether or not to utilize based on whether they meet their unique business needs. Moreover, the Exchange has received overwhelming positive feedback and support for Dedicated Cores from the firms that have chosen to utilize these in furtherance of their respective needs, with some Users even noting that they have moved more of their order flow to the Exchange and its affiliated equities exchanges (the 
                    <PRTPAGE P="22411"/>
                    “Equities Exchanges”) as they have noticed both better fills and greater consistency of order execution at the Equities Exchanges. This demonstrates that despite any incurred costs for Users that choose to purchase Dedicated Cores, it is ultimately a net win for them as they benefit from better execution. The Exchange believes it also demonstrates that Users find the proposed fees to be both reasonable and have benefited from purchasing or, are alternatively benefiting from the proposed one or two free Dedicated Cores available at no additional cost. The Exchange believes this is shown by both the level of demand for Dedicated Cores and the feedback from market participants that have used the Dedicated Cores for its unique business needs, including as described above. The Exchange also believes it's notable that no negative comment letters in connection with the proposed pricing have been received since the Exchange first filed proposed fees for Dedicated Cores back on March 1, 2024. Additionally, as noted earlier, Users can (and many have) decide that utilizing even a free Dedicated Core is not needed for their business. The Exchange also notes it has not received any feedback for Users that raise concerns over the barrier to entry to use Dedicated Cores, including notably the free Dedicated Cores- nor is the Exchange aware of any reason why a firm would ultimately choose not to use the free Dedicated Cores, other than it is not necessary for its business. Ultimately, this is a business decision that each User must make and is best suited to determine and will ultimately depend on the priorities and strategies of that User's respective business needs.
                </P>
                <P>
                    The Exchange also notes that at least one other exchange also has a comparable offering.
                    <SU>15</SU>
                    <FTREF/>
                     The Nasdaq Stock Market, LLC (“Nasdaq”), introduced the Dedicated Ouch Port Infrastructure in 2014 
                    <SU>16</SU>
                    <FTREF/>
                     which allows a member firm to assign up to 30 of its OUCH ports to a dedicated server infrastructure for its exclusive use.
                    <SU>17</SU>
                    <FTREF/>
                     The Dedicated OUCH server handles only the subscribing member firm's message traffic sent through their ports on the Dedicated OUCH to Nasdaq's system.
                    <SU>18</SU>
                    <FTREF/>
                     Similarly, as previously described, a Dedicated Core only handles that subscribing firm's messaging activity. Nasdaq notes that with its Dedicated OUCH offering, member firms can develop a tailored solution by controlling their message traffic in order to optimize their trading strategies.
                    <SU>19</SU>
                    <FTREF/>
                     As described above with Dedicated Cores, one of the benefits is greater execution determinism as subscribers only need to account for their order flow when using a Dedicated Core, similar to the existing Nasdaq Dedicated OUCH offering. In addition to using Dedicated Cores and Dedicated OUCH for the purpose of greater execution determinism, firms may also use either offering for greater risk mitigation as, with either offering, the subscribing firm only needs to take their specific messaging traffic into account. Nasdaq notes as well that its Dedicated OUCH offering is wholly optional and therefore member firms are not compelled to subscribe and that its offering is pro-competitive as it adds an additional connectivity option available to Nasdaq members.
                    <SU>20</SU>
                    <FTREF/>
                     Similar to the Dedicated OUCH offering, the Exchange has noted that no User is required to purchase or to use the two free Dedicated Cores offered to all Users.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70693 (October 16, 2013), 78 FR 62761 (October 22, 2013) (SR-NASDAQ-2013-131).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See</E>
                         supra note 15.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 70036 (July 25, 2013), 78 FR 45993 (July 30, 2013) (SR-NASDAQ-2013-097).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         Id.
                    </P>
                </FTNT>
                <P>
                    Despite these similarities, there are some differences. Specifically, with the Nasdaq OUCH offering, a member firm would need to purchase an entire server, of which, 30 OUCH ports could be utilized on the Dedicated OUCH server- a participant may purchase up to four Dedicated OUCH servers based on its needs.
                    <SU>21</SU>
                    <FTREF/>
                     In contrast, the Exchange's offering allows for a purchase by cores (as opposed to an entire server), allowing a participant to more efficiently scale its business by purchasing only the number of cores that it needs. Ultimately, the Exchange's offering is more akin to a service offering while the Nasdaq offering is more akin to an infrastructure offering (and as such, the pricing structure does differ)—both offerings better enable a firm to utilize the full processing power of a CPU Core.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         See 
                        <E T="03">https://nasdaqtrader.com/Trader.aspx?id=OUCH#:~:text=Each%20server%20can%20house%20up%20to%20a%20maximum,Nasdaq%20Market%20Sales%20at%20%2B1%20800%20846%200477</E>
                        .
                    </P>
                </FTNT>
                <P>
                    A Dedicated OUCH Port Infrastructure subscription is available to a member firm for a fee of $5,000 per month, which is in addition to the standard fees assessed for each OUCH port. A one-time installation fee of $5,000 is assessed to subscribers for each Dedicated OUCH Port Server subscription.
                    <SU>22</SU>
                    <FTREF/>
                     In contrast, the Exchange offers 1-2 Dedicated Cores at no cost, making this widely available to any participant who may find a benefit from using this offering. Additionally, by the Exchange not charging an installation fee upfront, participants are able to try the offering at no cost, by receiving up to two Dedicated Cores at no cost to the User. The Exchange's model allows for widespread participation by all who wish to use Dedicated Cores—the steep initial cost of Nasdaq's model of spending, at a minimum, $10,000 for the first month requires a heavy investment, which in the case of smaller participants, may not be feasible. In contrast, the Exchange's model of providing up to two Dedicated Cores at no cost, allows participants to easily utilize this service if they believe it is helpful for their business needs. Moreover, the Exchange's service offering also provides more Users with more modest CPU capacity needs a zero-cost option, as well as the ability to buy only as many Dedicated Cores that they need, whereas Nasdaq's Dedicated OUCH offering requires a User to buy all cores offered on a single server (even if a firm does not have the corresponding full amount of 30 ports), with no discounted or fee waiver for the first two cores, as well as no ability to buy fewer cores than necessary.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         See The Nasdaq Stock Market Rulebook, Equity 7 Pricing Schedule.
                    </P>
                </FTNT>
                <P>
                    Lastly, the Exchange emphasizes that order processing itself is not affected by the introduction of Dedicated Cores. No relevant changes are intended to the matching engine, which is, and remains, the main component of the Exchange's infrastructure being responsible for the actual processing of orders. While Users of Dedicated Cores may notice a latency reduction, this is an inherent byproduct of introducing improved technology.
                    <SU>23</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         Moreover, there has been a longstanding history of exchanges providing enhanced technology where the latency reduction that follows is a natural result. For example, other exchanges may offer a variety of co-location services where subscribers of these services may benefit from lower latency based on the specific offering they choose based on their business needs. 
                        <E T="03">See e.g.,</E>
                         The Nasdaq Stock Market General 8 Connectivity, Section 1 Co-Location Services (demonstrating a range of cabinet offerings).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that the proposed Dedicated Core fees are equitable and not unfairly discriminatory because they continue to be assessed uniformly to similarly situated Users in that all Users who choose to purchase Dedicated Cores will be subject to the same proposed tiered fee schedule. Moreover, all Users are entitled to up to 2 Dedicated Cores at no additional cost and as previously 
                    <PRTPAGE P="22412"/>
                    discussed, 38% of all Members that take Dedicated Cores (including both latency sensitive and non-latency sensitive Members) take only 1 or 2 Dedicated Cores at no additional cost. The Exchange believes the proposed ascending fee structure is also reasonable, equitable and not unfairly discriminatory as it is designed so that firms that use a higher allotment of the Exchange's finite number of Dedicated Cores pay higher rates, rather than placing that burden on market participants that have more modest needs who will have the flexibility of obtaining Dedicated Cores at lower price points in the lower tiers. As such, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the ascending fee structure reflects the (finite) resources consumed by the various needs of market participants—that is, the lowest Dedicated Core consuming Users pay the least, and highest Dedicated Core consuming Users pay the most. The Exchange believes that such pricing further creates a lower barrier to entry for all Users, making this service widely available to all who deem it helpful for their business, including those with more modest needs. Other exchanges similarly assess higher fees to those that consume more Exchange resources.
                    <SU>24</SU>
                    <FTREF/>
                     Moreover, those consuming more Dedicated Cores do so if they find a benefit in having higher quantities of Dedicated Cores based on their respective business needs. The proposed tier structure is also designed to encourage firms to manage their needs in a fair manner and to prevent the Exchange from being required to expend large amounts of limited resources in order to provide an additional number of Dedicated Cores or put the Exchange in a position that it cannot accommodate demand. Moreover, as discussed above and in more detail below, the Exchange cannot currently offer an unlimited number of Dedicated Cores due in part to physical space constraints in the third-party data center. The Exchange believes the proposed ascending fee structure is therefore another appropriate means, in conjunction with an established cap, to manage this finite resource and ensure the resource is apportioned more fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See e.g.,</E>
                         Cboe U.S. Options Fees Schedule, BZX Options, Options Logical Port Fees, Ports with Bulk Quoting Capabilities.
                    </P>
                </FTNT>
                <P>
                    The Exchange believes it is reasonable to limit the number of Dedicated Cores Users can purchase because the Exchange has a finite amount of space in its third-party data centers to accommodate CPU cores, including Dedicated Cores. The Exchange must also take into account timing and cost considerations in procuring additional Dedicated Cores and related hardware such as servers, switches, optics and cables, as well as the readiness of the Exchange's data center space to accommodate additional Dedicated Cores in the Exchange's respective Order Handler Cabinets.
                    <SU>25</SU>
                    <FTREF/>
                     Moreover, procuring data center space has grown to be more challenging than it was five years ago with the increased demand for data center space. For example, the U.S. colocation data center market has doubled in size in just four years. In addition to the Exchange's rollout of Dedicated Cores, the Exchange is mindful of its other business areas and the need to continue to be mindful of its existing, external restraints in procuring additional space in this area. The Exchange has, and will continue to, monitor market participant demand and space availability and endeavor to adjust the limit if and when the Exchange is able to acquire additional space and power within the third-party data centers and/or additional CPU Cores to accommodate additional Dedicated Cores.
                    <SU>26</SU>
                    <FTREF/>
                     The Exchange monitors its capacity and data center space and thus is in the best place to determine these limits and modify them as appropriate in response to changes to this capacity and space, as well as market demand. Indeed, since the launch of Dedicated Cores on February 26, 2024, the Exchange has already increased the prescribed maximum limit three times not including the increase proposed herein, as a result of evaluating the demand relative to Dedicated Cores availability and procuring additional physical space and CPU Cores.
                    <SU>27</SU>
                    <FTREF/>
                     The proposed increased limits continue to apply uniformly to similarly situated market participants (
                    <E T="03">i.e.,</E>
                     all Members are subject to the same limit and all Sponsored Participants are subject to the same limit, respectively). The Exchange believes it's not unfairly discriminatory to provide for different limits for different types of Users. For example, the Exchange believes it's not unfairly discriminatory to provide for an initial lower limit to be allocated for Sponsored Participants because unlike Members, Sponsored Participants are able to access the Exchange without paying a Membership Fee. Members also have more regulatory obligations and risk that Sponsored Participants do not. For example, while Sponsored Participants must agree to comply with the Rules of the Exchange, it is the Sponsoring Member of that Sponsored Participant that remains ultimately responsible for all orders entered on or through the Exchange by that Sponsored Participant. The industry also has a history of applying fees differently to Members as compared to Sponsored Participants.
                    <SU>28</SU>
                    <FTREF/>
                     Lastly, the Exchange believes its proposed maximum limits, and distinction between Members and Sponsored Participants, is another appropriate means to help the Exchange manage its allotment of Dedicated Cores and better ensure this finite resource is apportioned fairly.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         The Exchange notes that it cannot currently convert shared CPU cores into Dedicated Cores.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         The Exchange does not have any Users that take Dedicated Cores at or near the maximum limits and the average number of Dedicated Cores used for the Exchange is 11.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 99983 (April 17, 2024), 89 FR 30418 (April 23, 2024) (SR-CboeEDGA-2024-014); Securities Exchange Act Release No. 100300 (June 10, 2024), 89 FR 50653 (June 14, 2024) (SR-CboeEDGA-2024-020) and Securities Exchange Act Release No. 100736 (August 15, 2024), 89 FR 67696 (August 21, 2024) (SR-CboeEDGA-2024-032).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See e.g.,</E>
                         Securities Exchange Act Release No. 68342 (December 3, 2012), 77 FR 73096 (December 7, 2012) (SR-CBOE-2012-114) and Securities Exchange Act Release No. 66082 (January 3, 2012), 77 FR 1101 (January 9, 2012) (SR-C2-2011-041).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>The Exchange does not believe that the proposed rule change will impose any burden on intramarket competition that is not necessary in furtherance of the purposes of the Act because the proposed tiered fee structure will apply equally to all similarly situated Users that choose to use Dedicated Cores. As discussed above, Dedicated Cores are optional and Users may choose to utilize Dedicated Cores, or not, based on their views of the additional benefits and added value provided by utilizing a Dedicated Core. The Exchange believes the proposed fee will be assessed proportionately to the potential value or benefit received by Users with a greater number of Dedicated Cores and notes that Users may determine at any time to cease using Dedicated Cores. As discussed, Users can also continue to access the Exchange through shared CPU Cores at no additional cost. Finally, all Users will be entitled to two Dedicated Cores at no additional cost.</P>
                <P>
                    Next, the Exchange believes the proposed rule change does not impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. As previously discussed, the Exchange operates in a highly competitive market, including competition for exchange memberships. Market Participants have numerous alternative venues that they 
                    <PRTPAGE P="22413"/>
                    may participate on, including 15 other equities exchanges, as well as off-exchange venues, where competitive products are available for trading. Indeed, participants can readily choose to submit their order flow to other exchange and off-exchange venues if they deem fee levels at those other venues to be more favorable. Further, as described above, Nasdaq also already provides a similar offering.
                    <SU>29</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         The Nasdaq Stock Market, Equity 7 Pricing Schedule, Section 115(g)(3), Dedicated Ouch Port Infrastructure.
                    </P>
                </FTNT>
                <P>
                    Moreover, the Commission has repeatedly expressed its preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. Specifically, in Regulation NMS, the Commission highlighted the importance of market forces in determining prices and SRO revenues and, also, recognized that current regulation of the market system “has been remarkably successful in promoting market competition in its broader forms that are most important to investors and listed companies.” 
                    <SU>30</SU>
                    <FTREF/>
                     The fact that this market is competitive has also long been recognized by the courts. In NetCoalition v. Securities and Exchange Commission, the D.C. Circuit stated as follows: “[n]o one disputes that competition for order flow is `fierce.' . . . As the SEC explained, `[i]n the U.S. national market system, buyers and sellers of securities, and the broker-dealers that act as their order-routing agents, have a wide range of choices of where to route orders for execution'; [and] `no exchange can afford to take its market share percentages for granted' because `no exchange possesses a monopoly, regulatory or otherwise, in the execution of order flow from broker dealers'. . . .”.
                    <SU>31</SU>
                    <FTREF/>
                     Accordingly, the Exchange does not believe its proposed change imposes any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 2010) (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>32</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>33</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov</E>
                    . Please include file number SR-CboeEDGA-2025-011 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CboeEDGA-2025-011. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-CboeEDGA-2025-011 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>34</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>34</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09392 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103079; File No. SR-NYSEARCA-2025-09]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of the Grayscale Dogecoin Trust Under NYSE Arca Rule 8.201-E, Commodity-Based Trust Shares</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>
                    On January 31, 2025, NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to list and trade shares (“Shares”) of the Grayscale Dogecoin Trust (“Trust”) under NYSE Arca Rule 8.201-E, Commodity-Based Trust Shares. On February 10, 2025, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced and superseded the original filing in its entirety. The proposed rule change, as modified by Amendment No 1, was 
                    <PRTPAGE P="22414"/>
                    published for comment in the 
                    <E T="04">Federal Register</E>
                     on February 20, 2025.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102416 (Feb. 13, 2025), 90 FR 9985 (“Notice”). Comments received on the proposed rule change are available at: 
                        <E T="03">https://www.sec.gov/comments/sr-nysearca-2025-09/srnysearca202509.htm</E>
                        .
                    </P>
                </FTNT>
                <P>
                    On March 11, 2025, pursuant to Section 19(b)(2) of the Act,
                    <SU>4</SU>
                    <FTREF/>
                     the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.
                    <SU>5</SU>
                    <FTREF/>
                     This order institutes proceedings under Section 19(b)(2)(B) of the Act 
                    <SU>6</SU>
                    <FTREF/>
                     to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102582, 90 FR 12371 (Mar. 17, 2025). The Commission designated May 21, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Summary of the Proposal, as Modified by Amendment No. 1</HD>
                <P>
                    As described in more detail in the Notice,
                    <SU>7</SU>
                    <FTREF/>
                     the Exchange proposes to list and trade the Shares of the Trust under NYSE Arca Rule 8.201-E, which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Notice, 
                        <E T="03">supra</E>
                         note 3.
                    </P>
                </FTNT>
                <P>
                    According to the Exchange, the investment objective of the Trust is for the value of the Shares to reflect the value of the Dogecoin (“DOGE”) held by the Trust,
                    <SU>8</SU>
                    <FTREF/>
                     determined by reference to the “Index Price,” less the Trust's expenses and other liabilities.
                    <SU>9</SU>
                    <FTREF/>
                     The “Index Price” is the U.S. dollar value of a DOGE derived from the “Digital Asset Trading Platforms” 
                    <SU>10</SU>
                    <FTREF/>
                     that are reflected in the CoinDesk Dogecoin Price Index (DCX) (“Index”), calculated at 4:00 p.m., New York time, on each business day.
                    <SU>11</SU>
                    <FTREF/>
                     The Trust's assets will consist solely of DOGE.
                    <SU>12</SU>
                    <FTREF/>
                     The Trust creates and redeems Shares in cash with authorized participants on an ongoing basis in one or more blocks of 10,000 Shares.
                    <SU>13</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         The Exchange states that DOGE is a digital asset that is created and transmitted through the operations of the peer-to-peer Dogecoin Network, a decentralized network of computers that operates on cryptographic protocols. 
                        <E T="03">See id.</E>
                         at 9987.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See id.</E>
                         at 9986. Grayscale Operating, LLC and Grayscale Investments Sponsors, LLC are the sponsors of the Trust and are indirect wholly owned subsidiaries of Digital Currency Group, Inc. The Exchange states that as of May 3, 2025, Grayscale Operating, LLC will cease to act as sponsor of the Trust and Grayscale Investment Sponsors, LLC will be sole sponsor of the Trust. Delaware Trust Company is the trustee of the Trust, and Coinbase Custody Trust Company, LLC is the custodian for the Trust's DOGE. 
                        <E T="03">See id.</E>
                         at 9985.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         According to the Exchange, a “Digital Asset Trading Platform” is an electronic marketplace where trading participants may trade, buy and sell DOGE based on bid-ask trading. 
                        <E T="03">See id.</E>
                         at 9986 n.14.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See id.</E>
                         at 9986 n.10. The index provider for the Trust is CoinDesk Indices, Inc. 
                        <E T="03">See id.</E>
                         at 9987.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See id.</E>
                         at 9986.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See id.</E>
                         at 9995-96.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">III. Proceedings To Determine Whether To Approve or Disapprove SR-NYSEARCA-2025-09 and Grounds for Disapproval Under Consideration</HD>
                <P>
                    The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act 
                    <SU>14</SU>
                    <FTREF/>
                     to determine whether the proposed rule change, as modified by Amendment No. 1, should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </P>
                </FTNT>
                <P>
                    Pursuant to Section 19(b)(2)(B) of the Act,
                    <SU>15</SU>
                    <FTREF/>
                     the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of the proposed rule change's consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.” 
                    <SU>16</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Commission asks that commenters address the sufficiency of the Exchange's statements in support of the proposal, which are set forth in the Notice, in addition to any other comments they may wish to submit about the proposed rule change. In particular, the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold DOGE, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission.</P>
                <HD SOURCE="HD1">IV. Procedure: Request for Written Comments</HD>
                <P>
                    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, as modified by Amendment No. 1, 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.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Section 19(b)(2) of the Act, as amended by the Securities Acts 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. 
                        <E T="03">See</E>
                         Securities Acts Amendments of 1975, Senate Comm. on Banking, Housing &amp; Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).
                    </P>
                </FTNT>
                <P>Interested persons are invited to submit written data, views, and arguments regarding whether the proposed rule change, as modified by Amendment No. 1, should be approved or disapproved by June 17, 2025. Any person who wishes to file a rebuttal to any other person's submission must file that rebuttal by July 1, 2025.</P>
                <P>Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov</E>
                    . Please include file number SR-NYSEARCA-2025-09 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-NYSEARCA-2025-09. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 
                    <PRTPAGE P="22415"/>
                    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. 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-NYSEARCA-2025-09 and should be submitted on or before June 17, 2025. Rebuttal comments should be submitted by July 1, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>18</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>18</SU>
                             17 CFR 200.30-3(a)(57).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09394 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103093; File No. SR-SAPPHIRE-2025-23]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Sapphire Fee Schedule To Adopt New Fee Categories for the Exchange's Proprietary Market Data Feeds</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act” or “Exchange Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 7, 2025, MIAX Sapphire, LLC (“MIAX Sapphire” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) a proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>The Exchange is filing a proposal to amend the MIAX Sapphire Options Exchange Fee Schedule (the “Fee Schedule”) to adopt new fee categories for the Exchange's proprietary market data feeds: (i) MIAX Sapphire Top of Market (“ToM”) data feed; (ii) MIAX Sapphire Complex Top of Market (“cToM”) data feed; and (iii) MIAX Sapphire Liquidity Feed (“SLF”) (collectively, the “market data feeds”).</P>
                <P>
                    The text of the proposed rule change is available on the Exchange's website at 
                    <E T="03">https://www.miaxglobal.com/markets/us-options/all-options-exchanges/rule-filings,</E>
                     at MIAX Sapphire's principal office, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange offers three standard proprietary market data products, ToM, cToM, and SLF. The ToM data feed is a data feed that contains the Exchange's best bid and offer, with aggregate size, and last sale information, based on order and quoting interest on the Exchange.
                    <SU>3</SU>
                    <FTREF/>
                     The ToM data feed includes data that is identical to the data sent to the processor for the Options Price Reporting Authority (“OPRA”). The data for ToM and OPRA leave the System 
                    <SU>4</SU>
                    <FTREF/>
                     at the same time, as required under Section 5.2(c)(iii)(B) of the Limited Liability Company Agreement of the Options Price Reporting Authority LLC (the “OPRA Plan”), which prohibits the dissemination of proprietary information on any more timely basis than the same information is furnished to the OPRA system for inclusion in OPRA's consolidated dissemination of options information. The cToM data feed includes the same types of information as ToM, but for Complex Orders 
                    <SU>5</SU>
                    <FTREF/>
                     on the Exchange's Strategy Book.
                    <SU>6</SU>
                    <FTREF/>
                     This information includes the Exchange's best bid and offer for a complex strategy,
                    <SU>7</SU>
                    <FTREF/>
                     with aggregate size, based on displayable orders in the complex strategy. The cToM data feed also provides subscribers with the following information: (i) the identification of the complex strategies currently trading on the Exchange; (ii) complex strategy last sale information; and (iii) the status of securities underlying the complex strategy (
                    <E T="03">e.g.,</E>
                     halted, open, or resumed). The SLF data feed provides market participants with a direct data feed that allows subscribers to receive real-time updates of options orders, products traded on MIAX Sapphire, MIAX Sapphire System status, and MIAX Sapphire underlying trading status.
                    <SU>8</SU>
                    <FTREF/>
                     When an order is received or an order state changes, published order information will be transmitted over SLF, including time stamp, action, product ID, order ID, order side, order type, order price, original order size, open order size, time in force, origin, open or close, and route instruction. For complex orders, complex strategy definition notification and complex order notice are also included. Subscribers to the SLF will get a list of all options symbols and strategies that will be traded and sourced on that feed at the start of every session.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100588 (July 25, 2024), 89 FR 61554 (July 31, 2024) (SR-SAPPHIRE-2024-01).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         The term “System” means the automated trading system used by the Exchange for the trading of securities. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         In sum, a “Complex Order” is “any order involving the concurrent purchase and/or sale of two or more different options in the same underlying security (the `legs' or `components' of the complex order), for the same account . . . .” 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The “Strategy Book” is the Exchange's electronic book of complex orders and complex quotes. 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(19).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         The term “complex strategy” means a particular combination of components and their ratios to one another. New complex strategies can be created as the result of the receipt of a complex order or by the Exchange for a complex strategy that is not currently in the System. The Exchange may limit the number of new complex strategies that may be in the System at a particular time and will communicate this limitation to Members via Regulatory Circular. 
                        <E T="03">See</E>
                         Exchange Rule 518(a)(6).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         The Exchange established the Definitions section of the Fee Schedule in a separate rule filing. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 100683 (August 9, 2024), 89 FR 66467 (August 15, 2024) (SR-SAPPHIRE-2024-13).
                    </P>
                </FTNT>
                <P>
                    Section 6 of the Fee Schedule, Market Data Fees, provides fees for the ToM, 
                    <PRTPAGE P="22416"/>
                    cToM, and SLF data feeds. The Exchange waived such fees during an Initial Waiver Period,
                    <SU>9</SU>
                    <FTREF/>
                     which expired on March 1, 2025.
                    <SU>10</SU>
                    <FTREF/>
                     At the expiration of the Initial Waiver Period, the Exchange began to charge monthly fees to both Internal and External Distributors (proposed definitions below) of the ToM, cToM, and SLF data feeds. Specifically, the Exchange started to charge Internal Distributors a monthly fee of $1,200.00 for the ToM and cToM data feeds, and $3,000.00 for the SLF data feed. The Exchange also started to charge External Distributors a monthly fee of $2,000.00 for the ToM and cToM data feeds, and $3,500.00 for the SLF data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The term “Initial Waiver Period” means, for each applicable fee, the period of time from the initial effective date of the MIAX Sapphire Fee Schedule plus an additional six (6) full calendar months after the completion of the partial month of the Exchange launch. 
                        <E T="03">See</E>
                         the Definitions section of the Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102321 (February 3, 2025), 90 FR 9173 (February 7, 2025) (SR-SAPPHIRE-2025-04).
                    </P>
                </FTNT>
                <P>The Exchange now proposes to amend the Fee Schedule to, among other things, adopt new fee categories for the Exchange's proprietary market data feeds. The primary purpose of this proposal is to adopt per User (defined below) fees as well as fees for Non-Display Usage (also defined below). The Exchange also proposes to add a “Market Data Definitions” section to Section 6 of the Fee Schedule as well as modify how mid-month subscriptions for Distributors are to be handled. The Exchange believes that adopting the same fee structure as its affiliated exchanges would reduce administrative burdens on market data subscribers that also currently subscribe to market data feeds from the Exchange's affiliates. Each of these proposed changes are described below.</P>
                <STARS/>
                <P>
                    The Exchange believes that exchanges, in setting fees of all types, should meet very high standards of transparency to demonstrate why each new fee or fee increase meets the requirements of the Act that fees be reasonable, equitably allocated, not unfairly discriminatory, and not create an undue burden on competition among Members 
                    <SU>11</SU>
                    <FTREF/>
                     and markets. The Exchange believes this high standard is especially important when an exchange imposes various fees for market participants to access an exchange's market data.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         The term “Member” means an individual or organization approved to exercise the trading rights associated with a Trading Permit. Members are deemed “members” under the Exchange Act. 
                        <E T="03">See</E>
                         Exchange Rule 100.
                    </P>
                </FTNT>
                <P>Approximately 60% of Members subscribe to one or more market data feeds from the Exchange. Of those Members, approximately 37% subscribe to all four market data feeds, approximately 22% subscribe to three market data feeds, approximately 19% subscribe to two market data feeds, and approximately 22% subscribe to only one market data feed. The Exchange notes that there is no requirement that any Member or market participant subscribe to the ToM, cToM, or SLF data feeds offered by the Exchange. Instead, a Member may choose to maintain subscriptions to the ToM, cToM, or SLF data feeds based on their own business needs and trading models.</P>
                <HD SOURCE="HD3">Definitions</HD>
                <P>
                    The Exchange proposes to include a Definitions section at the beginning of Section 6, Market Data Fees, of the Fee Schedule. The purpose of the Definitions section is to provide market participants greater clarity and transparency regarding the applicability of fees by defining certain terms used in connection with market data feeds within the Fee Schedule in a single location related to the Exchange's market data products. The Exchange notes that it includes similar Definitions in its fee schedule applicable to its own equity trading platform, MIAX Pearl Equities,
                    <SU>12</SU>
                    <FTREF/>
                     and that each of the proposed definitions are based on the MIAX Pearl Equities Fee Schedule and that of other exchanges. The Exchange believes that including a Definitions section for market data products makes the Fee Schedule more user-friendly and comprehensive.
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25). 
                        <E T="03">See also</E>
                         Cboe BZX Exchange, Inc. (“Cboe BZX Options”) Fee Schedule, Market Data Fees section, 
                        <E T="03">and</E>
                         Cboe EDGX Exchange, Inc. (“Cboe EDGX Options”) Fee Schedule, Market Data Fees section. 
                        <E T="03">See also</E>
                         MEMX LLC (“MEMX Options”) Fee Schedule, Market Data Fees section, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40) (“MEMX Options Market Data Fee Proposal”).
                    </P>
                </FTNT>
                <P>The Exchange proposes to define the following terms in Section 6 of the Fee Schedule:</P>
                <P>• Distributor. Any entity that receives the Exchange data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.</P>
                <P>• External Distributor. A Distributor that receives the Exchange data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity.</P>
                <P>• Internal Distributor. A Distributor that receives the Exchange data product and then distributes that data to one or more Users within the Distributor's own entity.</P>
                <P>○ The Exchange notes that it proposes to use the phrase “own entity” in the definition of Internal Distributor and External Distributor because a Distributor would be permitted to share data received from an exchange data product to other legal entities affiliated with the Distributor's entity that have been disclosed to the Exchange without such distribution being considered external to a third party. For instance, if a company has multiple affiliated broker-dealers under the same holding company, that company could have one of the broker-dealers or a non-broker-dealer affiliate subscribe to an exchange data product and then share the data with other affiliates that have a need for the data. This sharing with affiliates would not be considered external distribution to a third party but instead would be considered internal distribution to data recipients within the Distributor's own entity.</P>
                <P>○ The Exchange also notes that the explanatory paragraphs under the ToM, cToM, and SLF data feed fee tables includes the following language which defines the terms Distributor, Internal Distributors, and External Distributors:</P>
                <EXTRACT>
                    <P>MIAX Sapphire will assess Market Data Fees applicable to ToM [cToM, AIS or SLF] on Internal and External Distributors in each month the Distributor is credentialed to use ToM [cToM, AIS or SLF] in the production environment. A Distributor of MIAX Sapphire data is any entity that receives a feed or file of data either directly from MIAX Sapphire or indirectly through another entity and then distributes it either internally (within that entity) or externally (outside that entity). All Distributors are required to execute an Exchange Distributor Agreement.</P>
                </EXTRACT>
                <P>
                    The Exchange proposes to remove these provisions from the Fee Schedule because they: (i) duplicate the proposed definitions of Distributor, External Distributor, and External Distributor proposed herein with no substantive difference; and (ii) provide details that are included in the Exchange's market data policies that are also not also provided for in the fee schedules of other options exchanges.
                    <SU>13</SU>
                    <FTREF/>
                     Removing these provisions would also harmonize the definition and fee descriptions with 
                    <PRTPAGE P="22417"/>
                    the fee schedule applicable to MIAX Pearl Equities.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options, Market Data Fees section, both 
                        <E T="03">available at https://www.cboe.com/us/options/membership/?_gl=1*19q7zz0*_up*MQ..*_ga*NjY5OTA0NzE4LjE3MzQ1MzQzODk.*_ga_5Q99WB9X71*MTczNDUzNzQ0Mi4yLjEuMTczNDUzNzQ5OC4wLjAuMA. See also</E>
                         MEMX Options Fee Schedule 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>• Non-Display Usage. Any method of accessing an Exchange data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons.</P>
                <P>• Non-Professional User. A natural person or qualifying trust that uses Exchange data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an “investment adviser” as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.</P>
                <P>• Professional User. Any User other than a Non-Professional User.</P>
                <P>• User. A Professional User or Non-Professional User.</P>
                <HD SOURCE="HD3">Proposed Market Data Pricing</HD>
                <P>As described above, upon the expiration of the Initial Waiver Period, the Exchange began to charge Internal Distributors a monthly fee of $1,200.00 for the ToM and cToM data feeds, and $3,000.00 for the SLF data feed. The Exchange also only currently charges External Distributors a monthly fee of $2,000.00 for the ToM and cToM data feeds, and $3,500.00 for the SLF data feed. The Exchange now proposes to charge the below per User fees as well as Non-Display Usage fees for the ToM, cToM, and SLF data feeds, which, the Exchange believes are generally similar to or lower than market data fees charged by other similarly situated options exchanges. The Exchange does not propose to adopt any additional fee categories in this proposal. Each of the below capitalized terms are defined above and would be included under the proposed Definitions section under Section 6, Market Data Fees, of the Fee Schedule.</P>
                <P>
                    1. 
                    <E T="03">User Fees.</E>
                     For the ToM, cToM, and SLF data feeds, the Exchange proposes to charge a monthly fee of $20.00 for each Professional User and $1.00 for each Non-Professional User of each data feed.
                    <SU>15</SU>
                    <FTREF/>
                     The proposed User fees would apply to each person that has access to the ToM, cToM, or SLF data feeds that is provided by a Distributor (either Internal or External) for displayed usage. Each Distributor's User count would include every individual that has access to the data regardless of the purpose for which the individual uses the data. The above Professional or Non-Professional User fee would provide the same Professional or Non-Professional User access to all other MIAX Sapphire Market Data feeds for no additional per User charge.
                    <SU>16</SU>
                    <FTREF/>
                     In other words, a User would receive access to the ToM, cToM, and SLF data feeds for the applicable single per User fee and not have to pay separate per User fees for each data feed. As such, Distributors should report the number of Users per the Exchange, and not per individual data feed. This would be noted in Section 6 of the Fee Schedule under footnote 1 following the fee tables for the ToM, cToM, and SLF data feeds. Distributors of the ToM, cToM, or SLF data feeds would be required to report all Professional and Non-Professional Users in accordance with the following:
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         The Exchange does not propose to adopt an Enterprise Fee at this time and may do so in the future based on feedback from market participants.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         The Exchange notes that similar reporting is required by the Nasdaq options markets, The Nasdaq Stock Market LLC (“Nasdaq Options”), Nasdaq Phlx LLC (“Nasdaq Phlx”), and Nasdaq MRX, LLC (“Nasdaq MRX”). 
                        <E T="03">See, e.g., https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</E>
                         (providing that “[t]he monthly user fee should be reported once for Nasdaq Options, not once per datafeed”).
                    </P>
                </FTNT>
                <P>• In connection with a Distributor's distribution of the ToM, cToM, or SLF data feeds, the Distributor must count as one User each unique User that the Distributor is entitled for access to the ToM, cToM, or SLF data feeds.</P>
                <P>
                    • Distributors must report each unique individual person who receives access through multiple devices or multiple methods (
                    <E T="03">e.g.,</E>
                     a single User has multiple passwords and user identifications) as one User.
                </P>
                <P>• If a Distributor entitles one or more individuals to use the same device, the Distributor must include only the individuals, and not the device, in the count. Thus, Distributors would not be required to report User device counts associated with a User's display use of the data feed.</P>
                <P>
                    2. 
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange proposes to establish a monthly Non-Display Usage 
                    <SU>17</SU>
                    <FTREF/>
                     fee of $1,500.00 for the ToM, cToM, and SLF data feeds.
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Non-Display Usage would include trading uses such as high frequency or algorithmic trading as well as any trading in any asset class, automated order or quote generation and/or order pegging, price referencing for smart order routing, operations control programs, investment analysis, order verification, surveillance programs, risk management, compliance, and portfolio management.
                    </P>
                </FTNT>
                <P>• The Exchange proposes to provide a discount to those that subscribe to two or more MIAX Sapphire data feeds by capping the Non-Display Usage fee for Subscribers of two or more MIAX Sapphire data feeds at $3,000.00. This would be noted in Section 6 of the Fee Schedule under footnote 2 following the fee tables for the ToM, cToM, and SLF data feeds.</P>
                <P>
                    Lastly, the Exchange proposes to no longer pro-rate fees for Distributors who subscribe or terminate mid-month. The Exchange notes that there were no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange also notes that mid-month subscriptions and terminations could place an increased burden on Exchange staff and systems that are in place to pro-rate the monthly fee that are not justified by the little to no mid-month subscriptions and terminations that occurred over the past year on its affiliated options exchanges or that the Exchange anticipates going forward based on its past experience. This portion of the proposal should also encourage subscribers to either begin a new subscription or terminate an existing subscription at the beginning or end of a month, respectively. Lastly, removing these provisions would also harmonize the MIAX Sapphire Fee Schedule with the MIAX Pearl Equities fee schedule, which also does not provide for pro-ration.
                    <SU>18</SU>
                    <FTREF/>
                     Also, other exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>19</SU>
                    <FTREF/>
                     Therefore, the Exchange proposes to remove the following language providing for pro-rated month fees for mid-month subscribers from the 
                    <PRTPAGE P="22418"/>
                    explanatory paragraphs under the ToM, cToM, and SLF data feed fee tables:
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Fees, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <EXTRACT>
                    <P>Market Data Fees for [ToM/cToM/SLF] will be reduced for new Distributors for the first month during which they subscribe to [ToM/cToM/SLF], based on the number of trading days that have been held during the month prior to the date on which they have been credentialed to use [ToM/cToM/SLF] in the production environment. Such new Distributors will be assessed a pro-rata percentage of the fees described above, which is the percentage of the number of trading days remaining in the affected calendar month as of the date on which they have been credentialed to use [ToM/cToM/SLF] in the production environment, divided by the total number of trading days in the affected calendar month.</P>
                </EXTRACT>
                <HD SOURCE="HD3">Remove Initial Waiver Period Rule Text</HD>
                <P>The Exchange also proposes to remove the rule text regarding the Initial Waiver Period that is below the table of fees in Sections 6)a) and b) of the Fee Schedule. As noted above, the Exchange established the Initial Waiver Period when it launched operations on August 13, 2024 for a defined period of time. The Initial Waiver Period was in effect for the partial month in which the Fee Schedule was established in August 2024, continuing in effect for six months thereafter. Accordingly, the Initial Waiver Period automatically expired at the end of February 2025. The purpose of this change is to remove text that no longer applies from the Fee Schedule, thereby providing clarity to market participants regarding the Exchange's market data fees.</P>
                <HD SOURCE="HD3">Implementation</HD>
                <P>
                    The Exchange issued alerts publicly announcing the proposed fees on September 30, 2024 and December 17, 2024.
                    <SU>20</SU>
                    <FTREF/>
                     The fees subject to this proposal are immediately effective.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See</E>
                         Fee Change Alert, MIAX Exchange Group—January 1, 2025 and March 1, 2025 Market Data Fee Changes (dated September 30, 2024), 
                        <E T="03">available at https://www.miaxglobal.com/alert/2024/09/30/miax-exchange-group-options-markets-january-1-2025-and-march-1-2025-market-1?nav=all</E>
                         and Fee Change Alert, MIAX Exchange Group—Options Markets—Reminder: January 1, 2025 and March 1, 2025 Market Data Fee Changes (dated December 17, 2024), 
                        <E T="03">available at https://www.miaxglobal.com/alert/2024/12/17/miax-exchange-group-options-markets-reminder-january-1-2025-and-march-1-2?nav=all.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the provisions of Section 6(b) 
                    <SU>21</SU>
                    <FTREF/>
                     of the Act in general, and furthers the objectives of Section 6(b)(4) 
                    <SU>22</SU>
                    <FTREF/>
                     of the Act, in particular, in that it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes that the proposed fees are consistent with the objectives of Section 6(b)(5) 
                    <SU>23</SU>
                    <FTREF/>
                     of the Act in that they are designed to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to a free and open market and national market system, and, in general, to protect investors and the public interest, and, particularly, are not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Exchange notes that the ToM, cToM, and SLF data feeds are entirely optional. The Exchange is not required to make the ToM, cToM, and SLF data feeds available to any customers, nor is any customer required to purchase the ToM, cToM, and SLF data feeds.</P>
                <HD SOURCE="HD3">The Proposed Fees Are Reasonable and Comparable to the Fees Charged by Other Exchanges for Similar Data Products</HD>
                <P>
                    <E T="03">Overall.</E>
                     The proposed fees are comparable to those of other options exchanges. Based on publicly-available information, no single exchange had more than 13.65% equity options market share for all of 2024,
                    <SU>24</SU>
                    <FTREF/>
                     and the Exchange compared the fees proposed herein to the fees charged by other options exchanges with similar market share. A more detailed discussion of the comparison follows.
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See</E>
                         the Market Share section of the Exchange's website, U.S. Options, 
                        <E T="03">available at https://www.miaxglobal.com/company/data/market-share</E>
                         (last visited May 7, 2025). Unlike its affiliate options exchanges that utilized full year 2024 market share numbers for their comparisons to other exchanges in their related market data fee filings, the Exchange chose the most recent full month to compare market share because the Exchange has not yet had a full year of operations.
                    </P>
                </FTNT>
                <P>
                    The Exchange assesses the market share for each of the below referenced options markets utilizing total equity options contracts traded in April 2025, as set forth in the following charts: 
                    <SU>25</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         Market share is the percentage of volume on a particular exchange relative to the total volume across all exchanges, and indicates the amount of order flow directed to that exchange. High levels of market share enhance the value of trading and ports. Total contracts include both multi-list options and proprietary options products. Proprietary options products are products with intellectual property rights that are not multi-listed.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">User Fees</HD>
                <P>The proposed per User fees for the Exchange's market data products are comparable to or lower than those charged by Nasdaq Options, Nasdaq MRX, Cboe BZX Options, and Cboe C2 Exchange, Inc. (“Cboe C2”), as summarized in the table below.</P>
                <GPOTABLE COLS="5" OPTS="L2,nj,tp0,i1" CDEF="xs80,12,r50,r40,r40">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share *
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data product</CHED>
                        <CHED H="1">
                            Monthly professional
                            <LI>user fee</LI>
                        </CHED>
                        <CHED H="1">
                            Monthly non-professional
                            <LI>user fee</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX Sapphire</ENT>
                        <ENT>3.23</ENT>
                        <ENT>All</ENT>
                        <ENT>$20.00 (per Exchange)</ENT>
                        <ENT>$1.00 (per Exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.34</ENT>
                        <ENT>NOM BONO, NOM ITTO</ENT>
                        <ENT>$42.10 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.77</ENT>
                        <ENT>MRX Top, MRX Depth, MRX Spread</ENT>
                        <ENT>$25.25 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe BZX Options</ENT>
                        <ENT>4.21</ENT>
                        <ENT>BZX Depth</ENT>
                        <ENT>$30.00 (per feed)</ENT>
                        <ENT>$1.00 (per feed).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe C2</ENT>
                        <ENT>2.89</ENT>
                        <ENT>C2 Depth</ENT>
                        <ENT>$50.00 (per feed)</ENT>
                        <ENT>$50.00 (per feed).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT O="xl"/>
                        <ENT>C2 Complex</ENT>
                        <ENT>$25.00 (per feed)</ENT>
                        <ENT>$25.00 (per feed).</ENT>
                    </ROW>
                    <TNOTE>
                        * 
                        <E T="03">See supra</E>
                         note 24.
                    </TNOTE>
                </GPOTABLE>
                <P>A more detailed discussion of the comparison follows.</P>
                <P>
                    <E T="03">Nasdaq Options.</E>
                     Nasdaq Options, with a market share of approximately 5.34% that is only slightly higher than the Exchange, charges higher or comparable Professional and Non-Professional User fees for its top of book and depth of book feeds than proposed by the Exchange. Further, like Nasdaq Options, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Nasdaq Options Best of Nasdaq Options (“BONO”) feed is an options feed that provides Nasdaq Options' best bid and offer and last sale information.
                    <SU>26</SU>
                    <FTREF/>
                     The Nasdaq Options BONO feed is similar to the Exchange's ToM data feed. The Nasdaq Options ITCH to Trade 
                    <PRTPAGE P="22419"/>
                    Options (“ITTO”) feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>27</SU>
                    <FTREF/>
                     ITTO also provides, among other things, product (option series) available for trading on Nasdaq Options, the trading status of such products (
                    <E T="03">i.e.,</E>
                     whether the series is available for closing transactions only), and order imbalances on opening/reopenings. The ITTO feed is similar to the Exchange's SLF data feed.
                    <SU>28</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         The Exchange is not comparing its cToM feed to a comparable Nasdaq Options feed because the Exchange understands Nasdaq Options does not offer such a feed.
                    </P>
                </FTNT>
                <P>
                    Nasdaq Options charges Professional Users $42.10 per month and Non-Professional Users $1.00 per month for the BONO feed and ITTO feed.
                    <SU>29</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq Options for Professional Users and the same as Nasdaq Options for Non-Professional Users while also providing access to all of its market data feeds for a single per User fee. Specifically, for both the ToM and SLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Nasdaq Options and its Non-Professional User fee is equal to Nasdaq Options. Despite having only incrementally higher market share than the Exchange, Nasdaq Options charges much higher or comparable per User fees than proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions. See also</E>
                         Securities Exchange Act Release No. 73823 (December 11, 2014), 79 FR 75207 (December 17, 2014) (SR-NASDAQ-2014-119).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Nasdaq MRX.</E>
                     Nasdaq MRX, with a market share of approximately 2.77%, lower than the Exchange, charges higher Professional and Non-Professional User fees for its top of book and depth of book feeds than the fees proposed by the Exchange. Further, like Nasdaq MRX, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                    <SU>30</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         The Exchange notes that Nasdaq MRX also offers the Nasdaq MRX Order Feed and Nasdaq MRX Trades Feed, which are included in the Nasdaq MRX per User fees. 
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 7, Pricing Schedule, Section 7, Market Data.
                    </P>
                </FTNT>
                <P>
                    The Nasdaq MRX Top of Market feed is an options feed that provides Nasdaq MRX's best bid and offer and last sale information.
                    <SU>31</SU>
                    <FTREF/>
                     The Nasdaq MRX Top of Market feed is similar to the Exchange's ToM feed. The Nasdaq MRX Depth of Market feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>32</SU>
                    <FTREF/>
                     The Nasdaq MRX Depth of Market feed is similar to the Exchange's SLF feed. The Nasdaq MRX Spread feed is an options feed that provides information for both simple and complex orders.
                    <SU>33</SU>
                    <FTREF/>
                     The Nasdaq MRX Spread feed is similar to the Exchange's cToM data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <P>
                    Nasdaq MRX charges Professional Users $25.25 per month and Non-Professional Users $1.00 per month for the Nasdaq MRX Top of Market feed, the Nasdaq MRX Depth of Market Feed, and the Nasdaq MRX Spread Feed.
                    <SU>34</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq MRX for Professional Users and the same as Nasdaq MRX for Non-Professional Users while also providing access to all of its market data fees for single per User fee. Specifically, for the ToM, cToM, and SLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Nasdaq MRX and its Non-Professional User fee is equal to Nasdaq MRX. Despite having lower market share than the Exchange, Nasdaq MRX charges higher or comparable per User fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Cboe BZX Options.</E>
                     Cboe BZX Options, with a market share of approximately 4.21%, which is lower than the Exchange's market share, charges higher Professional and Non-Professional User fees for its depth of book feed than the fees proposed by the Exchange. Further, Cboe BZX Options also charges separate per User fees per data product, whereas the Exchange proposes to charge a single lower per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Cboe BZX Options Top feed is an options feed that provides top of book quotations and execution information.
                    <SU>35</SU>
                    <FTREF/>
                     The Cboe BZX Options Top feed is similar to the Exchange's ToM feed. The Cboe BZX Options Depth feed is an options feed that provides depth of book quotations and execution information. The Cboe BZX Options Depth feed is similar to the Exchange's SLF data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         For the Cboe BZX Options Top feed, Cboe BZX Option charges Professional Users $5.00 per month and Non-Professional Users $0.10 per month. For ToM, cToM and SLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. Although higher, the Exchange's proposed Professional and Non-Professional User fees are not necessarily comparable to Cboe BZX Options Top fees because a User may receive access to each of the Exchange's three data feeds for a single per User fee and, unlike Cboe BZX Options, not be required to pay a separate per User fee for each data product and Cboe BZX Options only provides two data feeds that provide only Cboe BZX Options data. Cboe BZX Options also offers the Cboe One Options Feed, which provides information for not only Cboe BZX Options, but also its three affiliated options markets, Cboe EDGX Options, Cboe, and Cboe C2. 
                        <E T="03">See</E>
                         Cboe BZX Options Rule 21.15(b)(6).
                    </P>
                </FTNT>
                <P>
                    Cboe BZX Options charges Professional Users $30.00 per month and Non-Professional Users $1.00 per month for the Cboe BZX Options Depth feed. The Exchange proposes to charge less than Cboe BZX Options and provide access to all of its market data fees for single, and still lower, per User fee. Specifically, for ToM, cToM, and SLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User fee is lower than Cboe BZX Options and its Non-Professional User fee is equal to Cboe BZX Options. However, both of the Exchange's proposed fees can be lower than Cboe BZX Options because a User may receive access to each of the Exchange's data feeds for a single per User fee and, unlike Cboe BZX Options, not be required to pay a separate per User fee for each data product.
                    <SU>36</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Cboe C2.</E>
                     Cboe C2, with a market share of approximately 2.89% that is lower than the Exchange, charges higher Professional and Non-Professional User fees for its C2 Options Depth and C2 COB feed than proposed by the Exchange. Unlike Cboe C2, the Exchange proposes to charge a single per User fee that would provide access to all of its market data products for a single fee.
                </P>
                <P>
                    The Cboe C2 Options Depth feed is an options feed that provides depth of book quotations and execution information. The Cboe C2 Options Depth feed is similar to the Exchange's SLF data feed. The Cboe C2 COB feed is an options data feed that provides information for complex strategies (multi-leg trades, such as spreads, straddles and buy-writes).
                    <SU>37</SU>
                    <FTREF/>
                     The Cboe C2 COB feed is 
                    <PRTPAGE P="22420"/>
                    similar to the Exchange's cToM data feed.
                    <SU>38</SU>
                    <FTREF/>
                     Cboe C2 charges all Users, both Professional Users and Non-Professional Users, $25.00 per month for the Cboe C2 COB feed and $50.00 for the Depth feed.
                    <SU>39</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Cboe C2 for Professional Users and Non-Professional Users while also providing access to all of its market data feeds for a single per User fee. Specifically, for the cToM data feed, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. The Exchange's proposed Professional User and Non-Professional User fees are lower than the fees for the Cboe C2 COB feed. Despite having slightly higher market share than the Exchange, Cboe C2 charges higher or comparable per User fees than proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         
                        <E T="03">See https://www.cboe.com/market_data_services/us/options/.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         Cboe C2 also provides the Cboe C2 Top feed, which provides top of book quotations and execution information. Cboe C2 Top is similar to the Exchange's ToM feed. Cboe C2 charges Professional Users $5.00 per month and Non-Professional Users $0.10 per month. For ToM, cToM and SLF data feeds, the Exchange proposes to charge Professional Users $20.00 per month and Non-Professional Users $1.00 per month. Although higher, the Exchange's proposed Professional and Non-Professional User fees are not necessarily comparable to Cboe C2 Top fees because a User may receive access to each of the Exchange's three data feeds for a single per User fee and, unlike Cboe C2, not be required to pay a separate per User fee for each data product and Cboe C2 also provides three data feeds that provide only Cboe C2 data. It is reasonable, however, to compare the Exchange's data feeds to Cboe C2 data feeds with higher per User fees because they charge the higher fee for a single data product whereas the Exchange includes each of its data products for a single fee. Cboe C2 also offers the Cboe One Options Feed, which provides information for not only Cboe C2, but also its three affiliated options markets, Cboe EDGX Options, Cboe, and Cboe BZX Options.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         
                        <E T="03">See</E>
                         Cboe C2 Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/ctwo/.</E>
                    </P>
                </FTNT>
                <STARS/>
                <P>Each of the above examples of other exchanges' market data fees support the proposition that the Exchange's proposed User fees are comparable to those of other exchanges and therefore reasonable.</P>
                <HD SOURCE="HD3">Non-Display Usage Fee</HD>
                <P>The proposed Non-Display Usage fee for the Exchange's market data products is comparable to those charged by Nasdaq Options and Nasdaq MRX, as summarized in below table.</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,tp0,i1" CDEF="s40,12,r50,r50">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market share 
                            <E T="51">†</E>
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data products</CHED>
                        <CHED H="1">Monthly non-display usage fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX Sapphire</ENT>
                        <ENT>3.23</ENT>
                        <ENT>All</ENT>
                        <ENT>$1,500.00 (per feed (capped at $3,000.00).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.34</ENT>
                        <ENT>NOM BONO, NOM ITTO</ENT>
                        <ENT>$10,530.00 (per exchange).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.77</ENT>
                        <ENT>MRX Top, MRX Depth, MRX Spread</ENT>
                        <ENT>$7,575.00 (per exchange).</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="51">†</E>
                         
                        <E T="03">See supra</E>
                         note 24.
                    </TNOTE>
                </GPOTABLE>
                <P>A more detailed discussion of the comparison follows.</P>
                <P>
                    <E T="03">Nasdaq Options.</E>
                     Nasdaq Options, with a market share of approximately 5.34%, which is higher than the Exchange's market share, charges higher Non-Display Usage fees for its top of book and depth of book feeds than proposed by the Exchange. Further, Nasdaq Options also charges the full Non-Display Usage fees to receive all of its data products, whereas the Exchange proposes to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage.
                    <SU>40</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         The Exchange notes that not all options exchanges charge non-display fees for options data. For example, Cboe, Cboe C2, Cboe EDGX Options, Cboe BZX Options, BOX, and MEMX Options do not charge non-display fees. Therefore, the Exchange compared its fees to two comparable exchanges, Nasdaq Options and Nasdaq MRX, which charge non-display fees.
                    </P>
                </FTNT>
                <P>
                    As discussed above, the Nasdaq Options BONO feed is an options feed that provides Nasdaq Options' best bid and offer and last sale information.
                    <SU>41</SU>
                    <FTREF/>
                     The Nasdaq Options BONO feed is similar to the Exchange's ToM data feed. The Nasdaq Options ITTO feed is an options feed that provides full order and quote depth information for individual orders and quotes and last sale information.
                    <SU>42</SU>
                    <FTREF/>
                     Nasdaq Options ITTO also provides, among other things, product (option series) available for trading on Nasdaq Options, the trading status of such products (
                    <E T="03">i.e.,</E>
                     whether the series is available for closing transactions only), and order imbalances on opening/reopenings. The Nasdaq Options ITTO feed is similar to the Exchange's SLF data feed.
                    <SU>43</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         
                        <E T="03">See</E>
                         Nasdaq Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         The Exchange proposes to cap the amount of Non-Display Usage fees for those that subscribe to multiple Exchange data feeds.
                    </P>
                </FTNT>
                <P>
                    Nasdaq Options charges a monthly fee of $10,530.00 for Non-Display Usage of the Nasdaq Options BONO feed and Nasdaq Options ITTO feed.
                    <SU>44</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq Options while also proposing to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage. Specifically, for the ToM, cToM, and SLF data feeds, the Exchange proposes to charge a monthly fee of $1,500.00 for Non-Display Usage and to cap the Non-Display Usage fee at $3,000.00 for those that wish to receive two or more of the Exchange's data feeds for Non-Display Usage. This cap would be in lieu of paying the full Non-Display Usage Fee for each data product, which would total $6,000.00 per month. Despite having incrementally lower market share than the Exchange, Nasdaq Options charges higher Non-Display Usage fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>44</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions. See also</E>
                         Securities Exchange Act Release No. 73823 (December 11, 2014), 79 FR 75207 (December 17, 2014) (SR-NASDAQ-2014-119).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Nasdaq MRX.</E>
                     Nasdaq MRX, with a market share of approximately 2.77%, which is lower than the Exchange's market share, charges higher Non-Display Usage fees for its top of book, depth of book, and order feeds than the fees proposed by the Exchange. Like the Exchange proposes herein, Nasdaq MRX charges the full single Non-Display Usage fee for access to all of its market data feeds. The Exchange proposes to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage, similar to Nasdaq MRX.
                </P>
                <P>
                    The Nasdaq MRX Top of Market feed is an options feed that provides Nasdaq MRX's best bid and offer and last sale information.
                    <SU>45</SU>
                    <FTREF/>
                     The Nasdaq MRX Top of Market feed is similar to the Exchange's ToM data feed. The Nasdaq MRX Depth of Market feed is an options feed that provides full order and quote depth information for individual orders and 
                    <PRTPAGE P="22421"/>
                    quotes and last sale information.
                    <SU>46</SU>
                    <FTREF/>
                     The Nasdaq MRX Depth of Market feed is similar to the Exchange's SLF feed. The Nasdaq MRX Spread feed is an options feed that provides information for both simple and complex orders.
                    <SU>47</SU>
                    <FTREF/>
                     The Nasdaq MRX Spread feed is similar to the Exchange's cToM data feed.
                </P>
                <FTNT>
                    <P>
                        <SU>45</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>46</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>47</SU>
                         
                        <E T="03">See</E>
                         Nasdaq MRX Options Rules, Options 3, Section 23(a)(2).
                    </P>
                </FTNT>
                <P>
                    Nasdaq MRX charges a monthly fee of $7,575.00 for Non-Display Usage of the Nasdaq MRX Top of Market feed, Nasdaq MRX Depth of Market feed, and Nasdaq MRX Spread feed.
                    <SU>48</SU>
                    <FTREF/>
                     The Exchange proposes to charge less than Nasdaq MRX while also proposing to cap the Non-Display Usage fee at $3,000.00, which would provide a discount to subscribers that choose to subscribe to multiple Exchange data feeds for Non-Display Usage. Specifically, for all of the Exchange's data feeds, the Exchange proposes to charge a monthly fee of $1,500.00 and to cap the Non-Display Usage fee at $3,000.00 for those that wish to receive two or more of the Exchange's data feeds for Non-Display Usage. This cap would be in lieu of paying the full Non-Display Usage Fee for each data product, which would total $6,000.00 per month. Despite having lower market share than the Exchange, Nasdaq MRX charges higher Non-Display Usage fees than the fees proposed by the Exchange herein.
                </P>
                <FTNT>
                    <P>
                        <SU>48</SU>
                         
                        <E T="03">See</E>
                         Price List—U.S. Derivatives Data, 
                        <E T="03">available at https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions.</E>
                    </P>
                </FTNT>
                <STARS/>
                <P>Each of the above examples of other exchanges' market data fees support the proposition that the Exchange's proposed Non-Display Usage fees lower than those of other exchanges and therefore reasonable.</P>
                <P>
                    The below table sets forth each exchanges' distributor fees for each data feed that the Exchange includes in its above comparisons. The below table also includes applicable per User and Non-Display Usage fees that are discussed above.
                    <SU>49</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>49</SU>
                         The Exchange notes that other exchanges offer an enterprise license fee that provides access to an unlimited number of users for a single price. This fee covers all of the applicable exchange's market data feeds for a single enterprise license fee. The Exchange does not propose to offer an enterprise license fee at this time because customers have not requested it and, at this time, no individual subscriber distributes Exchange market data to a population of individual users that would necessitate purchasing an enterprise license.
                    </P>
                </FTNT>
                <GPOTABLE COLS="8" OPTS="L2,nj,tp0,p7,7/7,i1" CDEF="xs70,6,xs54,10,10,r50,r50,r50">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Exchange</CHED>
                        <CHED H="1">
                            Market
                            <LI>
                                share 
                                <E T="51">‡</E>
                            </LI>
                            <LI>(%)</LI>
                        </CHED>
                        <CHED H="1">Market data product</CHED>
                        <CHED H="1">
                            Internal
                            <LI>distributors</LI>
                        </CHED>
                        <CHED H="1">
                            External
                            <LI>distributors</LI>
                        </CHED>
                        <CHED H="1">Pro-user</CHED>
                        <CHED H="1">Non-pro user</CHED>
                        <CHED H="1">Non-display fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">MIAX Sapphire</ENT>
                        <ENT>3.23</ENT>
                        <ENT>
                            ToM
                            <LI>cToM</LI>
                            <LI>SLF</LI>
                        </ENT>
                        <ENT>
                            $1,200.00
                            <LI>1,200.00</LI>
                            <LI>3,000.00</LI>
                        </ENT>
                        <ENT>
                            $2,000.00
                            <LI>2,000.00</LI>
                            <LI>3,500.00</LI>
                        </ENT>
                        <ENT>$20.00 (per Exchange)</ENT>
                        <ENT>$1.00 (per Exchange)</ENT>
                        <ENT>$1,500.00 (per feed capped at $3,000.00).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq Options</ENT>
                        <ENT>5.34</ENT>
                        <ENT>
                            NOM BONO
                            <LI>NOM ITTO</LI>
                        </ENT>
                        <ENT>
                            1,566.00
                            <LI>1,566.00</LI>
                        </ENT>
                        <ENT>
                            2,089.00
                            <LI>2,089.00</LI>
                        </ENT>
                        <ENT>$42.10 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange)</ENT>
                        <ENT>($10,530.00 (per exchange, no cap).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Nasdaq MRX</ENT>
                        <ENT>2.77</ENT>
                        <ENT>
                            MRX Top
                            <LI>MRX Depth</LI>
                            <LI>MRX Spread</LI>
                        </ENT>
                        <ENT>
                            1,515.00
                            <LI>1,515.00</LI>
                            <LI>1,010.00</LI>
                        </ENT>
                        <ENT>
                            2,020.00
                            <LI>2,020.00</LI>
                            <LI>1,515.00</LI>
                        </ENT>
                        <ENT>$25.25 (per exchange)</ENT>
                        <ENT>$1.00 (per exchange)</ENT>
                        <ENT>$7,575.00 (per exchange, no cap).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe BZX Options</ENT>
                        <ENT>4.21</ENT>
                        <ENT>BZX Depth</ENT>
                        <ENT>3,000.00</ENT>
                        <ENT>2,000.00</ENT>
                        <ENT>$30.00 (per feed)</ENT>
                        <ENT>$1.00 (per feed)</ENT>
                        <ENT>N/A.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cboe C2</ENT>
                        <ENT>2.89</ENT>
                        <ENT>C2 Complex</ENT>
                        <ENT>1,000.00</ENT>
                        <ENT>1,000.00</ENT>
                        <ENT>$25.00 (per feed)</ENT>
                        <ENT>$25.00 (per feed)</ENT>
                        <ENT>N/A.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22"> </ENT>
                        <ENT O="xl"/>
                        <ENT>C2 Depth</ENT>
                        <ENT>2,500.00</ENT>
                        <ENT>2,500.00</ENT>
                        <ENT>$50.00 (per feed)</ENT>
                        <ENT>$50.00 (per feed)</ENT>
                        <ENT>N/A.</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="51">‡</E>
                         
                        <E T="03">See supra</E>
                         note 24.
                    </TNOTE>
                </GPOTABLE>
                <P>As illustrated by the above table, while distributor fees may vary across exchanges, and in some instances are higher on the Exchange, the per User fees of other exchanges are generally higher than that proposed by the Exchange and can quickly make up for any difference in distributor fees due to an increased number of Users permissioned to view other exchanges' data feeds when compared to the Users permissioned to view data from the Exchange. In addition, Nasdaq Options and Nasdaq MRX charge materially higher fees for Non-Display Usage. Meanwhile, Cboe BZX Options and Cboe C2 would charge non-display users their applicable distribution fee, which are not capped and are either higher than, or comparable to, the fees proposed by the Exchange. Furthermore, the Exchange proposes to only charge fees to Internal and External Distributors for the ToM, cToM and SLF feeds, which, when combined with the above proposed fees, result in fee packages that are generally comparable to the fee packages charged by Nasdaq Options, Nasdaq MRX, Cboe BZX Options, and Cboe C2 due to those exchanges charging higher or similar User and Non-Display Usage fees, as set forth above.</P>
                <P>Lastly, the proposed discount to charge per User fees at the Exchange level, and not per data feed, as well as capping the monthly Non-Display Usage fee for use of multiple data feeds, is reasonable and cause the Exchange's proposed fees to be even lower for subscribers to multiple Exchange data products.</P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes its proposal to remove the text that the Exchange will pro-rate mid-month changes to subscriptions is reasonable because the Exchange's affiliates had no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated and no other options exchanges provides for the similar pro-ration of market data fees.
                    <SU>50</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Sapphire Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration of market data fees.
                    <SU>51</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>50</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>51</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">The Proposed Fees Are Equitably Allocated</HD>
                <P>
                    <E T="03">Overall.</E>
                     The Exchange believes that its proposed fees are reasonable, equitable, and not unfairly discriminatory because they are designed to align fees with services provided. The Exchange believes that the proposed fees for the market data feeds are allocated fairly and equitably among the various categories of users of the data feeds, and any differences among categories of users are justified and appropriate.
                </P>
                <P>
                    The Exchange believes that the proposed fees are equitably allocated because they will apply uniformly to all data recipients that choose to subscribe to the market data feeds. Any market participant that chooses to subscribe to the market data feeds is subject to the same Fee Schedule, regardless of what type of business they operate, and the decision to subscribe to one or more market data feeds is based on objective differences in usage of market data feeds 
                    <PRTPAGE P="22422"/>
                    among different Members, which are still ultimately in the control of any particular Member. The Exchange believes the proposed pricing of the market data feeds is equitably allocated because it is based, in part, upon the amount of information contained in each data feed, which may have additional value to market participants.
                </P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes its proposal to remove the text that the Exchange will pro-rate mid-month changes to subscriptions is equitably allocated because the Exchange's affiliates had no subscriber utilize pro-ration via a mid-month subscription or termination over the past twelve (12) months, nor does it foresee a subscriber doing so in the near future. The Exchange believes it is equitable to remove the text that the Exchange will pro-rate fees for Distributors who subscribe mid-month because other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>52</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Sapphire Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration of market data fees.
                    <SU>53</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>52</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, Market Data Fees section, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>53</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions, 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    <E T="03">User Fees.</E>
                     The Exchange believes that the proposed fee, fee levels, and structure that differentiates between Professional User fees from Non-Professional User fees for display use are equitable. This structure has long been used by other exchanges and OPRA to reduce the price of data to Non-Professional Users and make it more broadly available.
                    <SU>54</SU>
                    <FTREF/>
                     Offering the market data feeds to Non-Professional Users at a lower cost than Professional Users results in greater equity among data recipients, as Professional Users are categorized as such based on their employment and participation in financial markets, and thus, are compensated to participate in the markets. While Non-Professional Users too can receive significant financial benefits through their participation in the markets, the Exchange believes it is reasonable to charge more to those Users who are more directly engaged in the markets.
                </P>
                <FTNT>
                    <P>
                        <SU>54</SU>
                         
                        <E T="03">See, e.g.,</E>
                         Securities Exchange Act Release No. 59544 (March 9, 2009), 74 FR 11162 (March 16, 2009) (SR-NYSE-2008-131) (establishing the $15 Non-Professional User Fee (Per User) for NYSE OpenBook); Securities Exchange Act Release No. 20002, File No. S7-433 (July 22, 1983), 48 FR 34552 (July 29, 1983) (establishing Non-Professional fees for CTA data); NASDAQ BX Equity 7 Pricing Schedule, Section 123.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange believes the proposed Non-Display Usage fees are equitably allocated because they would require Distributors to pay fees only for the uses they actually make of the data. As noted above, non-display data can be used by data recipients for a wide variety of profit-generating purposes (including trading and order routing) as well as purposes that do not directly generate revenues (such as risk management and compliance) but nonetheless substantially reduce the recipient's costs by automating certain functions. The Exchange believes that it is equitable to charge non-display data Distributors that use the market data feeds because all such Distributors would have the ability to use such data for as many non-display uses as they wish for one low fee. As noted above, this structure is comparable to that in place for the exchanges referenced above and several other exchanges charge multiple non-display fees to the same client to the extent they use a data feed in several different trading platforms or for several types of non-display use.
                    <SU>55</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>55</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/bzx/</E>
                         (providing fees of $2,000.00 to $3,000.00 for Distribution, which includes Non-Display use); Cboe C2 Fee Schedule, 
                        <E T="03">available at https://www.cboe.com/us/options/membership/fee_schedule/ctwo/</E>
                         (providing a fee $2,500.00 for Distribution, which includes Non-Display use); Nasdaq Options Fee Schedule, 
                        <E T="03">available at, https://www.nasdaqtrader.com/Trader.aspx?id=DPPriceListOptions</E>
                         (providing a fee of $10,000.00 for Non-Display Use); and the NYSE American fee schedule, 
                        <E T="03">available at https://www.nyse.com/publicdocs/nyse/data/NYSE_Market_Data_Pricing.pdf</E>
                         (providing a fee of $5,000.00 for Non-Display Use).
                    </P>
                </FTNT>
                <STARS/>
                <P>For all of the foregoing reasons, the Exchange believes that the proposed fees for the market data feeds are equitably allocated.</P>
                <HD SOURCE="HD3">The Proposed Fees Are Not Unfairly Discriminatory</HD>
                <P>The Exchange believes the proposed fees are not unfairly discriminatory because any differences in the application of the fees are based on meaningful distinctions between customers, and those meaningful distinctions are not unfairly discriminatory between customers.</P>
                <P>
                    <E T="03">Overall.</E>
                     The Exchange believes that the proposed fees are not unfairly discriminatory because they would apply to all data recipients that choose to subscribe to the same market data feed(s). Any market participant, including market data vendors, that chooses to subscribe to the market data feeds is subject to the same Fee Schedule, regardless of what type of business they operate. Market participants seeking lower cost options may instead choose to receive data from OPRA or another potentially lower cost option such as a market data vendor. The Exchange notes that market participants can also choose to subscribe to a combination of data feeds for redundancy purposes or to use different feeds for different purposes. In sum, each market participant has the ability to choose the best business solution for itself. The Exchange does not believe it is unfairly discriminatory to base pricing upon the amount of information contained in each data feed and the importance of that information to market participants. As described above, the ToM data feed can be utilized to trade on the Exchange but contains less information than available on the SLF data feed. Thus, the Exchange believes it is not unfairly discriminatory for the products to be priced as proposed, with the same fees being proposed for each data feed coupled with the discounts and caps discussed above.
                </P>
                <P>
                    <E T="03">Pro-Rata Distribution of Fees.</E>
                     The Exchange believes that the proposal to remove the text that the Exchange will pro-rate mid-month changes to market data subscriptions is not unfairly discriminatory because the Exchange's affiliates had no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange notes that other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>56</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Sapphire Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration.
                    <SU>57</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>56</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Cboe EDGX Options Fee Schedule, Market Data Fees section, 
                        <E T="03">supra</E>
                         note 13. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data  Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>57</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <P>
                    <E T="03">User Fees.</E>
                     The Exchange believes that the proposed fee, fee levels, and structure that differentiates between Professional User fees from Non-Professional User fees for display use are not unfairly discriminatory. This structure has long been used by other exchanges and OPRA to reduce the 
                    <PRTPAGE P="22423"/>
                    price of data to Non-Professional Users and make it more broadly available. Offering the market data feeds to Non-Professional Users with the same data as is available to Professional Users, albeit at a lower cost, results in greater equity among data recipients. These User fees would be charged uniformly to all individuals that have access to the market data feeds based on the category of User.
                </P>
                <P>The Exchange also believes the proposed User fees are not unfairly discriminatory, with higher fees for Professional Users than Non-Professional Users, because Non-Professional Users may have less ability to pay for such data than Professional Users as well as less opportunity to profit from their usage of such data.</P>
                <P>
                    <E T="03">Non-Display Usage Fees.</E>
                     The Exchange believes that the proposed Non-Display Usage fees are not unfairly discriminatory because they would require Distributors for non-display use to pay fees depending on their use of the data. As noted above, non-display data can be used by data recipients for a wide variety of profit-generating purposes as well as purposes that do not directly generate revenues but nonetheless substantially reduce the recipient's costs by automating certain functions.
                </P>
                <STARS/>
                <P>For all of the foregoing reasons, the Exchange believes that the proposed fees for the Exchange's market data feeds are not unfairly discriminatory.</P>
                <STARS/>
                <HD SOURCE="HD3">Remove Initial Waiver Period Rule Text</HD>
                <P>The Exchange believes its proposal to remove the rule text regarding the Initial Waiver Period below the table of fees in Sections 6)a) and b) of the Fee Schedule is reasonable, equitable and not unfairly discriminatory because the Initial Waiver Period automatically expired at the end of February 2025. Upon the expiration of the Initial Waiver Period, effective March 1, 2025, the market data fees in Sections 6)a)-b) of the Fee Schedule began to apply to all market participants equally who subscribe to the ToM, cToM, and/or SLF data feeds. This proposed change will also remove impediments to and perfect the mechanism of a free and open market because it will remove text that no longer apples from the Fee Schedule, thereby providing clarity to market participants regarding the Exchange's market data fees. It is in the public interest for the Fee Schedule to be clear.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>
                    In accordance with Section 6(b)(8) of the Act,
                    <SU>58</SU>
                    <FTREF/>
                     the Exchange does not believe that the proposed rule change would impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act.
                </P>
                <FTNT>
                    <P>
                        <SU>58</SU>
                         15 U.S.C. 78f(b)(8).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Intra-Market Competition</HD>
                <P>The Exchange does not believe that the proposed fees place certain market participants at a relative disadvantage to other market participants because, as noted above, the proposed fees are associated with usage of the data feed by each market participant, which are still ultimately in the control of any particular Member, and such fees do not impose a barrier to entry to smaller participants. Accordingly, the proposed fees do not favor certain categories of market participants in a manner that would impose a burden on competition; rather, the allocation of the proposed fees reflects the types of data consumed by various market participants and their usage thereof. The Exchange also believes that the proposed fees neither favor nor penalize one or more categories of market participants in a manner that would impose an undue burden on competition.</P>
                <P>
                    The Exchange believes its proposal to no longer pro-rate mid-month changes to market data subscriptions does not place an undue burden on intra-market competition because all market participants will be subject to the same Fee Schedule, regardless of which point in the month they subscribe. As noted above, the Exchange's affiliates had no mid-month subscriptions or terminations over the past twelve (12) months that would have required the monthly fee to be pro-rated. The Exchange notes that other options exchanges do not provide for the similar pro-ration of market data fees.
                    <SU>59</SU>
                    <FTREF/>
                     Also, removing these provisions would harmonize the MIAX Sapphire Fee Schedule with the MIAX Pearl Equities Fee Schedule, which does not provide for pro-ration.
                    <SU>60</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>59</SU>
                         
                        <E T="03">See</E>
                         Cboe BZX Options Fee Schedule, Market Data Fees section and Cboe EDGX Options Fee Schedule, Market Data Fees section. 
                        <E T="03">See also</E>
                         MEMX Options Fee Schedule, Market Data Fees section 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 101370 (October 17, 2024), 89 FR 84638 (October 23, 2024) (SR-MEMX-2024-40).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>60</SU>
                         
                        <E T="03">See</E>
                         MIAX Pearl Equities Fee Schedule, Section 3), Market Data Definitions 
                        <E T="03">and</E>
                         Securities Exchange Act Release No. 100319 (June 12, 2024), 89 FR 51562 (June 19, 2024) (SR-PEARL-2024-25).
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Inter-Market Competition</HD>
                <P>The Exchange does not believe the proposed fees place an undue burden on competition on other SROs that is not necessary or appropriate. In particular, market participants are not forced to subscribe to either data feed, as described above. An exchange that overprices its market data products stands a high risk that users may purchase another market's market data product. These competitive pressures ensure that no one exchange's market data fees can impose an unnecessary burden on competition, and the Exchange's proposed fees do not do so here. Additionally, other exchanges have similar market data fees with comparable rates in place for their participants. Other options exchanges are free to adopt comparable fee structures subject to the Commission's rule filing process.</P>
                <P>The Exchange believes its proposal to remove the rule text regarding the Initial Waiver Period below the table of fees in Sections 6)a) and b) of the Fee Schedule will not impose any burden on competition because the Initial Waiver Period automatically expired at the end of February 2025. Upon the expiration of the Initial Waiver Period, effective March 1, 2025, the market data fees in Sections 6)a)-b) of the Fee Schedule began to apply to all market participants equally who subscribe to the ToM, cToM, and/or SLF data feeds. This proposed change is not competitive; rather it is to remove text that no longer apples from the Fee Schedule, thereby providing clarity to market participants regarding the Exchange's market data fees.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>Written comments were neither solicited nor received.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act,
                    <SU>61</SU>
                    <FTREF/>
                     and Rule 19b-4(f)(2) 
                    <SU>62</SU>
                    <FTREF/>
                     thereunder. 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 shall institute proceedings to determine 
                    <PRTPAGE P="22424"/>
                    whether the proposed rule should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>61</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>62</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-SAPPHIRE-2025-23 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-SAPPHIRE-2025-23. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-SAPPHIRE-2025-23 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>63</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>63</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09409 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103085; File No. SR-NASDAQ-2025-011]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1, and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 1, To Introduce Functionality To Initiate a Trading Halt for Exchange-Traded Products on Launch Day</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>
                    On January 31, 2025, The Nasdaq Stock Market LLC (the “Exchange” or “Nasdaq”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to introduce an optional functionality for Exchange-Traded Products to initiate a trading halt on the launch day of an Exchange-Traded Product, similar to the halt used in initial public offerings (“IPOs”). The proposed rule change was published for comment in the 
                    <E T="04">Federal Register</E>
                     on February 20, 2025.
                    <SU>3</SU>
                    <FTREF/>
                     On March 6, 2025, pursuant to Section 19(b)(2) of the Exchange Act,
                    <SU>4</SU>
                    <FTREF/>
                     the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.
                    <SU>5</SU>
                    <FTREF/>
                     On May 6, 2025, the Exchange filed Amendment No. 1, which amends and replaces the proposed rule change in its entirety.
                    <SU>6</SU>
                    <FTREF/>
                     The Commission has received no comments on the proposed rule change. The Commission is publishing this notice to solicit comments on Amendment No. 1 to the proposed rule change from interested persons, and is approving the proposed rule change, as modified by Amendment No. 1, on an accelerated basis.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102413 (February 13, 2025), 90 FR 10001.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102537, 90 FR 11866 (March 12, 2025). The Commission designated May 21, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         In Amendment No. 1, the Exchange added clarifying or corrective changes that, among other things: (1) provides additional background on how an ETP opens today and rationale on why the Exchange is proposing the Initial ETP Open; (2) specifies that the Exchange would only assign one DLP per ETP in the context of the proposed Initial ETP Open; (3) deletes the Regulation M statement relating to the DLP in proposed Rule 4120(c)(11)(A) because the Exchange inadvertently included this statement when it does not apply in the context of this proposal; (4) adds more granularity in proposed Rule 4120(c)(11)(B)(i) about the DLP notifying the Exchange that the ETP is ready to trade; (5) clarifies that price bands would be set exchange-wide and not on a security-by-security basis; (6) specifies the DLP's responsibilities in the proposed Initial ETP Open; and (7) clarifies that the IPO Indicator will provide the same information in the Order Imbalance Indicator under this proposal. Amendment No. 1 to the proposed rule change is available on the Commission's website at: 
                        <E T="03">https://www.sec.gov/comments/sr-nasdaq-2025-011/srnasdaq2025011.htm.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Exchange's Description of the Proposed Rule Change, as Modified by Amendment No. 1</HD>
                <P>In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend its Equity 1—Equity Definitions and Equity 4—Equity Trading Rules to allow Exchange-Traded Products (“ETPs”) 
                    <SU>7</SU>
                    <FTREF/>
                     to utilize an optional new halt on launch day (hereinafter, the “Initial ETP Open”), and resume trading using the Nasdaq Halt Cross.
                    <SU>8</SU>
                    <FTREF/>
                     As discussed in detail below, the proposed Initial ETP Open is designed to operate similarly to Nasdaq's IPO opening process for 
                    <PRTPAGE P="22425"/>
                    corporate securities with specified differences to account for the unique characteristics of ETPs. With this proposal, an ETP issuer launching the ETP on the first day of trading would have the option to open the security at the start of Pre-Market Hours 
                    <SU>9</SU>
                    <FTREF/>
                     at 4:00 a.m. Eastern Time (“ET”), which is the case today, or delay the opening of the security pursuant to the proposed Initial ETP Open process until Market Hours.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         As discussed later in this filing, the Exchange will add “Exchange-Traded Products” as a defined term in Equity 1, Section 1(a).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         The “Nasdaq Halt Cross” is the process for determining the price at which Eligible Interest shall be executed at the open of trading for a halted security and for executing that Eligible Interest. 
                        <E T="03">See</E>
                         Rule 4753(a)(4). “Eligible Interest” shall mean any quotation or any order that has been entered into the system and designated with a time-in-force that would allow the order to be in force at the time of the Halt Cross. 
                        <E T="03">See</E>
                         Equity 4, Rule 4753(a)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The term “Pre-Market Hours” means the period of time beginning at 4:00 a.m. ET and ending immediately prior to the commencement of Market Hours. 
                        <E T="03">See</E>
                         Equity 1, Section 1(a)(9).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The term “Market Hours” means the period of time beginning at 9:30 a.m. ET and ending at 4:00 p.m. ET (or such earlier time as may be designated by Nasdaq on a day when Nasdaq closes early). 
                        <E T="03">See</E>
                         Equity 1, Section 1(a)(9).
                    </P>
                </FTNT>
                <P>This functionality is intended to support efficient price discovery by enabling ETP issuers to enter a halt on launch day, for a specified time period, after which the ETP can be manually opened. This proposed rule would enable ETP issuers to maximize the chances of more efficient price discovery on launch day while also ensuring there are safeguards for the opening price to protect investors against unexpected volatility in the pricing of the ETP. As proposed, an ETP's initial price would be determined based on market interest and, similar to other auction processes, the matching of buy and sell orders in this auction would be open to all market participants.</P>
                <HD SOURCE="HD3">Background</HD>
                <P>
                    Today, ETPs open for trading on Nasdaq at 4:00 a.m. ET at the start of Pre-Market Hours where the ETP becomes available for buying and selling during that time period. The ETP then participates in Nasdaq's Opening Cross at 9:30 a.m. ET pursuant to Rule 4752. This is the case for an ETP's initial day of trading as well as any other trading day for the ETP. While the Exchange has not experienced issues with opening ETPs at 4:00 a.m. ET, ETP issuers have indicated to the Exchange their desire for a more high-touch launch day opening process for some ETPs, similar to the Exchange's IPO opening process for corporate securities. Similar to the existing IPO process for corporate securities, the proposed process for ETPs would delay the opening of the security until Market Hours, and the security would be released for trading pursuant to the Halt Cross process in Rule 4753. The Exchange is not proposing to use the Opening Cross under Rule 4752 to release the ETP for trading in this instance because the Exchange is seeking to prevent trading in the ETP on its first day under this proposal until at least 9:40 a.m. ET, as described below, and then have the ETP enter the Halt Cross process under Rule 4753 in order to be released for trading. In contrast, the Opening Cross contemplates that there could be active trading in a security prior to that auction process, as the Opening Cross utilizes prevailing market bids and offers to establish thresholds for establishing Nasdaq opening prices.
                    <SU>11</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         Rule 4752(d). 
                        <E T="03">See also https://nasdaqtrader.com/content/productsservices/trading/crosses/openclose_faqs.pdf.</E>
                    </P>
                </FTNT>
                <P>
                    Today, securities of companies listing on Nasdaq in an IPO are halted pursuant to Equity 4, Rule 4120(a)(7) until such time as the conditions in 4120(c)(8) are satisfied, and the Exchange releases the IPO security for trading pursuant to the Nasdaq Halt Cross in Rule 4753.
                    <SU>12</SU>
                    <FTREF/>
                     In the context of an IPO, the Nasdaq Halt Cross is also referred to herein as the “IPO Halt Cross.” Prior to the cross execution, market participants may enter quotes and orders eligible for participation in the cross. Pursuant to Rule 4120(c)(8), prior to terminating the IPO halt, the security enters a Display Only Period during which indicative information about the potential outcome of the Nasdaq Halt Cross is displayed to market participants every second via the Order Imbalance Indicator,
                    <SU>13</SU>
                    <FTREF/>
                     and during which market participants may continue to enter orders and quotes in that security in Nasdaq systems.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         In general, Equity 4, Rule 4120(a) sets forth Nasdaq's authority to initiate trading halts or pauses in the circumstances specified thereunder. Equity 4, Rule 4120(c) then sets forth the various procedures for initiating and terminating such trading halts. Equity 4, Rule 4753 then sets forth procedures for the resumption of trading following various trading halts enumerated in Rule 4120(a). Specifically, Rule 4753(b) provides, in part, that for Nasdaq-listed securities that are the subject of a trading halt initiated pursuant to Rule 4120(a)(7) (
                        <E T="03">i.e.,</E>
                         the IPO halt), the Nasdaq Halt Cross shall occur at the time specified by Nasdaq pursuant to Rule 4120, and Market Hours trading would commence when the Nasdaq Halt Cross concludes.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         “Order Imbalance Indicator” means a message disseminated by electronic means containing information about Eligible Interest and the price at which such interest would execute at the time of dissemination. The Order Imbalance Indicator shall disseminate the following information: (A) Current Reference Price, (B) the number of shares of Eligible Interest that are paired at the Current Reference Price, (C) the size of any Imbalance or Market Order Imbalance, as applicable, (D) the buy/sell direction of any Imbalance or Market Order Imbalance, as applicable, and (E) indicative prices at which the Nasdaq Halt Cross would occur if the Nasdaq Halt Cross were to occur at that time. 
                        <E T="03">See</E>
                         Rule 4753(a)(3).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         Equity 4, Rule 4753(b)(1) provides that at the beginning of the Display Only Period and continuing through the resumption of trading, Nasdaq would disseminate by electronic means an Order Imbalance Indicator every second.
                    </P>
                </FTNT>
                <P>
                    Rule 4120(c)(8) further states that after the conclusion of the Display Only Period, the IPO security enters a “Pre-Launch Period” of indeterminate duration, during which indicative information continues to be disseminated,
                    <SU>15</SU>
                    <FTREF/>
                     and market participants are able to submit and cancel orders as they are currently able to do so during the Display Only Period. The Pre-Launch Period ends and the security is released for trading by Nasdaq when the conditions described in paragraphs (c)(8)(A)(i), (ii), and (iii) of Rule 4120 are all met:
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         Equity 4, Rule 4753(b)(1).
                    </P>
                </FTNT>
                <P>
                    • Nasdaq receives notice from the underwriter of the IPO that the security is ready to trade. The Nasdaq system then calculates the Current Reference Price 
                    <SU>16</SU>
                    <FTREF/>
                     at that time (the “Expected Price”) and displays it to the underwriter. If the underwriter then approves proceeding, the Nasdaq system will conduct two validation checks.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         “Current Reference Price” means: (i) The single price at which the maximum number of shares of Eligible Interest can be paired. (ii) If more than one price exists under subparagraph (i), the Current Reference Price shall mean the price that minimizes any Imbalance. (iii) If more than one price exists under subparagraph (ii), the Current Reference Price shall mean the entered price at which shares will remain unexecuted in the cross. (iv) If more than one price exists under subparagraph (iii), the Current Reference Price shall mean: (a) In the case of an IPO, the price that is closest to the Issuer's Initial Public Offering Price; (b) In the case of the initial pricing of a security listing under Listing Rules IM-5315-1, IM-5405-1, or IM-5505-1, for a security that has had recent sustained trading in a Private Placement Market (as defined in Rule 5005(a)(34)) prior to listing, the most recent transaction price in that market or, if none, a price determined by the Exchange in consultation with the financial advisor to the issuer identified pursuant to Rule 4120(c)(9); (c) In the case of the initial pricing of a security listing under Listing Rule IM-5315-2, the price that is closest to the price that is 20% below (calculated as provided for in Listing Rule IM-5315-2) the lowest price of the price range disclosed by the issuer in its effective registration statement; (d) In the case of another halt type in which the security has already traded during normal market hours on that trading day, the price that is closest to the last Nasdaq execution prior to the trading halt; (e) In the case of another halt type in which the security has not already traded during normal market hours on that trading day, the price that is closest to the previous Nasdaq Official Closing Price; and (f) In the case of the initial pricing of a security that traded in the over-the-counter market pursuant to FINRA Form 211 immediately prior to the initial pricing, the price that is closest to the most recent transaction price in that market. Notwithstanding the foregoing, the Order Imbalance Indicator will not include the Current Reference Price if there is a Market Order Imbalance. 
                        <E T="03">See</E>
                         Rule 4753(a)(3)(A).
                    </P>
                </FTNT>
                <P>• First, the Nasdaq system must determine that all market orders will be executed in the Nasdaq Halt Cross; and</P>
                <P>
                    • Second, the security must pass the price validation test described in subparagraph (C) of Rule 4120(c)(8), which essentially provides that if the actual price calculated by the Nasdaq Halt Cross differs from the Expected 
                    <PRTPAGE P="22426"/>
                    Price by an amount in excess of a price band previously selected by the underwriter, the security will not be released for trading and the Pre-Launch period will continue.
                </P>
                <P>As provided in Rule 4120(c)(8)(A), the failure to satisfy these conditions during the process to release the security for trading would result in a delay of the release for trading of the IPO security, and a continuation of the Pre-Launch Period, until all conditions have been satisfied. Market participants may continue to enter orders and order cancellations for participation in the IPO Halt Cross during the Pre-Launch Period up to the point that the IPO Halt Cross auction process commences pursuant to Equity 4, Rule 4753(b).</P>
                <P>
                    The Exchange believes that the IPO opening process described above has worked well in the context of Nasdaq-listed corporate securities to provide fair executions for investors through an open and transparent process that protects against unexpected volatility in the pricing of an IPO security. Accordingly, the Exchange proposes to adopt a similar process for Nasdaq-listed ETPs. Unlike the IPO opening process, the Initial ETP Open will involve a Designated Liquidity Provider (“DLP”) 
                    <SU>17</SU>
                    <FTREF/>
                     (
                    <E T="03">i.e.,</E>
                     the Nasdaq market maker for the ETP) instead of an underwriter, such that Nasdaq would display the Expected Price of the Nasdaq Halt Cross for the ETP to the DLP, who will select price bands to ensure that the actual calculated price at which the Nasdaq Halt Cross would occur does not deviate from the Expected Price by more than the selected price band amounts. Additionally, the Exchange is proposing to submit the ETP for validation checks at 9:45 a.m. ET at the latest without exception, whereas under the existing IPO process, the Exchange does not submit the IPO security for validation checks until the underwriter approves proceeding.
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Equity 7, Section 11(f)(2) provides that a “Designated Liquidity Provider” or “DLP” is a registered Nasdaq market maker for a Qualified Security (
                        <E T="03">i.e.,</E>
                         an ETP) that has committed to maintain minimum performance standards. A DLP shall be selected by Nasdaq based on factors including, but not limited to, experience with making markets in exchange-traded products, adequacy of capital, willingness to promote Nasdaq as a marketplace, issuer preference, operational capacity, support personnel, and history of adherence to Nasdaq rules and securities laws. Nasdaq may limit the number of DLPs in a security, or modify a previously established limit, upon prior written notice to members.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Proposal</HD>
                <P>The Exchange proposes to amend (1) Equity 1, Section 1(a) to add a new definition for “Exchange-Traded Products,” (2) Equity 4, Rule 4120(a) to provide the Exchange with explicit authority to declare a trading halt in a Nasdaq-listed ETP on its first day of trading, provided specified conditions are met, (3) Equity 4, Rule 4120(c) to add the process by which the Exchange will initiate and terminate the proposed trading halt for Nasdaq-listed ETPs, (4) Equity 4, Rule 4753(b) to include the proposed trading halt in the list of enumerated provisions that would be subject to the Nasdaq Halt Cross, and (5) Equity 7, Section 115(i) to specify that an ETP issuer may subscribe to the IPO Workstation at no cost.</P>
                <P>
                    The Exchange first proposes to add a new definition for “Exchange-Traded Products” in Equity 1, Section 1(a). Specifically, the Exchange proposes to add in new paragraph (15) that the term “Exchange-Traded Product” means a security listed on Nasdaq pursuant to Nasdaq Rules 5704, 5705, 5710, 5711, 5713, 5715, 5720, 5735, 5745, 5750 or 5760. The proposed definition aligns to the definition of “Qualified Securities” set forth in the Exchange's Designated Liquidity Provider program in Equity 7, Section 114(f).
                    <SU>18</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         As set forth in Equity 7, Section 114(f)(1), a security may be designated as a “Qualified Security” if: (A) it is an exchange-traded product listed on Nasdaq pursuant to Nasdaq Rules 5704, 5705, 5710, 5711, 5713, 5715, 5720, 5735, 5745, 5750 or 5760; and (B) it has at least one Designated Liquidity Provider.
                    </P>
                </FTNT>
                <P>
                    In proposed Equity 4, Rule 4120(a)(15), the Exchange proposes to explicitly provide that the Exchange has authority to halt trading in a Nasdaq-listed ETP on its first day of trading, provided specified conditions are met. Specifically, proposed Rule 4120(a)(15) will provide that Nasdaq may halt trading in an ETP for which Nasdaq is the primary listing market on the first day of trading, provided that (i) the issuer of the ETP being listed opts into this process, and (ii) a broker-dealer serving in the role of DLP to the issuer of the ETP being listed is willing to perform the functions under this Rule.
                    <SU>19</SU>
                    <FTREF/>
                     The proposed Initial ETP Open will be offered on an optional basis such that an ETP issuer would have the option on the ETP's initial launch day of opening the ETP at 4:00 a.m. ET (
                    <E T="03">i.e.,</E>
                     the current process), or delaying the opening until Market Hours with the new Initial ETP Open process. The Exchange notes that certain ETP issuers may want to open at 4:00 a.m. ET on launch day instead of delaying the opening until Market Hours as proposed hereunder because of the availability for earlier buying and selling in the ETP. Other ETP issuers may seek to use the Initial ETP Open to delay the opening of the ETP until Market Hours because of increased trading activity in the ETP and its underlying component securities, making pricing in the ETP potentially less volatile. The Exchange believes that ETP issuers, in consultation with the DLP, with their understanding of the ETP, are best situated to make the decision whether to open during pre-market or regular market hours, and therefore proposes to give them the option to choose one process over the other. The Exchange further believes that the DLP, with their market knowledge of the book and an understanding of the ETP, would be well placed to notify the Exchange when the ETP should be released for trading and approve the Exchange proceeding with the price validation checks after the DLP receives the Expected Price.
                </P>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         In practice, Nasdaq currently only assigns one DLP per ETP. Should Nasdaq determine to assign more than one DLP per ETP in the context of this proposed Initial ETP Open, Nasdaq will submit another rule filing to describe which DLP would perform which function in the Initial ETP Open.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes in new paragraph (c)(11) to Equity 4, Rule 4120 to add the process by which the Exchange will initiate and terminate the trading halt that is being proposed under Rule 4120(a)(15), as described above. Specifically, Nasdaq proposes under Equity 4, Rule 4120(c)(11)(A) that the process for halting and initial pricing of a Nasdaq-listed ETP that is the subject of an Initial ETP Open pursuant to Rule 4120(a)(15) and this Rule, respectively, will be available on an optional basis, provided that the conditions in Rule 4120(a)(15)(i) and (ii) above are met.
                    <SU>20</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         As discussed above, the conditions in proposed Rule 4120(a)(15)(i) and (ii) provide that Nasdaq may halt trading in an ETP for which Nasdaq is the primary listing market on the first day of trading, provided that (i) the issuer of the ETP being listed opts into this process, and (ii) a broker-dealer serving in the role of DLP to the issuer of the ETP being listed is willing to perform the functions under this Rule.
                    </P>
                </FTNT>
                <P>
                    Proposed Rule 4120(c)(11)(B) will set forth the process and conditions for terminating a trading halt initiated under proposed Rule 4120(a)(15), which will be similar to the existing IPO opening process in Rule 4120(c)(8) in the manner discussed below. Similar to the current IPO opening process, beginning at 9:30 a.m. ET, the ETP would enter a 10-minute Display Only Period prior to the termination of the halt, during which (and up until the resumption of trading) indicative information about the potential outcome of the Nasdaq Halt Cross that will be conducted for the ETP will be displayed to market participants every second 
                    <PRTPAGE P="22427"/>
                    through an Order Imbalance Indicator,
                    <SU>21</SU>
                    <FTREF/>
                     and during which market participants may continue to enter orders, quotes, and cancellations in that ETP in Nasdaq systems.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         
                        <E T="03">See supra</E>
                         note 10.
                    </P>
                </FTNT>
                <P>
                    Specifically, proposed Rule 4120(c)(11)(B) will provide that a trading halt initiated under Rule 4120(a)(15) shall be terminated when Nasdaq releases the security for trading and the conditions described in sub-paragraphs (B)(i)-(iii) are satisfied.
                    <SU>22</SU>
                    <FTREF/>
                     Prior to terminating the halt, there will be a 10-minute Display Only Period during which market participants may enter quotes and orders in that security in Nasdaq systems. Before the Display Only Period begins and once the security is set up in the Nasdaq system during Pre-Market Hours, market participants may enter orders in a security that is the subject of an Initial ETP Open on Nasdaq.
                    <SU>23</SU>
                    <FTREF/>
                     Such orders will be accepted and entered into the system.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         As discussed later in this filing, proposed sub-paragraphs (B)(i)-(iii) will set forth the conditions for when the Pre-Launch period will end and when the ETP will be released for trading.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         Nasdaq will begin accepting orders in ETP securities when Nasdaq staff manually starts up the order window during Pre-Market Hours and before the Display Only Period
                        <E T="03">.</E>
                    </P>
                </FTNT>
                <P>
                    Proposed Rule 4120(c)(11)(B) will also provide that after the conclusion of the 10-minute Display Only Period, the security will enter a “Pre-Launch Period.” Similar to the IPO opening process discussed above, the Exchange would continue to disseminate throughout the Pre-Launch Period (and up until the resumption of trading) an Order Imbalance Indicator every second.
                    <SU>24</SU>
                    <FTREF/>
                     Market participants would also be able to submit and cancel interest during the Pre-Launch Period for the Initial ETP Open as they do today during the Pre-Launch Period for an IPO opening process. Proposed Rule 4120(c)(11)(B) will further provide that the Pre-Launch Period shall end and the security shall be released for trading by Nasdaq when the following conditions in proposed sub-paragraphs (B)(i)-(iii) are all met:
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See supra</E>
                         note 10.
                    </P>
                </FTNT>
                <P>
                    • The ETP will be submitted for the validation checks pursuant to subparagraphs (B)(ii) and (iii) below by 9:45 a.m. ET at the latest. Prior to this time, if Nasdaq receives notice by 9:40 a.m. ET from the DLP of the Initial ETP Open that the ETP is ready to trade,
                    <SU>25</SU>
                    <FTREF/>
                     the Nasdaq system will calculate the Current Reference Price (as defined in Rule 4753(a)(3)(A)) (the “Expected Price”) at 9:40 a.m. ET and display it to the DLP.
                    <SU>26</SU>
                    <FTREF/>
                     If the DLP then approves proceeding, the Nasdaq system will conduct the validation checks in subparagraphs (B)(ii) and (iii) below before releasing the ETP for trading pursuant to the Nasdaq Halt Cross.
                    <SU>27</SU>
                    <FTREF/>
                     If no notice is received by 9:40 a.m. ET, the Nasdaq system will assume the DLP is ready to trade. Accordingly, the Nasdaq system will calculate the Expected Price, and then conduct the validation checks in subparagraphs (B)(ii) and (iii) below before releasing the ETP for trading pursuant to the Nasdaq Halt Cross.
                    <SU>28</SU>
                    <FTREF/>
                     If the DLP notifies the Exchange by 9:40 a.m. ET that the ETP is not ready to trade, Nasdaq will recalculate the Expected Price and display it to the DLP until the DLP approves proceeding. However, by 9:45 a.m. at the latest, the Nasdaq system will conduct the following validation checks:
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         The Exchange notes that if the DLP instead notified Nasdaq that the ETP was not ready to trade, the Exchange would wait until 9:45 a.m. ET at the latest for the DLP to confirm that the ETP was ready, and once confirmation is received within that time frame, the Exchange would conduct the validation checks and open the ETP for trading pursuant to the Nasdaq Halt Cross once the validation checks were passed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See supra</E>
                         note 13. The Exchange will display the Expected Price (
                        <E T="03">i.e.,</E>
                         the Current Reference Price as defined in the Nasdaq Halt Cross rule in Rule 4753(a)(3)(A)) to the DLP and all market participants via the Order Imbalance Indicator.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         Upon passing the validation checks, the Pre-Launch Period will end and Nasdaq will open the ETP for trading pursuant to the Nasdaq Halt Cross in Rule 4753. If the ETP does not pass the validation checks, the Pre-Launch Period will continue and Nasdaq will recommence another round of validation checks. This is an iterative process. The ETP will not open for trading until it passes the validation checks. Further, if the DLP does not approve proceeding, then the Nasdaq system will recalculate the Expected Price and display it to the DLP (and all other market participants) via Order Imbalance Indicator until the DLP approves proceeding to the Nasdaq system conducting the two validation checks in subparagraphs (B)(ii) and (B)(iii). Notwithstanding the foregoing, the ETP will be submitted for the validation checks by 9:45 a.m. ET at the latest. 
                        <E T="03">See</E>
                         Rule 4120(c)(8)(i) for similar provisions with respect to the underwriter and the IPO opening process, except the Exchange is proposing to submit the ETP for validation checks by 9:45 a.m. ET at the latest and is also proposing to add a scenario where Nasdaq receives no notice by 9:40 a.m. ET.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         In this instance, the Exchange will conduct the validation checks in proposed subparagraphs (B)(ii) and (B)(iii) of Rule 4120(c)(11) at 9:40 a.m. ET, and then open the ETP for trading pursuant to the Nasdaq Halt Cross upon passing the validation checks.
                    </P>
                </FTNT>
                <P>
                    • First, the Nasdaq system must determine that all market orders will be executed in the Nasdaq Halt Cross; and 
                    <SU>29</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         The intent of this restriction is to ensure that if a market participant enters an order offering to buy or sell in the Nasdaq Halt Cross at any price, the cross should not occur unless all such orders can be executed. The Exchange notes that the IPO opening process has an identical restriction for the same reasons. 
                        <E T="03">See</E>
                         Rule 4120(c)(8)(A)(ii).
                    </P>
                </FTNT>
                <P>
                    • Second, the security must pass the price validation test described below in proposed subparagraph (C) of Rule 4120(c)(11).
                    <SU>30</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">See</E>
                         Rule 4120(c)(8)(A)(iii) for identical provisions.
                    </P>
                </FTNT>
                <P>
                    Proposed subparagraph (C) of Rule 4120(c)(11) will provide that prior to the conclusion of the Pre-Launch Period, the DLP may select price bands for purposes of applying the price validation test.
                    <SU>31</SU>
                    <FTREF/>
                     Under the price validation test, the System compares the Expected Price with the actual price calculated by the Nasdaq Halt Cross. If the actual price calculated by the Nasdaq Halt Cross differs from the Expected Price by an amount in excess of the price band, the security will not be released for trading and the Pre-Launch Period will continue. The DLP may select an upper price band (
                    <E T="03">i.e.,</E>
                     an amount by which the actual price may not exceed the Expected Price) and a lower price band (
                    <E T="03">i.e.,</E>
                     an amount by which the actual price may not be lower than the Expected Price). If a security does not pass the price validation test, the DLP may, but is not required to, select different price bands before recommencing the process to release the security for trading.
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         The DLP can select the price bands at any time before or during the Display Only Period or Pre-Launch Period, and can modify them at any time prior to the conclusion of the Pre-Launch Period. As discussed later in this filing, DLPs may choose price bands within the range of $0.00 to $0.50. If the DLP does not select any price bands, the default bands will be set at $0.00.
                    </P>
                </FTNT>
                <P>For example, assume that the Expected Price for the Nasdaq Halt Cross shown to the DLP was $32 per share, and the DLP selected an upper price band of $0.10 and a lower price band of $0.05. In that case, the actual price calculated by the system for the cross could not be higher than $32.10 nor lower than $31.95.</P>
                <P>
                    The price bands available for selection shall be in such increments, and at such price points, as may be established from time to time by Nasdaq; the available price bands shall include $0 but shall not be in excess of $0.50. The initial available price bands will range from $0 to $0.50, with increments of $0.01. Thus, the DLP may select a price band of $0 (
                    <E T="03">i.e.,</E>
                     no change from the Expected Price would be permitted in this instance), $0.01, $0.02, or any other $0.01 increment up to $0.50. The DLP may select different price bands above and below the Expected Price. The Exchange reserves the right to stipulate wider increments (such as $0.05) or price bands that include certain price points but exclude others (for example, increments of $0.01 
                    <PRTPAGE P="22428"/>
                    up to $0.10, and increments of $0.05 thereafter). However, the Exchange will not (in the absence of the submission of a proposed rule change) allow price bands wider than $0.50, as proposed in Rule 4120(c)(11)(C). Nasdaq will notify member organizations and the public of changes in available price band or increments through a notice that is widely disseminated at least one week in advance of the change.
                    <SU>32</SU>
                    <FTREF/>
                     In selecting available price bands and increments, Nasdaq will consider input from DLPs and other market participants and the results of past usage of price bands to adopt price bands and increments that promote efficiency in the initiation of trading and protect investors and the public interest.
                    <SU>33</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         Price bands will be set exchange-wide, not on a security-by-security basis.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         
                        <E T="03">See</E>
                         proposed Rule 4120(c)(11)(C), which is similar to Rule 4120(c)(8)(B). The Exchange is proposing to add language about reserving the right to use wider bands, which is also true for the IPO process today even though the current IPO rule is silent in this regard.
                    </P>
                </FTNT>
                <P>
                    Similar to the IPO opening process, the failure to satisfy the conditions in proposed Rule 4120(c)(11)(B)(i)-(iii) during the process to release the security for trading will result in a delay of the release for trading of the Initial ETP Open, and a continuation of the Pre-Launch Period, until all conditions have been satisfied.
                    <SU>34</SU>
                    <FTREF/>
                     Thus, if the conditions have not been satisfied, the Pre-Launch Period would continue seamlessly, with members able to continue to enter or cancel orders. The ETP would then repeat the process for release until such time the conditions required for launch (
                    <E T="03">i.e.,</E>
                     proposed Rule 4120(c)(11)(B)(i)-(iii)) were satisfied). Thus, the DLP would be shown the applicable Expected Price, and the ETP would launch if all market orders would be executed and the price validation in proposed Rule 4120(c)(11)(C) was satisfied. This process can continue until 9:45 a.m. ET, at which point the ETP would open pursuant to the Nasdaq Halt Cross upon passing the validation checks. The Exchange believes that opening the ETP at 9:45 a.m. ET with no exceptions is appropriate because by that time, the DLP would be expected to step in and respond to any excess demand, and any excess volatility in the ETP would be protected through the proposed validation checks. Under the proposed Initial ETP Open, DLPs may set the price bands that would apply in the price validation checks,
                    <SU>35</SU>
                    <FTREF/>
                     notify Nasdaq that the ETP is ready to trade prior to 9:45 a.m. ET, and approve Nasdaq proceeding with the price validation checks after the DLP receives the Expected Price. Further, DLPs are incentivized under Nasdaq's DLP program in Equity 7, Section 114(f) to provide liquidity and participate in the Initial ETP Open.
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         
                        <E T="03">See</E>
                         proposed Rule 4120(c)(11)(B), which is similar to Rule 4120(c)(8)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         
                        <E T="03">See supra</E>
                         note 28 and accompanying text.
                    </P>
                </FTNT>
                <P>
                    In addition, unlike an IPO where only the underwriter may provide markets in the corporate security on the first day of trading, other liquidity providers in addition to the DLP may step in and begin providing markets in an ETP on its first day of trading, which could further promote price stability in the ETP . Similar to the IPO opening process, a DLP would be able (but not required) to select different price bands for each attempt to launch the ETP. Thus, a DLP might select an upper and a lower band of $0 initially, such that the security would not launch unless the calculated price equaled the Expected Price. If the security did not pass the validation check, however, the DLP could subsequently choose to widen the price bands to allow the Initial ETP Open to proceed at a price that might vary from the Expected Price. Such price deviations are possible because market participants may continue to enter and cancel orders during the period between the display of the Expected Price to the DLP and the commencement of Nasdaq Halt Cross. Nasdaq may determine at any point during the cross auction process up through the conclusion of the Pre-Launch Period to postpone and reschedule the Initial ETP Open.
                    <SU>36</SU>
                    <FTREF/>
                     Market participants may continue to enter orders and order cancellations for participation in the cross auction during the Pre-Launch Period up to the point that the cross auction process commences.
                    <SU>37</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         
                        <E T="03">See</E>
                         proposed Rule 4120(c)(11)(B), which is similar to Rule 4120(c)(8)(A), except the Exchange is not adopting language that provides that it would consult with the underwriter to postpone and reschedule the IPO. This language is designed to allow IPOs to be postponed and rescheduled because the underwriter, for example, did not think the corporate security was ready to trade, or Nasdaq had to postpone and reschedule the IPO due to a market event or system disruption. As discussed above, the Exchange is proposing to open the ETP at 9:45 a.m. ET at the latest, even if the DLP does not indicate that the ETP is ready to trade. However, the Exchange would like to retain the ability to postpone and reschedule the proposed Initial ETP Launch in the event of a serious market event or system disruption.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         
                        <E T="03">See</E>
                         proposed Rule 4120(c)(11)(B), which is similar to Rule 4120(c)(8)(A).
                    </P>
                </FTNT>
                <P>The Exchange notes that the DLP's involvement in timing the commencement of trading in the ETP is consistent with the underwriter's involvement in the existing IPO opening process. Similar to the underwriter in an IPO, the Exchange believes that the DLP, with their market knowledge of the book and an understanding of the security, would be well placed to notify Nasdaq when the ETP should be released for trading and approve Nasdaq proceeding with the price validation checks after the DLP receives the Expected Price.</P>
                <P>Accordingly, the Exchange believes it is in the best interest of the market to give DLPs input into the timing of when to proceed with opening the ETP via the Nasdaq Halt Cross to help ensure the fair and orderly launch of trading in the ETP. The proposed language allowing the DLP to postpone and reschedule the Initial ETP Open with the concurrence of Nasdaq is designed to allow flexibility if unforeseen market or system events make it inadvisable to proceed with the Initial ETP Open.</P>
                <P>The Exchange is also proposing to update Rule 4753(b) to include proposed Rule 4120(a)(15) in the list of enumerated provisions that would be subject to the Nasdaq Halt Cross. As such, any ETP that is subject to the Initial ETP Open will be opened using the Nasdaq Halt Cross for trading during Market Hours.</P>
                <P>
                    Lastly, the Exchange proposes to amend Equity 7, Section 115, which sets forth pricing for various Nasdaq services such as the Nasdaq IPO Workstation. Today, the Nasdaq IPO Workstation provides subscribing member firms with access to the IPO Indicator service, which provides information on orders that would be received in an IPO during the launch process. This tool assists subscribing member firms in monitoring their orders in the Nasdaq Halt Cross leading up to the launch of an IPO.
                    <SU>38</SU>
                    <FTREF/>
                     The IPO Indicator provides the same information in the Order Imbalance Indicator 
                    <SU>39</SU>
                    <FTREF/>
                     together with information about the subscribing member firms on Nasdaq in the IPO security. The IPO Indicator allows the subscriber to select an IPO security by ticker and see the Current Reference Price, the number of paired shares, and the number of imbalance shares during the Display Only and Pre-Launch Periods. The subscriber can also see the total number of IPO shares the member firm has entered for execution in the IPO Halt Cross, the nature of such shares (buy or sell), and the number of IPO shares that would be executed in the Nasdaq Halt Cross at that time for each of those categories. A subscriber can also access further detail on its IPO shares 
                    <PRTPAGE P="22429"/>
                    presented by individual order or order block, which will include the number of IPO shares in a particular order or order block, the number and percentage of IPO shares of the order or order block that would be executed in the Nasdaq Halt Cross if it occurred at any given time in the process, based on the Order Imbalance Indicator disseminated every second, and the price at which the order or order block was submitted. As such, the IPO Indicator provides member firms with information consistent with what Nasdaq currently disseminates during the IPO opening process, but as it relates to the member firm's orders and in greater detail.
                </P>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 74041 (January 13, 2015), 80 FR 2762 (January 20, 2015) (SR-NASDAQ-2014-110) (Order Approving a Proposed Rule Change to Offer the New IPO Workstation).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         
                        <E T="03">See supra</E>
                         note 10.
                    </P>
                </FTNT>
                <P>
                    The Exchange now proposes to offer this tool to subscribing member DLPs and non-member ETP issuers so that they may receive similar information described above for the ETP securities subject to the Initial ETP Open.
                    <SU>40</SU>
                    <FTREF/>
                     Today, member firms may subscribe to the Nasdaq IPO workstation at no cost.
                    <SU>41</SU>
                    <FTREF/>
                     DLPs are member firms, so they would also be able to subscribe to the Nasdaq IPO workstation at no cost to access the IPO Indicator under this proposal. The Exchange proposes in new paragraph (k) to Equity 7, Section 115 that an ETP issuer may likewise subscribe to the IPO Workstation at no cost so that they may receive similar information on orders in the proposed Initial ETP Open. This information will be the same information that is in the Order Imbalance Indicator.
                    <SU>42</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         The DLP and ETP issuer would receive the information described above for the IPO Indicator on a consolidated basis and not on an individual member firm's order basis.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         
                        <E T="03">See</E>
                         Equity 7, Section 115(i).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         
                        <E T="03">See supra</E>
                         note 10.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Implementation</HD>
                <P>To implement this proposal, Nasdaq will release an Equity Trader Alert no later than the second quarter of 2025 announcing the implementation date.</P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that its proposal is consistent with Section 6(b) of the Act,
                    <SU>43</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Section 6(b)(5) of the Act,
                    <SU>44</SU>
                    <FTREF/>
                     in particular, in that it is designed to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general to protect investors and the public interest. The proposed rule change aims to protect investors and the public interest by strengthening safeguards against unexpected volatility in the pricing of ETPs on their launch day.
                </P>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>44</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The proposed rule change achieves these goals by offering an optional new issuer halt that enhances the price discovery process for ETPs on their initial day of trading. This function is similar to the IPO opening process in Rules 4120(a)(7), 4120(c)(8), and 4753, which has proven effective in managing price discovery for newly listed securities. While the IPO opening process currently provides protection by ensuring the final price does not deviate from recent indicative prices beyond set price band thresholds (such a $0.50 change), similar safeguards are required to ensure stability and investor confidence in ETP pricing upon launch.</P>
                <P>The Exchange believes that its proposal to offer optional functionality to permit ETP issuers the ability to open on launch day by entering into a new issuer halt would maximize the chances of more efficient price discovery and remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because the initial sale price would be based on market interest and the matching of buy and sell orders in an auction would be open to all market participants. Today, the ETP would simply open for trading at 4:00 a.m. ET during Pre-Market Hours at an initial price that is based on the ETP's Net Asset Value, as provided by the ETP issuer to Nasdaq. Accordingly, the Exchange believes that the proposed process would provide safeguards for the opening price of the ETP that is based on additional market information thereby protecting investors and the public interest.</P>
                <P>Although the Exchange is providing ETP issuers the discretion to elect either the current process or the new proposed process, the Exchange believes that each price discovery process is designed to arrive at an opening price that represents the price for the underlying ETP. In particular, Nasdaq believes that the change will facilitate the commencement of orderly trading in ETPs on their first day of trading, by providing the DLP with flexibility throughout the initial launch process to allow order entry and the development of price stability prior to opening. The Exchange believes that the DLP's involvement in timing the commencement of trading in the ETP, as described above, is consistent with the Act as this will promote the fair and orderly launch of trading in the ETP. The Exchange believes that the DLP, with their market knowledge of the book and an understanding of the security, would be well placed to notify Nasdaq when the ETP should be released for trading and approve Nasdaq proceeding with the price validation checks after the DLP receives the Expected Price.</P>
                <P>The Exchange also believes that it is reasonable and appropriate to use the Nasdaq Halt Cross process under Rule 4753 to open trading in the ETP (upon passing the validation checks) because it is consistent with the process that is used by Nasdaq when opening an IPO security. It will ensure that the process for resuming trading following the Initial ETP Launch is consistent with other types of halts initiated by Nasdaq, including the IPO halt. The Exchange also believes that it is reasonable, equitable and not unfairly discriminatory to offer the IPO Workstation to all subscribing DLP member firms and non-member ETP issuers at no cost because they will be provided with more information regarding orders submitted for participation in the Initial ETP Open, similar to the IPO process as discussed above. Both the DLP and ETP issuer would be able to subscribe for this tool for the Initial ETP Open at no cost, just as all subscribing member firms do today for IPOs.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>The Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. Specifically, the change will not affect the ability of market participants to participate fully in an ETP's launch day because it is an optional functionality that permits ETPs to enter into a new issuer halt on its launch day, for a specified time period, and then manually open. Rather, the change is designed to promote stability and reduce volatility in the pricing of the ETP on its launch day, and therefore does not impose any restriction on competition. In particular, the Exchange believes that the optional initial launch process will enhance the competitiveness of its process for initial pricing of ETPs without imposing any burdens on the ability of DLP or other market participants to participate in that process.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>
                    No written comments were either solicited or received.
                    <PRTPAGE P="22430"/>
                </P>
                <HD SOURCE="HD1">III. Discussion and Commission Findings</HD>
                <P>
                    After careful review, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with the Act and rules and regulations thereunder applicable to a national securities exchange.
                    <SU>45</SU>
                    <FTREF/>
                     In particular, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(5) of the Act,
                    <SU>46</SU>
                    <FTREF/>
                     which requires, among other things, that the Exchange's rules be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest.
                </P>
                <FTNT>
                    <P>
                        <SU>45</SU>
                         In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 
                        <E T="03">See</E>
                         15 U.S.C. 78c(f).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>46</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Exchange states that its proposal to permit ETP issuers to begin trading on launch day by conducting an auction at the beginning of regular trading hours would maximize the chances of more efficient price discovery and remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because the initial sale price would be based on market interest and the matching of buy and sell orders in an auction that would be open to all market participants. The Exchange states the proposed process would protect investors and the public interest by providing safeguards for the opening price of the ETP based on additional market information, as opposed to the current process in which the ETP would open for trading at 4:00 a.m. ET during Pre-Market Hours at an initial price informed by the ETP's Net Asset Value as provided by the ETP to the Exchange.</P>
                <P>
                    Further, the Exchange represents that the proposed Initial ETP Open process is similar to the IPO opening process, which has “proven effective in managing price discovery for newly listed securities.” 
                    <SU>47</SU>
                    <FTREF/>
                     Unlike the IPO opening process, (1) the Initial ETP Open would provide that a DLP, instead of an underwriter, select price bands to ensure that the actual calculated price at which the Nasdaq Halt Cross would occur does not deviate from the Expected Price by more than the selected price band amounts and (2) the ETP would be submitted for validation checks at 9:45 a.m. ET at the latest without exception, whereas under the existing IPO process underwriter approval is required prior to the Exchange submitting the IPO security for validation checks. The Exchange's proposal to provide an alternative opening process for ETPs on the first day of trading modeled on the IPO opening process could benefit investors by enhancing the price discovery process for ETPs on their initial day of trading, and the role of the DLP could be an additional safeguard against unexpected volatility in the pricing of the ETP.
                </P>
                <FTNT>
                    <P>
                        <SU>47</SU>
                         
                        <E T="03">See</E>
                         Amendment No. 1 at 19.
                    </P>
                </FTNT>
                <P>
                    Finally, the Exchange's proposal to offer the IPO Workstation to all subscribing DLP member firms and non-member ETP issuers at no cost, as is done for all subscribing member firms for IPOs, will promote just and equitable principles of trade. Access to the IPO Workstation will provide the DLP and ETP Issuer with information regarding orders submitted for participation in the Initial ETP Open. The Exchange represents that the information made available through the IPO Workstation will be the same information that is in the Order Imbalance Indicator.
                    <SU>48</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>48</SU>
                         
                        <E T="03">See</E>
                         page 17.
                    </P>
                </FTNT>
                <P>
                    For the foregoing reasons, the Commission finds that the proposed rule change, as modified by Amendment No. 1, is consistent with Section 6(b)(5) of the Act 
                    <SU>49</SU>
                    <FTREF/>
                     and the rules and regulations thereunder applicable to a national securities exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>49</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments on Amendment No. 1 to the Proposed Rule Change</HD>
                <P>Interested persons are invited to submit written data, views, and arguments concerning whether Amendment No. 1 is consistent with the Act. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-NASDAQ-2025-011 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-NASDAQ-2025-011. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-2025-011 and should be submitted on or before June 17, 2025.
                </FP>
                <HD SOURCE="HD1">V. Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1</HD>
                <P>
                    The Commission finds good cause, pursuant to Section 19(b)(2) of the Act,
                    <SU>50</SU>
                    <FTREF/>
                     to approve the proposed rule change, as modified by Amendment No. 1, prior to the thirtieth day after the date of publication of notice of Amendment No. 1 in the 
                    <E T="04">Federal Register</E>
                    . As described in greater detail above, in Amendment No. 1, the Exchange: (1) provided additional background on how an ETP opens today and rationale on why the Exchange is proposing the Initial ETP Open; (2) specified that the Exchange would only assign one DLP per ETP in the context of the proposed Initial ETP Open; (3) deleted the Regulation M statement relating to the DLP in proposed Rule 4120(c)(11)(A) because the Exchange inadvertently included this statement when it does not apply in the context of this proposal; (4) added more granularity in proposed Rule 4120(c)(11)(B)(i) about the DLP notifying the Exchange that the ETP is ready to trade; (5) clarified that price bands would be set exchange-wide and not on a security-by-security basis; 
                    <PRTPAGE P="22431"/>
                    (6) specified the DLP's responsibilities in the proposed Initial ETP Open; and (7) clarified that the IPO Indicator will provide the same information in the Order Imbalance Indicator under this proposal. The changes and clarifications in Amendment No. 1 assist the Commission in evaluating the Exchange's proposal and do not materially change the terms of the Exchange's original proposal. Accordingly, the Commission finds good cause, pursuant to Section 19(b)(2) of the Act,
                    <SU>51</SU>
                    <FTREF/>
                     to approve the proposed rule change, as modified by Amendment No. 1 on an accelerated basis.
                </P>
                <FTNT>
                    <P>
                        <SU>50</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>51</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">VI. Conclusion</HD>
                <P>
                    <E T="03">It is therefore ordered,</E>
                     pursuant to Section 19(b)(2) of the Act,
                    <SU>52</SU>
                    <FTREF/>
                     that the proposed rule change (SR-NASDAQ-2025-011), as modified by Amendment No. 1, be, and it hereby is, approved on an accelerated basis.
                </P>
                <FTNT>
                    <P>
                        <SU>52</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>53</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>53</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09401 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <SUBJECT>Sunshine Act Meetings</SUBJECT>
                <PREAMHD>
                    <HD SOURCE="HED">TIME AND DATE:</HD>
                    <P>3:00 p.m. on Thursday, May 29, 2025.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">PLACE:</HD>
                    <P>The meeting will be held via remote means and/or at the Commission's headquarters, 100 F Street NE, Washington, DC 20549.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">STATUS:</HD>
                    <P>This meeting will be closed to the public.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">MATTERS TO BE CONSIDERED:</HD>
                    <P>Commissioners, Counsel to the Commissioners, the Secretary to the Commission, and recording secretaries will attend the closed meeting. Certain staff members who have an interest in the matters also may be present.</P>
                    <P>
                        In the event that the time, date, or location of this meeting changes, an announcement of the change, along with the new time, date, and/or place of the meeting will be posted on the Commission's website at 
                        <E T="03">https://www.sec.gov.</E>
                    </P>
                    <P>The General Counsel of the Commission, or his designee, has certified that, in his opinion, one or more of the exemptions set forth in 5 U.S.C. 552b(c)(3), (5), (6), (7), (8), 9(B) and (10) and 17 CFR 200.402(a)(3), (a)(5), (a)(6), (a)(7), (a)(8), (a)(9)(ii) and (a)(10), permit consideration of the scheduled matters at the closed meeting.</P>
                    <P>The subject matter of the closed meeting will consist of the following topics:</P>
                    <P>Institution and settlement of injunctive actions;</P>
                    <P>Institution and settlement of administrative proceedings;</P>
                    <P>Resolution of litigation claims; and</P>
                    <P>Other matters relating to examinations and enforcement proceedings.</P>
                    <P>At times, changes in Commission priorities require alterations in the scheduling of meeting agenda items that may consist of adjudicatory, examination, litigation, or regulatory matters.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">CONTACT PERSON FOR MORE INFORMATION:</HD>
                    <P>For further information, please contact Vanessa A. Countryman from the Office of the Secretary at (202) 551-5400.</P>
                    <P>
                        <E T="03">Authority:</E>
                         5 U.S.C. 552b.
                    </P>
                </PREAMHD>
                <SIG>
                    <DATED>Dated: May 22, 2025.</DATED>
                    <NAME>Vanessa A. Countryman,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09556 Filed 5-22-25; 4:15 pm]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103089; File No. SR-CBOE-2025-036]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees Related to the Cboe Legacy Silexx Platform Versions</SUBJECT>
                <DATE>May 20, 2025.</DATE>
                <P>
                    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”),
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on May 12, 2025, Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD>
                <P>Cboe Exchange, Inc. (the “Exchange” or “Cboe Options”) proposes to amend fees related to the Cboe Legacy Silexx platform versions. The text of the proposed rule change is provided in Exhibit 5.</P>
                <P>
                    The text of the proposed rule change is also available on the Exchange's website (
                    <E T="03">http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx</E>
                    ), at the Exchange's Office of the Secretary, and at the Commission's Public Reference Room.
                </P>
                <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <P>In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.</P>
                <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange proposes to amend fees related to the Cboe Legacy Silexx platform versions (collectively, the “Legacy Platforms” as further described herein) and to extend the time of a fee waiver currently offered for Cboe Silexx, effective May 1, 2025.
                    <SU>3</SU>
                    <FTREF/>
                     By way of background, the Exchange offers several versions of its Silexx platform. Originally, the Exchange offered the following versions of the Silexx platform: Basic, Pro, Pro Plus Risk and Buy-Side Manager (“Legacy Platforms”). The Legacy Platforms are designed so that a User may enter orders into the platform to send to the executing broker, including TPHs, of its choice with connectivity to the platform. The executing broker can then send orders to Cboe Options (if the broker-dealer is a Trading Permit Holder (“TPH”)) or other U.S. exchanges (and trading centers) in accordance with the User's instructions. Users cannot directly route orders through any of the Legacy Platforms to an exchange or trading center nor is the platform integrated into or directly connected to Cboe Option's System. In 2019, the Exchange made available a new version of the Silexx 
                    <PRTPAGE P="22432"/>
                    platform, Silexx FLEX, which supports the trading of FLEX Options and allows authorized Users with direct access to the Exchange to establish connectivity and submit orders directly to the Exchange.
                    <SU>4</SU>
                    <FTREF/>
                     In 2020, the Exchange made an additional version of the Silexx platform available, Cboe Silexx, which supports the trading of non-FLEX Options and allows authorized Users with direct access to the Exchange to establish connectivity and submit orders directly to the Exchange.
                    <SU>5</SU>
                    <FTREF/>
                     Cboe Silexx is essentially the same platform as Silexx FLEX, with the same applicable functionality, except that it additionally supports non-FLEX trading. As noted in previous filings, the Exchange is in the process of transitioning the Legacy Platforms to the current version of Cboe Silexx and Silexx FLEX.
                    <SU>6</SU>
                    <FTREF/>
                     As the Exchange is actively transitioning away from the Legacy Platforms, and in the meantime is expending time and resources to maintain both platforms, the Exchange previously proposed to increase the fees for the Legacy Platforms.
                    <SU>7</SU>
                    <FTREF/>
                     For this same reason, the Exchange now proposes to increase the API fee for the Legacy Platforms from a $200/month/login ID fee to $2,000/month/login ID for logins 1-5 and a fee of $0/month/login ID for logins 6-10 for a firm and shall be capped at 10 login IDs.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially submitted the proposed rule change on May 1, 2025 (SR-CBOE-2025-032). On May 12, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 87028 (September 19, 2019) 84 FR 50529 (September 25, 2019) (SR-CBOE-2019-061). Only Users authorized for direct access and who are approved to trade FLEX Options may trade FLEX Options via Cboe Silexx. Only authorized Users and associated persons of Users may establish connectivity to and directly access the Exchange, pursuant to Rule 5.5 and the Exchange's technical specifications.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 88741 (April 24, 2020) 85 FR 24045 (April 30, 2020) (SR-CBOE-2020-040). Only authorized Users and associated persons of Users may establish connectivity to and directly access the Exchange, pursuant to Rule 5.5 and the Exchange's technical specifications.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Release No. 98722 (October 11, 2023) 88 FR 71619 (October 17, 2023) (SR-CBOE-2023-060). Only authorized Users and associated persons of Users will continue to be able to establish connectivity to and directly access the Exchange, pursuant to Rule 5.5 and the Exchange's technical specifications. Unauthorized Users will not be able to connect directly to the Exchange. The new Cboe Silexx platform will function in the same manner as the Legacy Platforms versions currently available to Users: it will be completely voluntary; orders entered through the platform will receive no preferential treatment as compared to orders electronically sent to Cboe Options in any other manner; orders entered through the platform will be subject to current trading rules in the same manner as all other orders sent to the Exchange, which is the same as orders that are sent through the Exchange's System today; the Exchange's System will not distinguish between orders sent from Silexx and orders sent in any other manner; and Silexx will provide technical support, maintenance and user training for the new platform version upon the same terms and conditions for all Users. The Exchange plans to decommission the Legacy Platforms at a future to-be-determined date, at which time the Legacy Platforms will be unavailable to users.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Release No. 102185 (January 14, 2025) 90 FR 7200 (January 21, 2025) (SR-CBOE-2025-001); Securities Exchange Release No. 102398 (February 11, 2025) 90 FR 9781 (February 18, 2025) (SR-CBOE-2025-005); and Securities Exchange Release No. 102724 (March 13, 2025) 90 FR 14288 (March 31, 2025) (SR-CBOE-2025-016).
                    </P>
                </FTNT>
                <P>
                    The Exchange previously introduced a fee waiver of two months to allow users of Cboe Silexx to transition to the new version of the platform without incurring duplicative Login ID and Market Data Feed fees for access to both the old and new versions of Cboe Silexx during this transitional period.
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange further noted that it believed not assessing duplicative fees for Users transitioning to Cboe Silexx would serve as an incentive to market participants to start using the Cboe Silexx platform, while also providing time and flexibility for such Users to become familiar with and fully acclimated to the new platform.
                    <SU>9</SU>
                    <FTREF/>
                     For this same reason, the Exchange now proposes to extend the existing fee waiver for Cboe Silexx Login ID fees that are incurred during the migration from a period of two months to three months, which does not need to be consecutive.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See supra</E>
                        [sic] note 13.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         Id.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the “Act”) and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.
                    <SU>10</SU>
                    <FTREF/>
                     Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>11</SU>
                    <FTREF/>
                     requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) 
                    <SU>12</SU>
                    <FTREF/>
                     requirement that the rules of an exchange not be designed to permit unfair discrimination between customers, issuers, brokers, or dealers. Additionally, the Exchange also believes the proposed rule change is consistent with Section 6(b)(4) of the Act, which requires that Exchange rules provide for the equitable allocation of reasonable dues, fees, and other charges among its TPHs and other persons using its facilities.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    In particular, the Exchange also believes the proposed fee increase for the API for the Legacy Platforms is reasonable, equitable, and not unfairly discriminatory because the fee will apply to all users of the Legacy Platforms who utilize the API. Additionally, the Exchange believes the proposed fee is reasonable as it accounts for administrative costs that Cboe Silexx is incurring, but not charging users, to maintain support for Legacy Platforms while Cboe Silexx transitions away from the Legacy Platforms. As noted earlier, the Exchange is in the process of transitioning the Legacy Platforms to the current version of Cboe Silexx and Silexx FLEX. The Exchange believes that increasing the API fee for the Legacy Platforms also serves as an incentive to market participants to transition to the current version of Cboe Silexx from the Legacy Platforms.
                    <SU>13</SU>
                    <FTREF/>
                     Further, the Exchange notes that the proposed, new fee structure for the API for the Legacy Platforms maxes out at a monthly fee of $10,000. While the Exchange would like to incentivize market participants to transition to the current version of Cboe Silexx, it does not want the increase in the API fee to be overly prohibitive for firms that may have a larger number of users that they are working to transition. The Exchange also believes that capping the number of API Login IDs a firm may utilize will further incentivize market participants to transition to the current version of Cboe Silexx. The Exchange reiterates that the Silexx, including the Legacy Platforms and Cboe Silexx, is entirely optional for participants and such connectivity is not required to access the Exchange. Of further note, the API feature is an additional optional feature on top of the optional connectivity the Exchange offers to connect. For the above reasons, the Exchange believes that proposed fee increase is reasonable, 
                    <PRTPAGE P="22433"/>
                    equitable, and not unfairly discriminatory.
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         The Exchange has previously introduced incentives to assist in the migration from the Legacy Platforms to the current version of Cboe Silexx and Silexx Flex by introducing a Data Management fee for users of Legacy Platforms and waiving duplicative Login ID and Market Data Feed fees for Cboe Silexx during a user's transition period. 
                        <E T="03">See</E>
                         Securities Exchange Release No. 99111 (December 7, 2023) 88 FR 86411 (December 13, 2023) (SR-CBOE-2023-064) and Securities Exchange Release No. 98722 (October 11, 2023) 88 FR 71619 (October 17, 2023) (SR-CBOE-2023-060).
                    </P>
                </FTNT>
                <P>Next, the Exchange believes that increasing the time permitted for waivers is also reasonable, equitable and not unfairly discriminatory because the waiver applies to users who are already subject to a monthly Login ID fee (albeit for the Legacy Platform), as well as Market Data Feed fees (for those receiving it on the Legacy Platform). Additionally, the fee waiver period will be limited to the timeframe during which such Users have access to the old and new version of Cboe Silexx and would otherwise result in duplicative fees. The Exchange further believes a fee waiver of three months is an appropriate and reasonable amount of time for Users to become familiar with and fully acclimated to the new platform and therefore able to terminate their connection to the Legacy Platforms. The Exchange notes that a timeline of three months is more fitting now, as many of the users who are some of the final users to transition from the Legacy Platforms may have more nuanced issues to address while they are migrating to Cboe Silexx.</P>
                <P>Finally, the Exchange notes that use of the platform is discretionary and not compulsory, as users can choose to route orders, including to Cboe Options, without the use of the platform. Indeed, the Legacy Platforms are not an exclusive means of trading, and if market participants believe that other products, vendors, front-end builds, etc. available in the marketplace are more beneficial or cost effective than the Legacy Platforms (or the current version of Cboe Silexx and Silexx FLEX), they may simply use those products instead, including for routing orders to the Exchange (indirectly or directly if they are authorized Users). The Exchange makes the platform available as a convenience to market participants, who will continue to have the option to use any order entry and management system available in the marketplace to send orders to the Exchange and other exchanges; the platform is merely an alternative offered by the Exchange.</P>
                <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD>
                <P>The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed change will not impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed rule change will apply to similarly situated participants uniformly, as described in detail above.</P>
                <P>The Exchange does not believe that the proposed rule changes will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed change applies only to Cboe Options. Additionally, the Legacy Platforms are similar to types of products that are widely available throughout the industry, including from some exchanges and the current version of Cboe Silexx and Silexx FLEX, at similar prices. Further, the proposed rule change relates to (i) an optional feature on an optional platform as it pertains to the proposed fee increase for the API for Legacy Platforms and (ii) further assisting participants in their migration efforts by waiving the Cboe Silexx Login ID fees for an additional month for this optional platform. As discussed, the use of the platform continues to be completely voluntary and market participants will continue to have the flexibility to use any entry and management tool that is proprietary or from third-party vendors, and/or market participants may choose any executing brokers to enter their orders. The Legacy Platforms are not an exclusive means of trading, and if market participants believe that other products, vendors, front-end builds, etc. available in the marketplace are more beneficial than the Legacy Platforms (or the current version of Cboe Silexx and Silexx FLEX), they may simply use those products instead, including for routing orders to the Exchange (indirectly or directly if they are authorized Users). Use of the functionality is completely voluntary.</P>
                <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD>
                <P>The Exchange neither solicited nor received comments on the proposed rule change.</P>
                <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD>
                <P>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 
                    <SU>14</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>15</SU>
                    <FTREF/>
                     thereunder. 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.
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         17 CFR 240.19b-4(f).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Solicitation of Comments</HD>
                <P>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. Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-CBOE-2025-036 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-CBOE-2025-036. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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 
                    <PRTPAGE P="22434"/>
                    SR-CBOE-2025-036 and should be submitted on or before June 17, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>16</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>16</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09405 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-103090; File No. SR-NYSEARCA-2025-08]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of the Grayscale XRP Trust Under NYSE Arca Rule 8.201-E, Commodity-Based Trust Shares</SUBJECT>
                <DATE> May 20, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>
                    On January 30, 2025, NYSE Arca, Inc. (“NYSE Arca” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 19b-4 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     a proposed rule change to list and trade shares (“Shares”) of the Grayscale XRP Trust (“Trust”) under NYSE Arca Rule 8.201-E, Commodity-Based Trust Shares. On February 10, 2025, the Exchange filed Amendment No. 1 to the proposed rule change, which replaced and superseded the original filing in its entirety. The proposed rule change, as modified by Amendment No. 1, was published for comment in the 
                    <E T="04">Federal Register</E>
                     on February 20, 2025.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78s(b)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 240.19b-4.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102420 (Feb. 13, 2025), 90 FR 10007 (“Notice”). Comments received on the proposed rule change are available at: 
                        <E T="03">https://www.sec.gov/comments/sr-nysearca-2025-08/srnysearca202508.htm.</E>
                    </P>
                </FTNT>
                <P>
                    On March 11, 2025, pursuant to Section 19(b)(2) of the Act,
                    <SU>4</SU>
                    <FTREF/>
                     the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.
                    <SU>5</SU>
                    <FTREF/>
                     This order institutes proceedings under Section 19(b)(2)(B) of the Act 
                    <SU>6</SU>
                    <FTREF/>
                     to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102584, 90 FR 12408 (Mar. 17, 2025). The Commission designated May 21, 2025, as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change, as modified by Amendment No. 1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Summary of the Proposal, as Modified by Amendment No. 1</HD>
                <P>
                    As described in more detail in the Notice,
                    <SU>7</SU>
                    <FTREF/>
                     the Exchange proposes to list and trade the Shares of the Trust under NYSE Arca Rule 8.201-E, which governs the listing and trading of Commodity-Based Trust Shares on the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Notice, 
                        <E T="03">supra</E>
                         note 3.
                    </P>
                </FTNT>
                <P>
                    According to the Exchange, the investment objective of the Trust is for the value of the Shares to reflect the value of the XRP held by the Trust,
                    <SU>8</SU>
                    <FTREF/>
                     determined by reference to the “Index Price,” less the Trust's expenses and other liabilities.
                    <SU>9</SU>
                    <FTREF/>
                     The “Index Price” is the U.S. dollar value of a XRP derived from the “Digital Asset Trading Platforms” 
                    <SU>10</SU>
                    <FTREF/>
                     that are reflected in the CoinDesk XRP Price Index (XRX) (“Index”), calculated at 4:00 p.m., New York time, on each business day.
                    <SU>11</SU>
                    <FTREF/>
                     The Trust's assets will consist solely of XRP.
                    <SU>12</SU>
                    <FTREF/>
                     The Trust will create and redeem Shares in cash with authorized participants on an ongoing basis in one or more blocks of 10,000 Shares.
                    <SU>13</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         The Exchange states that XRP is a decentralized network of computers that operates on cryptographic protocols. 
                        <E T="03">See id.</E>
                         at 10009.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See id.</E>
                         at 10008. Grayscale Operating, LLC and Grayscale Investments Sponsors, LLC are the sponsors of the Trust and are indirect wholly owned subsidiaries of Digital Currency Group, Inc. The Exchange states that as of May 3, 2025, Grayscale Operating, LLC will cease to act as sponsor of the Trust and Grayscale Investment Sponsors, LLC will be sole sponsor of the Trust. Delaware Trust Company is the trustee of the Trust, and Coinbase Custody Trust Company, LLC is the custodian for the Trust's XRP. 
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         According to the Exchange, a “Digital Asset Trading Platform” is an electronic marketplace where trading participants may trade, buy, and sell XRP based on bid-ask trading. 
                        <E T="03">See id.</E>
                         at 10008 n.14.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See id.</E>
                         at 10008 n.10. The index provider for the Trust is CoinDesk Indices, Inc. 
                        <E T="03">See id.</E>
                         at 10008.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See id.</E>
                         at 10017-18.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">III. Proceedings To Determine Whether To Approve or Disapprove SR-NYSEARCA-2025-08 and Grounds for Disapproval Under Consideration</HD>
                <P>
                    The Commission is instituting proceedings pursuant to Section 19(b)(2)(B) of the Act 
                    <SU>14</SU>
                    <FTREF/>
                     to determine whether the proposed rule change, as modified by Amendment No. 1, should be approved or disapproved. Institution of proceedings is appropriate at this time in view of the legal and policy issues raised by the proposed rule change. Institution of proceedings does not indicate that the Commission has reached any conclusions with respect to any of the issues involved. Rather, the Commission seeks and encourages interested persons to provide comments on the proposed rule change.
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </P>
                </FTNT>
                <P>
                    Pursuant to Section 19(b)(2)(B) of the Act,
                    <SU>15</SU>
                    <FTREF/>
                     the Commission is providing notice of the grounds for disapproval under consideration. The Commission is instituting proceedings to allow for additional analysis of the proposed rule change's consistency with Section 6(b)(5) of the Act, which requires, among other things, that the rules of a national securities exchange be “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.” 
                    <SU>16</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <P>The Commission asks that commenters address the sufficiency of the Exchange's statements in support of the proposal, which are set forth in the Notice, in addition to any other comments they may wish to submit about the proposed rule change. In particular, the Commission seeks comment on whether the proposal to list and trade Shares of the Trust, which would hold XRP, is designed to prevent fraudulent and manipulative acts and practices or raises any new or novel concerns not previously contemplated by the Commission.</P>
                <HD SOURCE="HD1">IV. Procedure: Request for Written Comments</HD>
                <P>
                    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, as modified by Amendment No. 1, 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.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Section 19(b)(2) of the Act, as amended by the Securities Acts 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 
                        <PRTPAGE/>
                        comments—is appropriate for consideration of a particular proposal by a self-regulatory organization. 
                        <E T="03">See</E>
                         Securities Acts Amendments of 1975, Senate Comm. on Banking, Housing &amp; Urban Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 (1975).
                    </P>
                </FTNT>
                <PRTPAGE P="22435"/>
                <P>Interested persons are invited to submit written data, views, and arguments regarding whether the proposed rule change, as modified by Amendment No. 1, should be approved or disapproved by June 17, 2025. Any person who wishes to file a rebuttal to any other person's submission must file that rebuttal by July 1, 2025.</P>
                <P>Comments may be submitted by any of the following methods:</P>
                <HD SOURCE="HD2">Electronic Comments</HD>
                <P>
                    • Use the Commission's internet comment form (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email to 
                    <E T="03">rule-comments@sec.gov.</E>
                     Please include file number SR-NYSEARCA-2025-08 on the subject line.
                </P>
                <HD SOURCE="HD2">Paper Comments</HD>
                <P>• Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.</P>
                <FP>
                    All submissions should refer to file number SR-NYSEARCA-2025-08. 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 (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ). 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 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. 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-NYSEARCA-2025-08 and should be submitted on or before June 17, 2025. Rebuttal comments should be submitted by July 1, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>18</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>18</SU>
                             17 CFR 200.30-3(a)(57).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09406 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">SMALL BUSINESS ADMINISTRATION</AGENCY>
                <DEPDOC>[Disaster Declaration #21088 and #21089; OKLAHOMA Disaster Number OK-20030]</DEPDOC>
                <SUBJECT>Administrative Declaration of a Disaster for the State of Oklahoma</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. Small Business Administration.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This is a notice of an Administrative declaration of a disaster for the State of Oklahoma dated May 20, 2025.</P>
                    <P>
                        <E T="03">Incident:</E>
                         Wildfires.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Issued on May 20, 2025.</P>
                    <P>
                        <E T="03">Incident Period:</E>
                         March 14, 2025 through March 30, 2025.
                    </P>
                    <P>
                        <E T="03">Physical Loan Application Deadline Date:</E>
                         July 21, 2025.
                    </P>
                    <P>
                        <E T="03">Economic Injury (EIDL) Loan Application Deadline Date:</E>
                         February 20, 2026.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        <E T="03">Visit the MySBA Loan Portal at https://lending.sba.gov</E>
                         to apply for a disaster assistance loan.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Sharon Henderson, Office of Disaster Recovery &amp; Resilience, U.S. Small Business Administration, 409 3rd Street SW, Suite 6050, Washington, DC 20416, (202) 205-6734.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Notice is hereby given that as a result of the Administrator's disaster declaration, applications for disaster loans may be submitted online using the MySBA Loan Portal 
                    <E T="03">https://lending.sba.gov</E>
                     or other locally announced locations. Please contact the SBA disaster assistance customer service center by email at 
                    <E T="03">disastercustomerservice@sba.gov</E>
                     or by phone at 1-800-659-2955 for further assistance.
                </P>
                <P>The following areas have been determined to be adversely affected by the disaster:</P>
                <FP SOURCE="FP-2">
                    <E T="03">Primary Counties:</E>
                     Creek, Lincoln, Logan, Pawnee, Payne.
                </FP>
                <FP SOURCE="FP-2">
                    <E T="03">Contiguous Counties:</E>
                </FP>
                <FP SOURCE="FP1-2">Oklahoma: Canadian, Garfield, Kingfisher, Noble, Okfuskee, Oklahoma, Okmulgee, Osage, Pottawatomie, Tulsa.</FP>
                <P>The Interest Rates are:</P>
                <GPOTABLE COLS="2" OPTS="L2,nj,tp0,i1" CDEF="s25,8">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1"> </CHED>
                        <CHED H="1">Percent</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="22">
                            <E T="03">For Physical Damage:</E>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Homeowners with Credit Available Elsewhere</ENT>
                        <ENT>5.500</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Homeowners without Credit Available Elsewhere</ENT>
                        <ENT>2.750</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Businesses with Credit Available Elsewhere</ENT>
                        <ENT>8.000</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Businesses without Credit Available Elsewhere</ENT>
                        <ENT>4.000</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Non-Profit Organizations with Credit Available Elsewhere</ENT>
                        <ENT>3.625</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Non-Profit Organizations without Credit Available Elsewhere</ENT>
                        <ENT>3.625</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="22">
                            <E T="03">For Economic Injury:</E>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Business and Small Agricultural Cooperatives without Credit Available Elsewhere</ENT>
                        <ENT>4.000</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="02">Non-Profit Organizations without Credit Available Elsewhere</ENT>
                        <ENT>3.625</ENT>
                    </ROW>
                </GPOTABLE>
                <P>The number assigned to this disaster for physical damage is 210885 and for economic injury is 210890.</P>
                <P>The State which received an EIDL Declaration is Oklahoma.</P>
                <EXTRACT>
                    <FP>(Catalog of Federal Domestic Assistance Number 59008)</FP>
                </EXTRACT>
                <SIG>
                    <NAME>James Stallings,</NAME>
                    <TITLE>Associate Administrator, Office of Disaster Recovery and Resilience.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09475 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8026-09-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12734]</DEPDOC>
                <SUBJECT>Notice of Determinations; Culturally Significant Object Being Imported for Exhibition—Determinations: “Rose Iron Works and Art Deco” Exhibition</SUBJECT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Notice is hereby given of the following determinations: I hereby determine that a certain object being imported from abroad pursuant to an agreement with its foreign owner or custodian for temporary display in the exhibition “Rose Iron Works and Art Deco” at The Cleveland Museum of Art, Cleveland, Ohio, and at possible additional exhibitions or venues yet to be determined, is of cultural significance, and, further, that its temporary exhibition or display within the United States as aforementioned is in the national interest. I have ordered that Public Notice of these determinations be published in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </SUM>
                <FURINF>
                    <PRTPAGE P="22436"/>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Reed Liriano, Program Coordinator, Office of the Legal Adviser, U.S. Department of State (telephone: 202-632-6471; email: 
                        <E T="03">section2459@state.gov</E>
                        ). The mailing address is U.S. Department of State, L/PD, 2200 C Street NW (SA-5), Suite 5H03, Washington, DC 20522-0505.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, 
                    <E T="03">et seq.;</E>
                     22 U.S.C. 6501 note, 
                    <E T="03">et seq.</E>
                    ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236-3 of August 28, 2000, and Delegation of Authority No. 574 of March 4, 2025.
                </P>
                <SIG>
                    <NAME>Mary C. Miner,</NAME>
                    <TITLE>Managing Director for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09459 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12739]</DEPDOC>
                <SUBJECT>Notice of Determinations; Additional Culturally Significant Objects Being Imported for Exhibition—Determinations: “Man Ray: When Objects Dream” Exhibition</SUBJECT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        On August 27, 2024, notice was published in the 
                        <E T="04">Federal Register</E>
                         of determinations pertaining to certain objects to be imported for temporary conservation, storage, and display in an exhibition entitled “Man Ray: When Objects Dream.” Notice is hereby given of the following determinations: I hereby determine that certain additional objects being imported from abroad pursuant to agreements with their foreign owners or custodians for temporary display in the aforesaid exhibition at The Metropolitan Museum of Art, New York, New York, and at possible additional exhibitions or venues yet to be determined, are of cultural significance, and, further, that their temporary exhibition or display within the United States as aforementioned is in the national interest. I have ordered that Public Notice of these determinations be published in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Reed Liriano, Program Coordinator, Office of the Legal Adviser, U.S. Department of State (telephone: 202-632-6471; email: 
                        <E T="03">section2459@state.gov</E>
                        ). The mailing address is U.S. Department of State, L/PD, 2200 C Street NW (SA-5), Suite 5H03, Washington, DC 20522-0505.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, 
                    <E T="03">et seq.;</E>
                     22 U.S.C. 6501 note, 
                    <E T="03">et seq.</E>
                    ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236-3 of August 28, 2000, and Delegation of Authority No. 574 of March 4, 2025. The notice of determinations published on August 27, 2024, appears at 89 FR 68698.
                </P>
                <SIG>
                    <NAME>Mary C. Miner,</NAME>
                    <TITLE>Managing Director for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09461 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12740]</DEPDOC>
                <SUBJECT>Notice of Determinations; Culturally Significant Object Being Imported for Exhibition—Determinations: “Caravaggio: Judith Beheading Holofernes” Exhibition</SUBJECT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Notice is hereby given of the following determinations: I hereby determine that a certain object being imported from abroad pursuant to an agreement with its foreign owner or custodian for temporary display in the exhibition “Caravaggio: Judith Beheading Holofernes” at the Kimbell Art Museum, Fort Worth, Texas, and at possible additional exhibitions or venues yet to be determined, is of cultural significance, and, further, that its temporary exhibition or display within the United States as aforementioned is in the national interest. I have ordered that Public Notice of these determinations be published in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Reed Liriano, Program Coordinator, Office of the Legal Adviser, U.S. Department of State (telephone: 202-632-6471; email: 
                        <E T="03">section2459@state.gov</E>
                        ). The mailing address is U.S. Department of State, L/PD, 2200 C Street NW (SA-5), Suite 5H03, Washington, DC 20522-0505.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, 
                    <E T="03">et seq.;</E>
                     22 U.S.C. 6501 note, 
                    <E T="03">et seq.</E>
                    ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236-3 of August 28, 2000, and Delegation of Authority No. 574 of March 4, 2025.
                </P>
                <SIG>
                    <NAME>Mary C. Miner,</NAME>
                    <TITLE>Managing Director for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09458 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12737]</DEPDOC>
                <SUBJECT>Notice of Determinations; Culturally Significant Objects Being Imported for Exhibition—Determinations: “New Photography 2025: Lines of Belonging” Exhibition</SUBJECT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Notice is hereby given of the following determinations: I hereby determine that certain objects being imported from abroad pursuant to an agreement with their foreign owner or custodian for temporary display in the exhibition “New Photography 2025: Lines of Belonging” at The Museum of Modern Art, New York, New York, and at possible additional exhibitions or venues yet to be determined, are of cultural significance, and, further, that their temporary exhibition or display within the United States as aforementioned is in the national interest. I have ordered that Public Notice of these determinations be published in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Reed Liriano, Program Coordinator, Office of the Legal Adviser, U.S. Department of State (telephone: 202-632-6471; email: 
                        <E T="03">section2459@state.gov</E>
                        ). The mailing address is U.S. Department of State, L/PD, 2200 C Street NW (SA-5), Suite 5H03, Washington, DC 20522-0505.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, 
                    <E T="03">et seq.;</E>
                     22 U.S.C. 6501 note, 
                    <E T="03">et seq.</E>
                    ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236-3 of 
                    <PRTPAGE P="22437"/>
                    August 28, 2000, and Delegation of Authority No. 574 of March 4, 2025.
                </P>
                <SIG>
                    <NAME>Mary C. Miner,</NAME>
                    <TITLE>Managing Director for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09460 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12736]</DEPDOC>
                <SUBJECT>Notice of Determinations; Culturally Significant Objects Being Imported for Exhibition—Determinations: “All Manner of Experiments: Legacies of the Baghdad Group for Modern Art” Exhibition</SUBJECT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Notice is hereby given of the following determinations: I hereby determine that certain objects being imported from abroad pursuant to an agreement with their foreign owner or custodian for temporary display in the exhibition “All Manner of Experiments: Legacies of the Baghdad Group for Modern Art” at The Hessel Museum of Art, Bard College, Annandale-on-Hudson, New York, and at possible additional exhibitions or venues yet to be determined, are of cultural significance, and, further, that their temporary exhibition or display within the United States as aforementioned is in the national interest. I have ordered that Public Notice of these determinations be published in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Reed Liriano, Program Coordinator, Office of the Legal Adviser, U.S. Department of State (telephone: 202-632-6471; email: 
                        <E T="03">section2459@state.gov</E>
                        ). The mailing address is U.S. Department of State, L/PD, 2200 C Street NW (SA-5), Suite 5H03, Washington, DC 20522-0505.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The foregoing determinations were made pursuant to the authority vested in me by the Act of October 19, 1965 (79 Stat. 985; 22 U.S.C. 2459), Executive Order 12047 of March 27, 1978, the Foreign Affairs Reform and Restructuring Act of 1998 (112 Stat. 2681, 
                    <E T="03">et seq.;</E>
                     22 U.S.C. 6501 note, 
                    <E T="03">et seq.</E>
                    ), Delegation of Authority No. 234 of October 1, 1999, Delegation of Authority No. 236-3 of August 28, 2000, and Delegation of Authority No. 574 of March 4, 2025.
                </P>
                <SIG>
                    <NAME>Mary C. Miner,</NAME>
                    <TITLE>Managing Director for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09432 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>Federal Aviation Administration</SUBAGY>
                <SUBJECT>Notice of Availability of the Draft Programmatic Environmental Assessment and Finding of No Significant Impact for Implementation of the Modernization of Special Airworthiness Certification Rule</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Aviation Administration (FAA), DOT.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of availability; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Federal Aviation Administration (FAA) announces that the Draft Programmatic Environmental Assessment and Finding of No Significant Impact (Draft PEA) for Implementation of the Modernization of Special Airworthiness Certification Rule is available for public review and comment.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Send comments on or before June 26, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        For questions concerning this action, contact Christopher Couture, Environmental Protection Specialist, FAA Aviation Safety, Office of Quality, Integration, and Executive Services, AQS-330.;  email 
                        <E T="03">9-AVS-AIR-MOSAICFeedback@faa.gov.</E>
                    </P>
                </FURINF>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Send comments with the subject line, “Public Comment on Draft MOSAIC PEA” on all submitted correspondence using the following method. Email comments to 
                        <E T="03">9-AVS-AIR-MOSAICFeedback@faa.gov.</E>
                    </P>
                    <P>
                        <E T="03">Privacy:</E>
                         The FAA will post all comments it receives, without change, including any personal information the commenter provides, to the Final PEA, along with the FAA's response to those comments. For additional information, the applicable system of records notice (SORN), DOT/ALL-14, 73 FR 3316 (Jan. 17, 2008), can be reviewed at 
                        <E T="03">https://www.govinfo.gov/content/pkg/FR-2008-01-17/pdf/E8-785.pdf.</E>
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On July 24, 2023, the FAA published a proposed rule titled “Modernization of Special Airworthiness Certification” (MOSAIC) in the 
                    <E T="04">Federal Register</E>
                     to amend regulations for the manufacture, certification, operation, maintenance, and alteration of light-sport category aircraft, and other amendments (88 FR 47650, Docket No. FAA-2023-1377).
                </P>
                <P>
                    The Draft Programmatic Environmental Assessment (PEA) analyzes and discloses the potential environmental impacts associated with implementation of the MOSAIC rule, pursuant to the National Environmental Policy Act (NEPA). A categorical exclusion was applied to FAA's action to issue the proposed rule and provide notice in the 
                    <E T="04">Federal Register</E>
                     (88 FR 47722).
                </P>
                <P>The MOSAIC rule would establish requirements for aircraft, other than unmanned aircraft, that hold special airworthiness certificates, airmen that operate and maintain those aircraft, and supporting rules. The rule would enable the FAA to certificate light-sport category aircraft, sport pilots, and light-sport repairmen at the appropriate level of rigor and privilege. The rule aims to increase the availability of safe, modern, and affordable aircraft for recreational aviation, flight training, and certain aerial work.</P>
                <P>Under the proposed action, manufacturers of light-sport aircraft may design and manufacture a broader array of aircraft including additional classes of aircraft such as rotorcraft and powered-lift, and aircraft with increased seating, without weight limits, higher speeds, new types of propulsion systems, new propeller types, retractable landing gear, and aircraft with simplified flight controls. Sport pilot privileges would be expanded to include a broader array of aircraft and add new privileges. New privileges for sport pilots would include operating helicopters, operating at night, operating aircraft with retractable landing gear, operating aircraft with constant speed propellers, and operating high-performance airplanes. These new privileges would be available via training and endorsements. Repairman (light-sport) certificate privileges also would be expanded to allow work on all aircraft in the expanded categories of light-sport aircraft.</P>
                <P>
                    The proposed action would revise operating limitations for restricted category aircraft, experimental aircraft, and light-sport category aircraft. The rule would also codify a Congressional mandate to enable certain aircraft with an experimental airworthiness certificate to operate commercially as space support vehicles without an air carrier certificate or exemption. The rule would establish a new purpose for issuance of an experimental 
                    <PRTPAGE P="22438"/>
                    airworthiness certificate to former military aircraft to improve alignment between certain operations of former military aircraft and the experimental airworthiness certificates which authorize their operation. The rule would also increase the duration of certain experimental airworthiness certificates from one to three years. Additionally, except for non-powered aircraft, agricultural aircraft, and fire-fighting aircraft, the proposed rule would expand the applicability of noise requirements under part 36 of title 14 of the Code of Federal Regulations to new light-sport aircraft and certain alterations that increase noise in used light-sport aircraft and certain used experimental light-sport category aircraft. The rule would allow options for compliance: conventional noise testing per part 36 or a means of compliance specified in FAA-approved, industry consensus standards.
                </P>
                <P>
                    The environmental impacts of implementing these proposed MOSAIC rule changes have been considered in a manner consistent with the provisions of NEPA, as amended (42 U.S.C. 4321 
                    <E T="03">et seq.</E>
                    ) and FAA Order 1050.1F, Environmental Impacts: Policies and Procedures.
                </P>
                <P>Based on the analysis provided in the Draft PEA, the FAA has preliminarily determined in a proposed finding of no significant impact that there will not be a significant impact to the human environment. As a result, an Environmental Impact Statement (EIS) has not been initiated. 42 U.S.C. 4336e(7). The FAA intends for this PEA to create efficiencies by establishing a framework that can be used for “tiering,” where appropriate, to future FAA actions that require additional analysis beyond the scope of this PEA. As decisions on future FAA actions are made, to the extent additional NEPA analysis is required, environmental review will be conducted to supplement the analysis set forth in this PEA.</P>
                <P>
                    The Draft PEA is available for review online at the following link: 
                    <E T="03">https://www.regulations.gov/docket/FAA-2023-1377/document.</E>
                </P>
                <HD SOURCE="HD1">Comments Invited</HD>
                <P>
                    The FAA invites interested stakeholders to submit comments on the Draft PEA, as specified in the 
                    <E T="02">ADDRESSES</E>
                     section of this Notice. Commenters should include the subject line, “Public Comment on Draft MOSAIC PEA” on all comments submitted to the FAA. All comments must be provided in English.
                </P>
                <P>The FAA will accept comments in Word, PDF, or email body. No business proprietary information, copyrighted information, or personally identifiable information should be submitted in response to this request. Please be aware that comments submitted may be posted on a Federal website or otherwise released publicly.</P>
                <P>The most helpful comments reference a specific recommendation, explain the reason for any recommended change, and include supporting information. The FAA will consider all comments received on or before the closing date. The FAA will also consider late filed comments if it is possible to do so without incurring expense or delay.</P>
                <SIG>
                    <P>Issued in Washington, DC.</P>
                    <NAME>Brian Cable,</NAME>
                    <TITLE>Manager, Organization and System Policy Branch, Policy and Standards Division, Aircraft Certification Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09456 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-13-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF THE TREASURY</AGENCY>
                <SUBAGY>Office of Foreign Assets Control</SUBAGY>
                <SUBJECT>Notice of OFAC Sanctions Actions</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Foreign Assets Control, Treasury.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is publishing the names of persons whose property and interests in property have been unblocked and who have been removed from the list of Specially Designated Nationals and Blocked Persons (SDN List).</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        This action was issued on May 21, 2025. See 
                        <E T="02">Supplementary Information</E>
                         for relevant dates.
                    </P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        OFAC: Associate Director for Global Targeting, 202-622-2420; Assistant Director for Licensing, 202-622-2480; the Assistant Director for Sanctions Compliance, 202-622-2490 or 
                        <E T="03">https://ofac.treasury.gov/contact-ofac.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Electronic Availability</HD>
                <P>
                    The SDN List and additional information concerning OFAC sanctions programs are available on OFAC's website: 
                    <E T="03">https://ofac.treasury.gov.</E>
                </P>
                <HD SOURCE="HD1">Notice of OFAC Actions</HD>
                <P>On May 21, 2025, OFAC has determined that circumstances no longer warrant the inclusion of the following persons on the SDN List and their property and interests in property are no longer blocked pursuant to either Executive Order (E.O.) 13850 or E.O. 13857:</P>
                <HD SOURCE="HD1">Individuals</HD>
                <EXTRACT>
                    <P>1. GONZALEZ DELLAN, Leonardo (a.k.a. GONZALEZ, Leonardo), London, United Kingdom; DOB 11 Sep 1966; citizen Venezuela; Gender Male; Cedula No. 8639102 (Venezuela); Passport 073785390 (Venezuela) expires 01 Jul 2018; alt. Passport 046041771 (Venezuela) expires 24 May 2016; alt. Passport 002272834 (Venezuela) expires 14 Aug 2012 (individual) [VENEZUELA-EO13850].</P>
                    <P>2. FLEMING CABRERA, Alejandro Antonio, Caracas, Capital District, Venezuela; DOB 03 Oct 1973; Gender Male; Cedula No. 11953485 (Venezuela); Vice Minister for Europe of Venezuela's Ministry of Foreign Affairs; Former Vice Minister for North America of Venezuela's Ministry of Foreign Affairs; Former President of Venezuela's National Center for Foreign Commerce (CENCOEX); Former President for Suministros Venezolanos Industriales, C.A. (SUVINCA) of Venezuela's Ministry of Commerce; Former Ambassador of Venezuela to Luxembourg and Chief Ambassador of the Venezuelan Mission to the European Union (individual) [VENEZUELA].</P>
                </EXTRACT>
                <SIG>
                    <NAME>Lisa M. Palluconi,</NAME>
                    <TITLE>Acting Director, Office of Foreign Assets Control.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09439 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4810-AL-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF THE TREASURY</AGENCY>
                <SUBAGY>Internal Revenue Service</SUBAGY>
                <SUBJECT>Credit for Renewable Electricity Production and Publication of Inflation Adjustment Factor and Reference Price for Calendar Year 2025</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Internal Revenue Service (IRS), Treasury.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of publication.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The 2025 inflation adjustment factor and reference price are used in determining the availability of the credit for renewable electricity production under section 45 (section 45 credit).</P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Charles Hyde, CC:ECE:2, Internal Revenue Service, 1111 Constitution Avenue NW, Washington, DC 20224, (202) 317-6853 (not a toll-free number).</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>The 2025 inflation adjustment factor and reference price apply to calendar year 2025 sales of kilowatt hours of electricity produced in the United States or a possession thereof from qualified energy resources.</P>
                <P>
                    <E T="03">Inflation Adjustment Factor:</E>
                     The inflation adjustment factor for calendar year 2025 for qualified energy resources is 1.9971.
                </P>
                <P>
                    <E T="03">Reference Price:</E>
                     The reference price for calendar year 2025 for facilities producing electricity from wind is 3.1 
                    <PRTPAGE P="22439"/>
                    cents per kilowatt hour. The reference prices for facilities producing electricity from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, municipal solid waste, qualified hydropower production, and marine and hydrokinetic renewable energy have not been determined for calendar year 2025.
                </P>
                <P>
                    <E T="03">Phaseout Calculation:</E>
                     Because the 2025 reference price for electricity produced from wind (3.1 cents per kilowatt hour) does not exceed 8 cents multiplied by the inflation adjustment factor (1.9971), the phaseout of the credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2025. For electricity produced from closed-loop biomass, open-loop biomass, geothermal energy, solar energy, municipal solid waste, qualified hydropower production, and marine and hydrokinetic renewable energy, the phaseout of the credit provided in section 45(b)(1) does not apply to such electricity sold during calendar year 2025.
                </P>
                <P>
                    <E T="03">Inflation Reduction Act Amendments:</E>
                     Section 45 was amended by section 13101 of Public Law 117-169, 136 Stat. 1818 (August 16, 2022), commonly known as the Inflation Reduction Act of 2022 (IRA). The IRA changed the manner in which the section 45 credit amounts are calculated for any qualified facility placed in service after December 31, 2021.
                </P>
                <P>
                    As amended by the IRA, section 45(b)(6)(A) provides that, in the case of any qualified facility that satisfies the requirements of section 45(b)(6)(B), the credit amount determined under section 45(a) (determined after the application of section 45(b)(1) through (5) and without regard to section 45(b)(6)) is equal to such amount multiplied by 5. A qualified facility satisfies the requirements of section 45(b)(6)(B) if it is placed in service after December 31, 2021, and it is one of the following: (i) a facility with a maximum net output of less than 1 megawatt (as measured in alternating current); (ii) a facility the construction of which began prior to January 29, 2023, which is the date that is 60 days after the publication of the guidance with respect to the requirements of section 45(b)(7)(A) (prevailing wage requirements) and section 45(b)(8) (apprenticeship requirements); or (iii) a facility that satisfies the requirements of section 45(b)(7)(A) and (8).
                    <SU>1</SU>
                    <FTREF/>
                     The IRA also added bonus credit amounts with respect to qualified facilities placed in service after December 31, 2022, that meet domestic content requirements under section 45(b)(9) 
                    <SU>2</SU>
                    <FTREF/>
                     or energy community requirements under section 45(b)(11).
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See</E>
                         sections 1.45-6, 1.45-7, 1.45-8, and 1.45-12 of the Income Tax Regulations for additional information regarding the requirements of section 45(b)(6)(B).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         Notice 2023-38, 2023-22 I.R.B. 872 (May 12, 2023), Notice 2024-41, 2024-24 I.R.B. 1615 (May 16, 2024), corrected at IR 2024-147 (May 24, 2024), and Notice 2025-08, 2025-8 I.R.B. 800 (February 18, 2025), for additional information regarding the domestic content bonus credit.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         Notice 2024-30, 2024-16 I.R.B. 878 (April 15, 2024), for additional information regarding the energy community bonus credit.
                    </P>
                </FTNT>
                <P>The IRA amended the phaseout of the section 45 credit for wind facilities under section 45(b)(5) such that it does not apply to facilities placed in service after December 31, 2021. The IRA also added a new phaseout of the section 45 credit under section 45(b)(10) in the case of qualified facilities placed in service after December 31, 2022, for taxpayers making an elective payment election under section 6417. The IRA also amended the credit amount reduction under section 45(b)(3) in the case of qualified facilities the construction of which began after August 16, 2022.</P>
                <P>The IRA amended section 45(d)(4) to restore the section 45 credit for electricity produced in solar energy facilities in the case of qualified facilities placed in service after December 31, 2021, and the construction of which began before January 1, 2025. Effective for facilities placed in service after December 31, 2022, the IRA (1) removed the one-half reduction of the credit amount under section 45(b)(4)(A) for qualified hydropower facilities and marine and hydrokinetic renewable energy facilities and (2) amended the definition of marine and hydrokinetic renewable energy under section 45(c)(10) and the definition of a marine and hydrokinetic renewable energy facility under section 45(d)(11). The IRA also extended certain deadlines in the definitions under section 45(d) for wind facilities, closed-loop biomass facilities, open-loop biomass facilities, geothermal facilities, landfill gas facilities, trash facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy facilities.</P>
                <P>
                    <E T="03">Credit Amount for a Qualified Facility Placed in Service before January 1, 2022:</E>
                     As required by section 45(b)(2), the 1.5 cent amount provided in section 45(a)(1) is adjusted by multiplying such amount by the inflation adjustment factor for the calendar year in which the sale occurs. If any amount as increased under section 45(b)(2) is not a multiple of 0.1 cent, such amount is rounded to the nearest multiple of 0.1 cent. In the case of electricity produced in open-loop biomass facilities, landfill gas facilities, trash facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy facilities, section 45(b)(4)(A) requires the amount in effect under section 45(a)(1) for such calendar year (before rounding to the nearest 0.1 cent as required by section 45(b)(2)) to be reduced by one-half.
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         As amended by the IRA and discussed later in this notice, the one-half reduction under section 45(b)(4)(A) no longer applies to qualified hydropower facilities and marine and hydrokinetic renewable energy facilities placed in service after December 31, 2022.
                    </P>
                </FTNT>
                <P>Under the calculation required by section 45(b)(2), the credit for renewable electricity production for calendar year 2025 determined under section 45(a) is 3 cents per kilowatt hour on the sale of electricity produced in any qualified facility placed in service before January 1, 2022, from the qualified energy resources of wind, closed-loop biomass, and geothermal energy, and 1.5 cents per kilowatt hour on the sale of electricity produced in any qualified facility placed in service before January 1, 2022, from the qualified energy resources of open-loop biomass, landfill gas, trash, qualified hydropower, and marine and hydrokinetic renewable energy.</P>
                <P>
                    <E T="03">Credit Amount for a Qualified Facility Placed in Service after December 31, 2021:</E>
                     As required by section 45(b)(2), the 0.3 cent amount provided in section 45(a)(1) is adjusted by multiplying such amount by the inflation adjustment factor for the calendar year in which the sale occurs. If the 0.3 cent amount as adjusted for inflation is not a multiple of 0.05 cent, the amount is rounded to the nearest multiple of 0.05 cent. In the case of electricity produced in open-loop biomass facilities, landfill gas facilities, trash facilities, qualified hydropower facilities, and marine and hydrokinetic renewable energy facilities, section 45(b)(4)(A) requires the amount in effect under section 45(a)(1) for such calendar year (determined before rounding as required by section 45(b)(2)) to be reduced by one-half.
                </P>
                <P>
                    Under the calculation required by section 45(b)(2), the credit for renewable electricity production for calendar year 2025 determined under section 45(a) is 0.6 cents per kilowatt hour on the sale of electricity produced in any qualified facility placed in service after December 31, 2021, from the qualified energy resources of wind, closed-loop biomass, geothermal energy, and solar energy, and 0.3 cents per kilowatt hour on the sale of electricity produced in any 
                    <PRTPAGE P="22440"/>
                    qualified facility placed in service after December 31, 2021, from the qualified energy resources of open-loop biomass, landfill gas, and trash. The credit for renewable electricity production for calendar year 2025 determined under section 45(a) is also 0.3 cents per kilowatt hour on the sale of electricity produced in any qualified facility placed in service after December 31, 2021, and before January 1, 2023, from the qualified energy resources of qualified hydropower and marine and hydrokinetic renewable energy.
                </P>
                <P>
                    <E T="03">Credit Amount for Qualified Hydropower Facilities and Marine and Hydrokinetic Renewable Energy Facilities Placed in Service After December 31, 2022:</E>
                     The one-half reduction under section 45(b)(4)(A) no longer applies to qualified hydropower facilities and marine and hydrokinetic renewable energy facilities placed in service after December 31, 2022. Accordingly, under the calculation required by section 45(b)(2), the credit for renewable electricity production for calendar year 2025 determined under section 45(a) is 0.6 cents per kilowatt hour on the sale of electricity produced in any qualified facility placed in service after December 31, 2022, from the qualified energy resources of qualified hydropower and marine and hydrokinetic renewable energy.
                </P>
                <EXTRACT>
                    <FP>(Authority: 45(e)(2)(A) (26 U.S.C. 45(e)(2)(A)) of the Internal Revenue Code.)</FP>
                </EXTRACT>
                <SIG>
                    <NAME>Christopher T. Kelley,</NAME>
                    <TITLE>Special Counsel to the Associate Chief Counsel, (Energy, Credits, and Excise Tax).</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-09366 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4830-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF VETERANS AFFAIRS</AGENCY>
                <SUBJECT>Cooperative Studies Scientific Evaluation Committee, Amended, Notice of Meeting</SUBJECT>
                <P>The Department of Veterans Affairs (VA) gives notice under the Federal Advisory Committee Act, 5 U.S.C. Ch. 10, that the Cooperative Studies Scientific Evaluation Committee (CSSEC) will hold a virtual meeting on June 12, 2025, via MS Teams from 10 a.m.-4 p.m. EST.</P>
                <P>The Committee provides expert advice on VA cooperative studies, multi-site clinical research activities, and policies related to conducting and managing these efforts. The session will be open to the public for the first 30 minutes of the meeting (approximately) for the discussion of administrative matters and the general status of the program. The remaining portion of the meeting will be closed to the public for the Committee's review, discussion, and evaluation of research and development applications.</P>
                <P>During the closed portion of the meeting, the Committee's discussions and recommendations will address the qualifications of the personnel conducting the studies; staff and consultant critiques of research proposals and similar documents; and the medical records of study subjects, the disclosure of which would constitute a clearly unwarranted invasion of personal privacy. Additionally, premature disclosure of research information to the public could significantly obstruct implementation of approved research activities. As provided by Public Law 92-463 subsection 10(d), and amended by Public Law 94-409, closing the Committee meeting is in accordance with 5 U.S.C. 552b(c)(6) and (9)(B).</P>
                <P>
                    The Committee will not accept oral comments from the public for the open portion of the meeting. Members of the public who wish to attend the open teleconference should call 872-701-0185, conference ID 554 433 71#. Those who plan to attend, would like additional information, or would like to submit written comments should contact David Burnaska, Program Manager, Cooperative Studies Program (14RD), Department of Veterans Affairs, 810 Vermont Avenue NW, Washington, DC 20420, at 
                    <E T="03">David.Burnaska@va.gov.</E>
                </P>
                <SIG>
                    <DATED>Dated: May 21, 2025.</DATED>
                    <NAME>LaTonya L. Small,</NAME>
                    <TITLE>Federal Advisory Committee Management Officer.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-09494 Filed 5-23-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8320-01-P</BILCOD>
        </NOTICE>
    </NOTICES>
</FEDREG>
